[Resolved] Ing Vysya Home Loan — Preclosure Penalty | |
I have taken a loan from ING Vysya and first of all they charge 1 to 2 % above market rate. I approached them to close the account and they said I need to pay a penalth of 3%. But the initial documentation we have signed while the loan was taken clearly mentions 2%. When I asked about this change, they have no answer. Be careful while dealing with this bank Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 4 Comments | |
Comments
I am really ashamed to hear all this truth about ING VYSYA BANK. I will withdraw my account from this bank on July 1, 2011.
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I am facing similar problem with ING Vysya.
1. Loan agreement document which i have signed denotes a pre closure percentage of 1 %
2. I havent signed/agreed on any other documents orally or i havent recieved any information via mail regarding the change of pre closure rates during the tenure.
3. The document which i signed doesnt show any indicators so that it can be increased as per banks discreation.
16. Total Foreclosure
1% of (the outstanding Principal + Prepayments during the previous 12 months)
Service tax as applicable under law will be payable along with the above charges
4. Pre closure quotation which bank provided twice - physical copy with sign and bank seal- have a percentage of 2% preclosure penalty. I have collected the amount from another bank as per the pre closure quotation
5. Final closure amount bank took was a 3% pre closure penalty citing ficticious references
I have just escalated to the person in Bank Complaints Redressal website. Let us see how it helps.
1. Loan agreement document which i have signed denotes a pre closure percentage of 1 %
2. I havent signed/agreed on any other documents orally or i havent recieved any information via mail regarding the change of pre closure rates during the tenure.
3. The document which i signed doesnt show any indicators so that it can be increased as per banks discreation.
16. Total Foreclosure
1% of (the outstanding Principal + Prepayments during the previous 12 months)
Service tax as applicable under law will be payable along with the above charges
4. Pre closure quotation which bank provided twice - physical copy with sign and bank seal- have a percentage of 2% preclosure penalty. I have collected the amount from another bank as per the pre closure quotation
5. Final closure amount bank took was a 3% pre closure penalty citing ficticious references
I have just escalated to the person in Bank Complaints Redressal website. Let us see how it helps.
i have an existing loan from ing vysya loan account no.: 5500HL527624. the bank want to levy 3% pre-closure charges. bank like icici have waved out their pre-closure. this makes me assume that if icici can wave out these charges so can any other bank and this also could mean that the circular by NHB is put in practise by these banks. then why would ing vysya charge these charges and that too "3%". i have just closed 1 loan with icici and smooth experience. is there an authority to give people like me a solution against these bank??????? desperately seeking help !!!
Shakeel Memon
[protected]
Shakeel Memon
[protected]
How much did u finally close the loan for...even I am palnning to close my home loan?
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Plot No C/12, G Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra, India - 400051
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