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PRECLOSURE CHARGES FOR HOME LOAN BY HDFC BANK.

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Location/place: CHENNAI-URAPAKKAM

HI,

AS PER RBI POLICY PRECLOUSRE CHARGES IS NOT APPLICABLE FOR HOME LOANS IN FLOATING RATES

BUT HDFC IS STILL CHARGRING 2% PRECLOUSRE CHARGES FOR FIXED RATE OF INTEREST.

MY HOMELOAN A/C NO 359216447 @HDFC -TAMBARAM-CHENNAI BRANCH AND THIS LOAN IS FIRST 2 YEAR FIXED .
AFTER THAT IT IS FLOATING RATE AGTER 31.03.2012 IT BECOMES FLOATING AND ALSO
I HAVE PAID CONVRSION CHARGES OF RS 7818/- FOR MAKE REGULAR FLOATING RATE AND
PAID OME EMI IN APR-2012. AFTER THAT , I NEEDED SOME TOP UP AMOUNT BANK IS NOT WILLING TO GIVE MORE THAN 1 LAC.

SO I FORCED TO CLOSE MY HOME LOAN, WHEN CLOSING MY LOAN ACCOUNT HDFC CHARGES 2 % PENALTY FOR OUTSTADING LOAND AMOUNT.

EVEN THOUGH MY RATE IS CONVERTED TO FIXED RATE TO FLATING RATE (CHARGES 0.5 % OF O/STD LOAN AMT )

WHEN ASKING BANK FOR WAVE THE PRECLOSURE CHARGES THEN THEY GAVE A REPLY “IF IT IS OWN SOURCE OF REFUND THEIS NO PENALTY.
IF BALANCE TRASFER FROM SOME OTHER BANK IT ATTARACT 2% PRECLOUSRE CHARGES .

FINALLY I PAID 2% PENALTY ALONG WITH SERVICE CHARGES EVEN THOUGH I PAID THE ENTIRE AMOUNT AT THE TOME OF LOAN CLOSURE ON 22/06/2012 AND

THEY DEBIT MY ACCOUNT ON 27/06/2012 AND STILL KEEPING MY IN THEIR CCOUNT TILL 06/07/2012.
REFER BELOW CHAIN OF TRAILING MAILS FOR THE SAME AND DO THE NEEDFUL

Thanks & Regards,

D.Sathyanarayanan.

===
Hi,

Further to the below mail ,Please refer the Loan agreement Schedules.

In Schedule I it is stated that (Details of Repayment of Fixed Rate Terms) Interest Rate is 8.25% Fixed up to 31.03.2011

In Schedule II it is Stated that (Details of Repayment of Fixed Rate Terms) Interest Rate is 9.00%Fixed upto 31.03.2012

Where in Schedule II it is Stated that Details of Repayment of Terms Commencing from01.04.2012) Interest Rate is RPLR MINUS SPREAD 4.75%=9.00% P.A
Interest Rate Reset Revision Cycle: 3Months.

It clearly indicates that Fixed rate is up to 31.03.2012 from 01.04.2012 it is FLOATING RATE.

As per terms of Loan Pre closure charges not applicable in FLOATING RATE CUSTOMER Irrespective of any source.

Also refer your letter dated January 19, 2012 for Converting DHRL loan , Based on this mail I have paid conversion fee for Rs7,818/-

vide ch.no 244365 dt 21/04/2012 which is cleared on 24/04/2012.)and switched to the REGULAR FLOATING RATE.

When conversion takes place immediately I become a Floating rate customer.
If my interest rate is fixed rate and I am the Fixed rate customer why did you charges Conversion fees .

Conversion fees is converting existing interest rate to regular floating rate is it not ? If so I becomes a floating rate customer.

So my exit penalty would be NIL Irrespective of any source since it’s a Regular Floating Rate loan.

In view of the above , I request you to wave the foreclosure/ prepayment charges and provide the O/S Loan as of today(21/06/2012) so that I can settle the same at the earliest.

Thanks for your understanding and please do the needful.

Yours Truly,

D.Sathyanarayanan.

Dear MR SATHYA NARAYANAN D ,

Thank you for posting your query on website.

Query :

Dear Sir, Further to my yesterdays request in your web site , I would like to bring to your kind notice for the following: My Loan Type: Dual rate Scheme and the Interest rate for the scheme is 8.25% till March-2011 and 9.005 till March-2012. With effect from 01.04.2012 it is floating rate (refer your below mail dated 19.01.2012 @1.21 P.M). When dual rate home loans are converted to floating rate then EMI increases because of predecided margin changed. In HDFC case it would be 11.75% where as existing rate is 10.50% . Based on your below Mail communication I have paid conversion fee of 0.50% (ie.,I have paid conversion fee for Rs7,818/-vide ch.no 244365 dt 21/04/2012 which is cleared on 24/04/2012.)and switched to the REGULAR FLOATING RATE. When conversion takes place immediately I become a Floating rate customer. So my exit penalty would be NIL since it’s a Regular Floating Rate loan. In view of the above , I request you to wave the foreclosure/ prepayment charges and provide the O/S Loan as of today(19/06/2012) so that I can settle the same at the earliest. Thanks for your understanding and please do the needful. Yours Truly, D.Sathyanarayanan. Encl: 1.Preclosure letter 2.Topup request letter —–Original Message—– From: [email protected] [mailto:[email protected]] Sent: Thursday, January 19, 2012 1:21 PM To: Sai Sathyanarayana Subject: Review of your Dual Rate Home Loan Account – (359216447) Dear MR SATHYA NARAYANAN D Re: Loan Account Number 359216447 Sub: Review of DRHL Loans We refer to your loan with us under the Dual Rate Home Loan Scheme (DRHL) linked to HDFC’s Retail Prime Lending Rate (RPLR). Under the terms of the loan, the rate of interest applicable to your loan will change from Fixed Rate to Floating Rate with effect from 01 April 2012. The Floating Rate with effect from 01 April 2012 will be the HDFC’s RPLR as on 01 April 2012 minus the spread as agreed by you under the terms of Loan Agreement.With this revision, the EMI in your loan may not be adequate to cover the interest, thereby necessitating an increase in the EMI amount. We request your immediate attention in this regard. If you wish to know the probable EMI as on 01 April 2012, we request you to visit your online account by logging onto www.hdfc.com or kindly contact our nearest office. This letter being system generated requires no authorization from HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED. Office: 1 FLR,60/31 RAJAJI RD,OPP.VIVEK & CO,TAMBARAM,CHENNAI Main Office: ITC BUILDING, 2ND FLOOR, 760 ANNA SALAI , CHENNAI 600002 Thanks & Regards, D.Saisathyanarayanan. Finance.

