HDFC Home loan – unfair dealing by HDFC

Complaint against HDFC reg home loan: I had availed loan of Rs. 25 lacs sanctioned in 2006 and fully disbursed in 2007. I request redressal of flg. Problems faced by me with HDFC:

1. At the time of loan sanction by HDFC, I was advised that there will be no charges if I repay and close the loan earlier than full period. Now your officials have advise that a penalty 2% will be levied on me. This is totally unethical to levy individuals such penalties for being a good citizen.

2. At the time of booking the loan HDFC had confirmed that interest rate shall be charged applying 3.25% discount on APLR rate. But while HDFC kept on increasing the interest rates every now and then, they have not reduced correspondingly now. Please note that at the start of disbursement interest rate was 9%.

3. Moreover, HDFC kept increasing the interest rate every couple of months, once first installment was disbursed. Now that the interest rates have reduced, HDFC have not been reducing correspondingly. This is totally unethical, unjustified and against code. I should be given benefit of interest rate reductions during past over one year.

4. For new loans interest rate is being charged @ 8.75% to others, whereas I am being charged @ 10.5%. How can this differential be allowed? This is restrictive trade practice and I am being disadvantaged / discriminated against.

5. I came to know through some channels that it is possible to get the rate reduced. On pursuing this with your officials, we were verbally informed to pay Rs. 22,000/- upfront for interest rate reduction. Again another example of how individuals are being fleeced. This again raises questions on business module and ethics on both fronts – rate differential and asking money upfront.

6. I have prepaid an amount of Rs. 600,000/- ( Rs. Six Lacs ) in Sept. 2008, but again addnl. Interest of Rs. 3,477/- was charged and benefit in reduced EMI/interest amount not passed on to me.

7. Treatment to borrowers is also below expectation. No responsible officer cares to talk over phone – ‘non-availability’ massage conveyed through the receptionist. This necessitated personal visit by co-borrower (my wife) when issues like penalty for foreclosure alternatively demand of Rs.22,000/- was conveyed verbally.

8. Please note I had lodged the issue of interest rate and foreclosure on HDFC website over 4 weeks back, but it was not even acknowledgement. From this and issues raised above, I leave the matter of business culture to your judgment and action.

Regrettably, I have found total lack of Transparency in HDFC dealings and proclivity to somehow squeeze, customer in an unjust manner.

I request that these draconian conditions may please not be applied considering above and settled within October 15th, 2009, without any incorrect financial burden to me.

Thanking you, I look forward to your kind positive action.

Sincerely;

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Tags: HDFC