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HDFC Home Loan |
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29 Reviews
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Rajesh 
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High interest rate
I am an executive working with MNC. I had taken a home loan from HDFC in November 2005. The rate of interest applicable then was 7.5 %. I was told that this interest rate is special for my company and less than what other customers and banks were charging. Later on HDFC kept on revising based on RBI rate which is acceptable. But, the revision has now lead to a situation where the ineterst rate, which is 11.75%, from HDFC is 2 - 2.25 % above other banks public sector banks. When I checked with bank they told, they are not directly coming under RBI. Then why they responded to previous hikes from RBI?? Only they do not know, how to reduce. Very bad!!! So guys when ever you take any loans, take from good public sector banks.
I now feel trapped with HDFC as they are charging very high rate as compared to market. There should be some action against them from RBI.
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 28 Comments |
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Interest rates - HDFC Normally Home Loans with floating rate of interest are to charged with the current rate of interest only. But in case of HDFC, whenever there is any increase in interest rate, it applies to the existing Home Loans as well as to the new disbursements. But in case there is any decrease in interest rates, it applies it to the new Home Loan disbursements only and the existing Home Loans are being charged with increased rates. A clarification is required in this respect. Kindly also let me know the regulatory authority who regulates the Home Loans.
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I have take HDFC Loan @ 14.5% interest rate since 1999 and they have charged interest rate @ 15% since then. Now also they are charging me interest rate of 15% where as actual market rate of interest is arount 10%. They are list bothered to RBI rules & Regulations.
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Ya its right that comparison to nationalised bank HDFC interest rate is high. HDFC coming under NHB guidelines. Nationalised bank get packages from Government. So they have lower interest rate. Nationalised bank have more defaulters too.
Thanks
vijay
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Mr. Vijay, Do you know how much NPAs in private banks and to cover that why the end-up looting the existing ones. Pls go and read their Q'results statement.
Mind you, Govt. banks follow very very strict norms in giving loans and that's where many of us goes to private banks not because we approach them for bad properties but succumbed pressure from the seller when the market is up for quick disbursal etc.
If anybody undergone such interest rate cheating from non-controllable-private-banks, they will never ever go to them. Another adv. with PSU is, most of them do thorough paper check compare to pvt.
Even when the default occurs, bank won't loose much (unless given to some thugs/politicians on illegal land/properties)
e.g. for a say 23L property, i have already paid 8L in EMI and 4L as down payment. so in effect 12L in 30months AND need to pay still 16.5 to them. But they provide "shit" as a service e.g. by not sending "Repayment schedule" when there is pre-payment etc. and ask Rs.300 for that!.
guess what even if i default, bank can auction the property (which is 35+L on today market value) and get a hell lot of money.
so pls pls be "sensible" and don't pass arrogance comments across the HDFC screwed user voice/posts.
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HDFC won't reduce interest rate. Better to go with PSU bank.
I made biggest financial mistake by taking loan from HDFC.
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Currently they are offering 9.75% and completely avoiding existing customers. Dear new customers, once you taken the loan, you will be in the same situation like us. Better go with any public sector bank. They service may not be hi-tech. But they won't suck your blood like HDFC and ICICI.
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Saw this link - Do not believe this!
http://www.moneycontrol.com/india/news/business/sbis-new-home-loan-plangimmick-says-deepak-parekh/385811
Anyway SBI is far better than HDFC. I'm a victim of HDFC home loan. I've taken loan for 7.5% in 2005. My friends took from SBI same time. Now they are paying 10.25% and I'm paying 11.75%. Difference of 1.5%. So dear customer you can judge, who is better. My decision to take homeloan was biggest financial mistake.
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Even after complaining lot of times, HDFC is still charging me 11.75%. They are blood suckers. Don't approach them for any loans. Their MD makes a statement that cost of funds have come down for giving loans at 9.75 for new customers.
Somehow, the cost of funds don't come down for existing customers.
Customer complaints have forced Mr Parekh to make such statements. But he is not ready to bring down rates for old customers.
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Now SBI is offering car loan for 10%. And I'm paying 11.75% for housing loan from HDFC. What a pity!!
Public sector bank car loan interest is much less than HDFC housing loan!!
See: http://www.moneycontrol.com/india/news/business/now-sbi-offers-new-car-loan-at-10/386417
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This is wake up call. It is better to do some papar work and stand in Q in PSU bank rather than repenting afterwords.
HDFC being housing giant should take a lead but they suck.
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I am totally agree. I am facing the same problem. It better not to go HDFC/ICICI bank for any kind of loan.
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Read this link which might help borrower for the taking the home loan
http://wealth.moneycontrol.com/features/home-loans/rate-cut-war-should-i-shift-my-home-loan-/12252/0
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It's true and as a NRI I had done the same mistake of taking loans from HDFC; as a result end up paying huge interest and despite all RBI regulations they don't seem to budge a bit. It's a shame on the part of Indian to see a fellow indian looting a son of soil at the pretext of bankers. Even when we pay the EMI in time also they dont seem to credit the amount in time and as a result I end of paying penalties many times.
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I also had taken a 20 year floating home loan from them at a rate of 9% in June 2006. It had gone up periodically till 12.25 and now came down to 11.75.
At the same time, I know that the same company is selling loans currently at the rate of 9.75, for the same (less than 20 Lakhs) tenure.
I am not sure who can force the company to stop this double standard and fleecing the existing customers?
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Guys no point taking all this here lets get together & Take the fight to HDFC.
I have created a group on Yahoo join it so that we can approch HDFC with our demands.
changed the name of the group
http://in.groups.yahoo.com/group/hdfchomeloancustomers/
Nitin Grover
Advocate
9891542828
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Same case, I had taken loan from DHFL, that time the market intrest rate was 8.5 % or less, but they charged me 12.3 %, due to market change they have raised the intrest rate to 13.25 %, now all others are redused to 7.5 % to 8.5%, now they are continuing with 13.0% for old loans, which is a very high rate as compare to others
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tranfer your home loan to LIC or new home loan
only BANGALORE CITY pepole contact
ASHOK RAJ
LIC OF INDIA
BAGALORE-560001
MOBILE NO-9901000100
E-MAIL- happy_lic@yahoo.co.in
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What we need is RBI intervention to stop this discrimination between new customers and existing customers. Banks should charge only one set of interest rates for new and existing customers. This will force banks to reduce the rates. Now these banks like HDFC and ICICI has no pressure to reduce rates. They get new customers with low rates while charging existing customers with a higher rate. We need justice.
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Dear All,
Be careful, before taking HDFC housing Loan, They have made me a fool they are not follow any RBI rules.
I would like to explain all things, I have taken a loan amount INR 6, 53, 000 @7.25%pa variable rate basis dated for 20 years dated on Nov 18, 2004, and when RBI has increased rate they charge me with the increased rate and when RBI reduced Interest rate they had not reduce my EMI, they told me that we will reduce your loan repayment period,
Now they are charging me a interest rate of 12.75%pa, now I am very much frustrated with this bank if you have any option please tell me it is vary helpful for me,
Usha Devi
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HDFC Home loan customer group moved to:
http://groups.google.com/group/hdfchomeloan
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