Hello,

Kindly provide us your full contact details, loan details, so that we will guide you accordingly.

I would like to know whether their was any pre-payment charges written in your document. See the first document which came from bank's side to your residence.

Please post after a thorough chek up.

Hello Udayan,

Private lender, HDFC Bank has increased the prepayment penalty for its home loan borrowers who plan to switch to another lender. The bank is charging as high as 3% of the outstanding loan amount if its borrowers are prepaying their loans through availing credit from some other bank.

Industry experts feel that the bank has taken the move in order to discourage its existing customers from switching to SBI, which has recently cut its home loan rates to 8% for one year. This special scheme by SBI has ignited a conflict for the market share between HDFC and SBI.

But this is not fair thing, we should act against it.

Sir
I have taken a home loan from Birla Home for Rs 1425000./-@9.5% 1-1-2007. He increased the rate to 11.75%. When I asked him to reduce interst rate, he demanded 2% switch over charges. This is Unfair Trade Practice. I then switched over my loan To LIC HOME, by paying the Birla home 2% PREPAYMENT penalty.
By The above policy of Banks & other financial institutions, They are looting/ cheating from us. So I want to Know , Where I should Complain.
Jay Kumar Jain
info@bcwindia.com
Jaipur

Dear Mr. Jain,

First of all, send a written complaint to the head office of the Co. and keep a copy of that letter with you. Revert back soon after getting any response from them.

I had submitted to CCI (comtetion Commision of India) case 12/28 who will take a final call on 27th Jan 2011 hearing. Prakash Bajpai prakashbajpai@in.com

I am also in similar situation like this and searching for expert opinion or the solution to solve my case. Then i come across this forum and applied for the membership and soon got it. Now I am very satisfied as i have got what i am looking for.
Thanks guys.

Dear Sir,

I want prepay my home loan but HDFC bank is telling that as per RBI they should charge penalty for the repayment ammount but previously I had takes home loan from Axis bank and paid before the tem completation but there was no charges on per matured loan. But a sper HDFC bank they said they will charge 2% penalty for the prematured ammount. So please clarify me.

Hi,

I have taken Loan against property from HDFC bank. Does this loan except from the part payment charges \ foreclosure charges as per the recent rule as per the HFC .

Regards,
sagar

Dear Administrator,
I am an HDFC Home loan customer. Loan A/c # 58604 5393.
I had got my loan restructured in Feb 2010 from 10% to 8.75% after paying a restructuring charge as HDFC did not bring down the rate of interest on my loan to the level that it was offering to new customers (8.25%). In the last 18 months the rate has gone up from 8.75% to 11.50%
As I complete 3 years on 1st Nov 2011, I wanted to prepay my Principal outstanding completely (approx 15 Lakhs) using own and borrowing from family. Until 3 years there is a limit to pre-payment (capped at 25% of Principal outstanding), after completion of 3 years there is no such upper limit to prepayment.
Despite the ruling / directive from both RBI and NHB, HDFC contnues to adopt the stance that they have not yet taken a decision to waive off pre-payment penalty.
Pl advice on how can I:
a) file a complaint in Consumer court? OR
b) go ahead & close the Loan a/c with no pre-payment charges
Thanks,
Kunal

Hi,

I am in the exact similar situation as Kunal_Pac who has posted his problem above. I have been told today that HDFC does not come under RBI and hence they will not waive off the pre-payment penalty. This is quite atrocious and definitely a practice which is not in the interests of the customer. In addition to the questions posed by Kunal_Pac above, my question is:

1. Is HDFC not a registered HFC under NHB ?

Awaiting your response on how I can take this up further with HDFC.

Thanks, Ravi