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HDFC is exploiting the floating rate agreement based on RPLR in bad faith.
Over the 12 months, HDFC has increased the spread offered on new loans.
The old customers remain tied to the existing spread as the RPLR remains unchanged.
HDFC actually charges old customers to move them to a lower rate - even when there is no change in credit scores or other circumstances, with an excuse that the contract with HDFC specifies a spread. HDFC forgets that the agreement also requires HDFC to revise the RPLR.
HDFC is simply gaming the system and agreements with the home buyers.
A good faith floating rate agreement requires HDFC should revise rates for all customers. This should be immediately implemented.
The complaint has been investigated and resolved to the customer’s satisfaction.
Why there is a simple interest charged on part prepayment of home loan.This is as good as charging a fine.This is a false practice as no other banks does it.
Neither customer is told about it when he is taking loan.This is clearly a case of cheating the customers.
I'm facing same problem with HDFC Home Loan. The floating rate loan is charged at 12% even though the current interest rate is 10.25%. They are asking for 6000 Rs as processing charge to change it when the loan itself is floating rate. I dont know why... I think everyone should post complaint in National Housing Bank (http://www.nhb.org.in/Grievance-Redressal-System/Grievance-Redressal-System.php) who controls the operation of HDFC.
HDFC is ridiculous. I am trapped with these blood suckers. Got loan on very attractive rate at 10.25%, but slowly and gradually they increased the rate of interest to 12% without intimation. After 3 year when I visited their branch and enquired about it. They said I have to pay Rs25, 000 to reset my base rate. Which I paid and my based rate and my ROI came back to 10.50%. After 6 months they again started the same trick, gradually and slowly increased the rate of interest by incrementing it by 0.25% every quarter. Again currently I am paying ROI of 11.75%, whereas I am still able to see on various websites they are claiming to give loan on 10.15% to new customers.
sms received from HDFC bank--defective chwque ni 2495 for rs 12830 bank name axis bank for the reason cheque is undated/not clear/invalid date despatched with letteron 22/7/14