Jun 24, 2013 05:21 PM
2780 Views
I have availed HDFC home loans twice in past 13 years.
My summary:
If possible, avoid this bank like PLAGUE .
Their executives will somehow convince you. Your loan might get sanctioned 15-20 days earlier than Govt. banks. BUT YOU WILL REGRET FOR NEXT 20 YEARS!
Interest rates - I took my current loan in 2011 on flexible rate. My current ROI on my loan is 11.65%. All banks incl. HDFC is giving new loans at 10.15%.
If I wish to get my interest lowered, HDFC is asking for Rs 10000 charges! Then, where is the flexible rate of interest?
FOOL YOU - In my agreement, they have linked ROI to a figure called RPLR - which is decided by HDFC itself. My ROI initially was equal to other banks! But look at today!
Hidden charges - They put fine into your account, late payment charges etc etc.
The Principal outstanding comes down very slowly. 12 months back my Principal o/s was Rs 12 lacs. Today, it is Rs 11.5 lacs! If I ask them why only Rs 50000 is reduced from Principal, they tell me the ROI has gone up! IN HDFC, YOUR LOAN NEVER GETS REPAID. ALL THE MONEY YOU PAID GOES DOWN THE WELL.
If I go and argue with them, they ask me to write to Head Office. Guess what! they don't have time. They have a long waiting line of customers! I wonder how I can warn these new customers!
In short, friends, BEWARE! BEWARE! BEWARE!
