Hello Sir/Madam,

I am P Dahale, holding a housing loan account in HDFC.
I have asked HDFC for loan switch over to SBI. For that required documents were, loan account statement and fore closer letter. HDFC had told me that there will be 2% fore closer charges at the time when i have taken loan from bank.
On the date, i inquire for same I came to know that I have to pay 3% charges for fore closer, were as it is still 2% in other banks.

I am worrying, how there is no control over this from RBI. When a customer will realize that he is paying more than expected because of bank interest rates hikes and try to change the bank for same, he can’t do this as bank can charge any number of percentage amount for fore closer even when the loan is repaid to bank up to the date including all charges.

Please suggest me if there is any norm in my favor, as i am not able to switch because of higher charges and paying more rate of interest to HDFC.

HDFC taking 12.25% interest rate on housing loan where as it is in other bank like SBI is around 9%.

Thanks and regards.