Answer :
If you preclose the loan from your own source, there will not be prepayment charges.

Please do not change the subject line. Kindly mention your loan account number on all correspondence with HDFC Ltd. for prompt response.

===
Dear Sir,

Further to my yesterdays request in your web site ,

I would like to bring to your kind notice for the following:
My Loan Type: Dual rate Scheme and the Interest rate for the scheme is 8.25% till March-2011 and 9.005 till March-2012.

With effect from 01.04.2012 it is floating rate (refer your below mail dated 19.01.2012 @1.21 P.M).

When dual rate home loans are converted to floating rate then EMI increases because of predecided margin changed. In HDFC case it would be 11.75% where as existing rate is 10.50% .

Based on your below Mail communication I have paid conversion fee of 0.50% (ie.,I have paid conversion fee for Rs7,818/-vide ch.no 244365
dt 21/04/2012 which is cleared on 24/04/2012.)and switched to the
REGULAR FLOATING RATE.

When conversion takes place immediately I become a Floating rate customer. So my exit penalty would be NIL since it’s a Regular Floating
Rate loan.

In view of the above , I request you to wave the foreclosure/ prepayment charges and provide the O/S Loan as of today(19/06/2012)
so that I can settle the same at the earliest.

Thanks for your understanding and please do the needful.

Yours Truly,

D.Sathyanarayanan.

Encl: 1.Preclosure letter
2.Topup request letter

From: Sai Sathyanarayana
Sent: Tuesday, June 19, 2012 9:46 AM
To: ‘[email protected]
Cc: ‘[email protected]
Subject: Loan Account Number 359216447-forclosure/ prepayment charges

Dear Sir,

Further to my yesterdays request in your web site ,

I would like to bring to your kind notice for the following:
My Loan Type: Dual rate Scheme and the Interest rate for the scheme is 8.25% till March-2011 and 9.005 till March-2012.

With effect from 01.04.2012 it is floating rate (refer your below mail dated 19.01.2012 @1.21 P.M).

When dual rate home loans are converted to floating rate then EMI increases because of predecided margin changed. In HDFC case it would be 11.75% where as existing rate is 10.50% .

Based on your below Mail communication I have paid conversion fee of 0.50% (ie.,I have paid conversion fee for Rs7,818/-vide ch.no 244365
dt 21/04/2012 which is cleared on 24/04/2012.)and switched to the
REGULAR FLOATING RATE.

When conversion takes place immediately I become a Floating rate customer. So my exit penalty would be NIL since it’s a Regular Floating
Rate loan.

In view of the above , I request you to wave the foreclosure/ prepayment charges and provide the O/S Loan as of today(19/06/2012)
so that I can settle the same at the earliest.

Thanks for your understanding and please do the needful.

Yours Truly,

D.Sathyanarayanan.

—–Original Message—–
From: [email protected] [mailto:[email protected]]
Sent: Thursday, January 19, 2012 1:21 PM
To: Sai Sathyanarayana
Subject: Review of your Dual Rate Home Loan Account – (359216447)

Dear MR SATHYA NARAYANAN D

Re: Loan Account Number 359216447

Sub: Review of DRHL Loans

We refer to your loan with us under the Dual Rate Home Loan Scheme
(DRHL) linked to HDFC’s Retail Prime Lending Rate (RPLR). Under the
terms of the loan, the rate of interest applicable to your loan will
change from Fixed Rate to Floating Rate with effect from 01 April
2012.

The Floating Rate with effect from 01 April 2012 will be the HDFC’s
RPLR as on 01 April 2012 minus the spread as agreed by you under the
terms of Loan Agreement.With this revision, the EMI in your loan may
not be adequate to cover the interest, thereby necessitating an
increase in the EMI amount.

We request your immediate attention in this regard.

If you wish to know the probable EMI as on 01 April 2012, we request
you to visit your online account by logging onto www.hdfc.com or
kindly contact our nearest office.

This letter being system generated requires no authorization from
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED.

Office: 1 FLR,60/31 RAJAJI RD,OPP.VIVEK & CO,TAMBARAM,CHENNAI
Main Office: ITC BUILDING, 2ND FLOOR, 760 ANNA SALAI , CHENNAI 600002

Thanks & Regards,

D.Sathyanarayanan.
.

Thanks & Regards,

D.Sathyanarayanan.
Finance.

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