I mortgaged my property in 2004 and took a topup Loan in 2012 I made a prepayment of Rs 38 lakhs for the topup loan. I was surprised to know that 2 percent prepayment charges has to be made. I was not briefed about this while availing the topup loan I checked the loan agreement now and there is an prepayment clause that is INDEFINITE.

However I feel cheated and the burden of prepayment charges of Rs 61186/= along with emi payment over a lakh per month for the two loans is too steep. I escalated the issue to all levels as per their Grievance Redressal Procedure at http://www.hdfc.com/others/hdfc_GrievanceRedressal.asp They are asking me to refer internal circulations or pages at their website http://www.hdfc.com/others/prepayment_charges_non_housing_product.asp which I did not get opportunity to read earlier. HDFC is hiding such charges / policies deliberately to cheat customers.

Request you to kindly advice HDFC to revert the prepayment charges and adjust it to the principle outstanding

Complainant Information
name- chellash