Share your Experience to help.

Can anyone share his/her experience of home loan of HDFC bank on following basis-----
1. change of interest midst of term.
2. change in installment- as explained in application time and after loan sanctioned.
3. extra charges they added with installment, for what and how many times.
4. total charges- processing fee and stamp duty etc.
5. first deduction in the name of HDFC ERGO Home Suraksha.
6. Any valuable fruitful/valuable suggestion from your side. except -- try/ opt of PSU bank, coz, already tried and they delayed in the name of paper formalities.
Thanks. more  

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1. At the time of sanction of a loan the customers have two options of interest rates. One is 'fixed rate' and another is 'floating rate' and the applicant borrower has to opt for any one. The fixed rate means the rate of interest on the loan will remain fixed for the entire term thereof and fixed rate used to be higher than the floating rate. The floating rate means the rate which will get changed as and when there is an upward or downward revision in the rate of interest and applicable from the date of revision.

2. amount of installment (EMI) may get changed in the event of any extra amount, such as, insurance premium etc debited to the account so that the loan is fully repaid on due date. The borrowers may ask the bank of the details of such debits raised afterwards.

3. The bank is liable to explain the details of any debits/charges, if loaded after disbursal of the loan. You may approach the concerned bank for the details.

4. Every loan giving bank recovers a specified % of the loan amount (varies from 0.5% to 2%), differs from bank to bank, as one time processing fee, payable by the borrowers prior to the sanction of the loan. Stamp duties, as specified by the government for mortgaging the immovable property created out of the loan is also to be borne by the borrower. This is solely payable to the government and the bans have no share on it.

5. HDFC ERGO Home Suraksha charges may relate to insurance premium for the house financed. However, you may ask the bank for clarifications. more  
I believe that Ms.Rakhi could approach the consumer court. more  
When you said 'extra charges', you should explain the same. Is it extra charge they had communicated to you or it is extra charge they did not communicate but applied on your loan without your knowledge or approval.

These banks take your signatures on pre-printed forms which contain blanks to be filled up. No one ever goes through those terms before signing and these banks don't give the documentation for vetting before signing.

If bank has charged you extra without your knowledge or approval, it comes under "STEALTH CHARGES" for gaining undue riches. This has been reported by Tarapore Committee (Mr.Tarpore was a Deputy Governor of RBI and was the chairman of the Tarapore committee constituted by RBI to go into customer services by banks) and recommeded action against such practice. RBI had given directives to banks on the same but nobody cares (even RBI does not care)

Banks do not give loan approval letter with complete details, options , terms and conditions etc. You should insist on such a letter with complete details before you sign a loan application form.

Also, you should insist and obtain a copy of the loan application form that you have signed and which contains the approving authority's name, designation and signature. Without these, don't give your loan related cheques or ECS authority letter.

Don't be in a hurry to take the loan. Completely study, negotiate and after complete understanding and documentary clarifications and then only sign any form. Don't allow any alterations or provide signatures where alterations can be made subsequently to cut your hand. Also, loan amount should be mentioned clearly, without alterations and should also be wrtten in words apart from the numerical.

Don't accept if the bank says that the copies will be sent latter to your address because it never happens and you will be left in the lurch.

Also, insist on documentary evidence of all offers and assurances. Don't accept their version or advise to look up on their site. Details on their site can be changed at any time and you will have no record. Don't agree if no documentary evidence or commitment is given to authenticate all the assurances.

Specially don't give consent to tele-callers who call from or on behalf the bank. more  
I fully agree with Mr. Ammar the same issue is with me. they ask a upfront payment for decreasing the rate of interest Since RBI has decreased the rate of Interest. more  
HDFC home loan interest is not governed by RBI interest rate announced time to time. Please read the conditions and interest charges for home loan in their website carefully before taking loan. Same applies for many private banks. Many people take loan with out understanding calculation method of flexi interest rates and latter blame the institution. more  
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