Same thing happened with me. Took homeloan @ 7.25% from HDFC at floating rate. Just in 3 months the rate was revised to 7.75% with no intimation. On inquiring at bank, it appeared the bank dont bother to inform the customer. So, keep asking the bank at regular intervals about the interest rate.
Switching of floating to fix rate of interest is also not easy. Infact the executives will never tell customer about all these problems. So, bewar before going for floating rate. I would not advise any body to go for floating rate of interest.
