1) I had taken a 'floating' Housing Loan from HDFC in 2006 with my wife as the co-borrower amounting to roughly 67laks (Loan number -- 391121855). At that time the people i interacted with from HDFC told me that the foreclosure charges would be 2% if I transfer my loan to another bank. Mention of this however was excluded from the agreement and on asking for the same to be amended to the agreement they assured verbally that the charges will be 2% and that there is no provision to mention the same in the agreement. Now in 09 after 3 years of paying much higher ROI on the loan when compared to other housing finance institutions, i decided to move my loan to SBI. On request of the statement for foreclosure HDFC informed me that they will levy foreclosure/transfer charges will be charged at 3% + service tax i.e. 3.3% (this in my case came to Rs 2,07,231/-). I would like to mention that no notification of this revised foreclosure charges were ever communicated to me in any form. This was a serious breach of faith from HDFC as these charges against what was promised and also much higher than what other banks charge towards foreclosure. Even after repeated requests to HDFC over e-mail, they did not roll back this penalty and said that this is HDFC's move to stop customers from moving their loans to other banks. I had to finally pay this amount to close my loan with them and to recover the original papers for my property which needed to be handed over to SBI.
1) This whole ordeal caused me and my wife serious mental agony and also delayed our loan transfer proceedings to SBI.
1)Though this trauma can not be measured in terms of money i however we would like to claim an additional 20,000 Rs as token of compensation on this account over the 80,000 Rs overcharged by HDFC towards foreclosure charges (they charged 3.3% against 2% which was communicated at signing of agreement).