The IDBI bank has been consistently charging a very high interest rate as compared to market levels over past few years on my floating rate home loan, last being over 13%.

When trying to shift to another bank they levied a 2% penalty on outstanding balance. This was unfair, as firstly the move to a different bank charging much less interest rate was sort of forced due to high interest rates by IDBI bank and discriminatory policy of raising the rates arbitrararily stating repo rate base. Having contacted them and requested for either alignment of interest rate or the waiver, the request was turned down. However I would like to raise a complaint to get the refund me the penalty charged, paid by myself when doing balance transfer beginning of this month, as it was urgent and important to move away from the very high interest rate burden.

Look forward to guidance and support on taking this case up with IDBI bank home loan and getting the refund of the unfair penalty.

Thanks & regards