HDFC Ltd / hdfc charging steep roi to existing customers and not allowing pre-payment too
I had taken a dual rate loan from HDFC, which converted to a Floating rate loan after the completion of Fixed rate . I am currently being asked to pay a Floating rate interest of 12% on my loan, whereas the New customers for similar loan amount are being offered ROI of 10.75% to 11%.
When I approached HDFC for the same, they said that I Will need to pay a Service charge to avail of lower rate of interest. The Service charge being sought is Rs 70, 225. I see this as penalising existing customers while trying to attract new ones. The Customers Credit profile, Repayment History, Loan Risk parameters needs to be taken in to account in such instances, which is not the case. .
On top of that HDFC is not allowing me to Prepay the Dual rate home loan inspite of specific instructions from NHB that prepayment charges can not be levied on the customers. On one hand HDFC is charging me exorbitant ROI for my Housing loan and on other hand they are not allowing me to reduce my interest outgo by prepaying the Loan amount.
If this is what the Premier Housing Financing company is doing to its customers, what can we expect from other institutions.
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