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[Resolved]  HDFC Bank - Home Loan — Interest rate for existing customer


In this un-precendent tough time of macro economic situation HDFC as well as Govt is hardly
doing any thing sensitive for the fellow country men. Particularly on their tax paid money Govt as well as HDFC exist.

In this tough time also HDFC is charging 13% on topup loan. despite of signals form govt they have not listened and kept the rate high. Also just to show they will cut the rate by small ammount and some time they cheat the people by passing this benfit to only new customer. Can I ask then what the floating rate means ?

When inflation rate was increasing then they immediately increased the rate by large amount but when it has come down they are showing reluctance in bring down the rate and also they are acting smart by announcing the cut but passing it to only new customer.

I suggest strong action needs to be taken agianst these private bankers so that they become sensitive to GOVT instructions as well as to fellow contry man.


Prashant Anand
Complaint marked as Resolved Aug 14, 2020
Complaint comments  7 CommentsShareTweet


Lot of people are having the same concern with HDFC, they are joining hands to take a concrete action. Please read below.
Attn : Existing HDFC Home Loan Customers - Join Yahoo Group The existing customers of HDFC home loan have formed a group at Yahoo Groups by the name of 'hdfchomeloancustomers' to address the concerns of existing customers who are paying high interest rates. The group unites Hdfc customers and intends to take the issues like high interest rates, conversion fee, increase in loan transfer fee and treatment of old customer's with HDFC. The group is very active, vibrant with people from diverse vocations and regions. Please join the group. Please forward to all you know are HDFC customers"
since last many month we are requesting telephonic to bank personel to give me my details of loan account and provide facility to pay instalments on line every time they are telling today i am giving and that today till not came.
Dear Friend,

I would like to make you alert on few details regarding HDFC and other limited companies.

HDFC LTD is a limited company and is not a banking institute.
It is a self regulated financial organization and is not at all regulated as a refinancing institute or is not a Banking institute. Sales officers makes people fool by stating HDFC Home loan as part of banking division. Even interest rates charged by HDFC is very high which is increased in subsequent years.

As such rates of interests for home loan are definitely regulated by RBI but limited and private companies do not fall under their per-view. These companies fall under company Act and not under Banking Act.

At time of taking loan these companies promises low rates of interest and then increases rates of interest in subsequent years, which increases your burden of repayment in form of slow poison eating your lots of money.

I will share my personal experience:

I have a very bad experience with HDFC, My loan of 11 lac with tenure was only 20 years and was promised with 3% discounted rates for my loan account as the company with which I was working was a corporate client of HDFC, so my loan started at 7.25% rate of interest and a low EMI of 8595/- Rs only.

In later stages HDFC revised rates of interest stating that my loan is on floating rates, where as no discounted rates are applied to my account. More on no reduction in rates are done at all even when rates of interest of other banks and institutes fall down. Even when they offer low interest rates to new customers – on my inquiry they asked for a proceeding fees of almost 12 thousand rupees to revise the rates of interest.
My EMI is also revised to 10, 526/- Rs and the tenure is now increased. Today even after paying EMI for more then 6 years my tenure of repayment is more then 18 years and EMI is increased from 8695/- Rs per month to 10526/- Rs per month. So I will end up paying money to HDFC for more then 24 years.

So I will end up paying four additional years with new EMI to HDFC which will make me a loss of almost 10-12 lac rupees.

HDFC is offering new customer 8.25 rates of interest where as even when I am a old customer with corporate tie up with the company – I am charged almost 11% rates of interest and I am screwed up by paying more EMI.

I have started legal proceedings against HDFC – and warn you all that dont take loan from HDFC other wise your people will also end up in soup and will have to pay huge for small things.

Ask following questions at time of taking loan.

1.Is the company having word “Bank” in its name.
2.If the company is refinancing company - take in written that – rates of interest in the company will be regulated as per RBI norms.
3.Only those people whose files are not getting approved from banks and documents are not clear enough and are in need of loan should opt for such institutes, but mind it these ltd companies slowly increases rates of interest and eats away your lots of money charging high rates of interest.

PLEASE NOTE – HDFC is a limited company and not a BANK. Only banking institutes or company with word “Bank” in its name are regulated by RBI.
Before signing any document of ltd company please read the terms and conditions completely and take a lawyers advise if needed before going ahead to sign the same.

Please disseminate this information to all your friends and relatives so that they are not cheated by any private company in case of loans / home loans.

In public interest by:
Pankaj Kakani
I 100% agree with Pankaj Kakani. I'm also an HDFC customer, 36 lacks and cheated by these banks.

I really do not understand that why the RBI is not controlling these financing banks. I'm getting the doubt that these banks might have lobbied the RBI, who knows.

When comes to out GOVT of India finance department seems does not having the interest to help the people from such cheating by these institutes.

I hope either RBI or GOVT India will address this issue soon. Of couse this is happening years together, but no sense at either RBI or GOVT
Left right and centre there are rajas and kalmadis sitting with the help of ba***** politicians. They might be greasing the palms of the beaurocrats and politicians. RBI governor involvement and even the supreme court involvement in such scams can't be ruled out. If the supreme court was so responsible then how come all crooks are florishing while the innocent tax payer is struggling to get out of frauds.
Such legal system anlong with the supreme court and its lawyers should be dumped in deep sea near Bin laden.

God bless such ba******
When you are going to reduce rate of interest ? i am existing house loan customer it is observed that there is immediately increases ROI when there is increase in ROI from RBI but not promptly reducing you have to do it sincerely to keep image of HDFC in the mind of people
i have been chasing HDFC for clarification on homeloan interest rate they charged me between 2014-17, as high as 12.5% on a flexible interest rate when market rates were as low as 10.5 to 11%. till date they have not been able to give me a convincing answer, except that they state "sir you were charged as per contract"!! which i fail to understand. today, one manager states, i should have taken hdfc to court!!! govt needs to address these issues of common man than linking aadhar to mobile.

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