[Resolved]  HDFC Bank — Foreclosure charges.

I visited HDFC on 14th Feb 09 & I was told that foreclosure charges are 3% effective today. Then I called customer care on 16th Feb 09, i was told that foreclosure charges are still 2%. When I actually took foreclosure, they charged me 3%. I still dont know what are exectly fore closure charges. HDFC & its customer care telling different rates.
Also HDFC is charging on balance amount + prepayment made in current year instead of only balance amount.
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Aug 14, 2020
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I got to know today from HDFC branch that the foreclosure charges are now at 3%. When I was in the bank waiting for my turn to talk to the customer care executive, there were lot of people like me for the same issue of transferring the home loan a/c to some public sector bank ( mostly to SBI). And to refrain people from shifting to other banks HDFC swiftly increased the pre-closure charges from 2% to 3%. So, Now the HDFC executive try to convince the customers that after considering the charges of pre closure (3% of balance amount) plus processing fees at the other bank the savings in terms of shifting to lower interest rate will not save much.

HDFC was very quick in following any RBI rate increase, but now when RBI has continiously been reducing the rates HDFC is openly not ready to reduce the rates. Moreover they are trying to trap the existing customers at higher rate or exit with higher charges.

Since home loans are long term...even a small 0.5% interest difference on a higher loan amount make a sizable difference in outstanding/tenure. And HDFC has atleast 3.5%+ higher rate of interest than others like SBI. Bottom line...NO HDFC LOAN again...
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
[protected]
HDFC is trying maipulative practice since it started loosing customers to SBI. Earleir they did not have any prepayment charges now they say that they have changed it to 2%.

I am closing my loan as I do not want to get associated with an institute who is invloved in unfair practices.
Please go thru these links :-

http://messageboard.rediff.com/newboard/userboard.php?service_name=&boardid=getahead2009jan02slide1-home-l...

The below link is the Court Order
http://courtnic.nic.in/supremecourt/temp/dc%[protected]p.txt

http://economictimes.indiatimes.com/Personal_Finance/Property/Cities/Pune/A_heavy_price/articleshow/2413822.cms

https://www.consumercomplaints.in/my-complaints.htmlicici-cheating-indians-c119073.html
I Requested Twice At Email ID urhomeguide.[protected]@hdfc.com Regarding Closing Balance To Preclosure Of Home Loan But No Response Received So Far.

I Requested For Detail Of AC.NO-709609.Subject Loan Ac. No. 709609.

Kindly Respond With Preclosure Procedure.

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