I have taken a part-disbursement of Rs1500000/- (Fifteen lakhs only) frm HDFC for an under-construction project. The project is already delayed by 6 months and estimating the work remaining it would be another year before I can get possession of the apartment. Being unsatisfied with the progress I see on the ground, I would like to surrender my apartment booking after paying some cancellation charges to the builder. I have arranged for full pre-payment of the disbursement amount from HDFC by selling my own equity stocks investment worth rupees fifteen lakhs which is reflected in my saving bank account statement also.

But HDFC is charging me a fore-closure charge of 2% on outstanding amount. The loan agreement only mentions

"The borrower shall be entitled to prepay the loan, either partially or fully as per rules of HDFC, including as to the prepayment charges, for the time being in force in that behalf."

There is no menton of the specific pre-payment penalty rate and the rule. When asked about the details HDFC office metions that it is an intenral communication. There is no specific communication to the user as and when the rule changes.

Please help.

Email: ganuinmumbai@yahoo.com
Tel: 9901868788
Bangalore