[Resolved] HDFC Bank — prepayment penalty | |
Dear sir, i'm having hsg loan with hdfc in nagpur which i had taken last year for rs. 15 lakhs at floating rate . now when the bank is refusing to bring down the interest rates as per the current mkt rate, i wish to repay the whole loan with my own fund for which the personal at bank are asking for a 2 % penalty. I want to know does it go hand in hand with your co.s policy cauz if newspapers are to go by, hdfc charges penalty only in case of refinance unlike icici. kindly clarify upon the same. Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
2 Comments | |
Comments
I took a home loan in HDFC for my new flat and the flat is still in construction stage, so the flat is not registered in yet. Now I am selling the flat before registration, the approved loan amount is 50 Lakh and the outstanding balance on the loan is only 30 Lakh.
HDFC is charging me 2% prepayment penalty on the loan approved value, not on the outstanding value.
See the charges given on the loan application, it show the early redemption charge is application only in case of commercial refinance (my loan is Adjustable Rate Home Loan)
[protected]---- from loan application[protected]----
CHARGES:
For Fixed Rate Home Loans (FRHL) an early redemption charge of 2% of the
amount being prepaid is payable, if the amount being repaid is more than 25%
of the opening balance*. However, under Adjustable Rate Home Loans (ARHL)
option early redemption charges of 2% is payable only in case of commercial
refinance. You may be required to submit copies of your Bank Statments or any
other documents that HDFC deems necessary to verify the source of
prepayment.
[protected][protected]----
The prepayment charge in case of property sale is not mentioned anywhere in my loan agreement.
Is there any way I can close HDFC home loan without paying prepayment penalty?
HDFC is charging me 2% prepayment penalty on the loan approved value, not on the outstanding value.
See the charges given on the loan application, it show the early redemption charge is application only in case of commercial refinance (my loan is Adjustable Rate Home Loan)
[protected]---- from loan application[protected]----
CHARGES:
For Fixed Rate Home Loans (FRHL) an early redemption charge of 2% of the
amount being prepaid is payable, if the amount being repaid is more than 25%
of the opening balance*. However, under Adjustable Rate Home Loans (ARHL)
option early redemption charges of 2% is payable only in case of commercial
refinance. You may be required to submit copies of your Bank Statments or any
other documents that HDFC deems necessary to verify the source of
prepayment.
[protected][protected]----
The prepayment charge in case of property sale is not mentioned anywhere in my loan agreement.
Is there any way I can close HDFC home loan without paying prepayment penalty?
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I do not understand why RBI is not taking action on these bank for this kind of cheating.