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HDFC Home Loan / agreement fooling customers

1 India Review updated:

Some months back wanted to take a home loan and contacted HDFC for details. Sales Manager of HDFC mailed me the details. Key point of prepayment and preclosure given below:

"There will be no prepayment or pre clousure charges if you pre pay from your own funds in floating rate of interest."

Then they asked me to sign the agreement papers. No where in the agreement paper its specified that there is no charges for prepayment or preclosure. I asked HDFC why the information is not present in the agreement. HDFC reply is that the details will not be put in agreement and we have to believe the words. HDFC will not even give a letter mentioning the detail that the persons taking loan before 31 mar 2008 need not pay charges for prepayment. Its hard to believe how such a big bank can fool the cusotmer by saying that it will not put the terms in agreement or letter and customer has to believe their words. Please suggest.

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  • Ga
      27th of Jul, 2008
    0 Votes

    I am also facing same problem with HDFC Bank.
    May I request to concerned authorities to take necessary actions against HDFC.

  • Sa
      16th of Feb, 2009
    0 Votes

    HDFC is not applying their latest interest rates to existing customers. From 14 Feb onwards, they are charging 3% (earlier it was 2%) on fore closure which is also big amount.

  • Vi
      17th of Feb, 2009
    0 Votes

    I too checked my loan agreement & there are no fixed charges mentioned in that. Also they raised their pre-payment charges to 3%. Is HDFC listening to this?? What are the legal options in this. Can someone advise if we can approach consumer courts in this case.

  • Ka
      20th of Feb, 2009
    0 Votes

    Just now i came from HDFC office. When I told them that i want to switch to SBI they said prepayment charges would 3%. just 2 weeks before it was 2%. HDFC IS LOOTING. CAN RBI / BANKING OMBUDSMAN HELP CUSTOMERS IN STOPPING THE LOOT.

  • Na
      26th of Mar, 2009
    0 Votes

    I am having a terrible time with HDFC at the moment. They are day light looters. I had already paid EMI for 3 years and my principal amount is still the same. When I asked them, they told me that whatever I paid went in to interest!! I can't understand why our government not doing anything to stop them from looting the customers. Or govt. think that its our mistake going to these banks. Probably they are right. Can't we, existing customers rather sufferers, have a forum that can advise and stop others from not getting in to their trap.

  • An
      2nd of Apr, 2009
    +1 Votes

    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"

  • An
      25th of Apr, 2009
    0 Votes

    The above group has moved to:

  • Mo
      7th of Jun, 2011
    0 Votes

    I am also facing the same .It is absolutely correct.
    Mothi Babu

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