Jun 23, 2014 05:13 PM
171426 Views
(Updated Apr 19, 2015 09:54 AM)
I took loan from HDFC bank in Dec 2005-06 at 7.50% floating rate(approx). I was paying the interest rate of 12.75% approx. as of Dec 2008, then HDFC decreased it to 12.25% approx. . They increased the rates 5-6 times when ever RBI increased(even disproportionately) but never decreased the interest rate. So I thought enough is enough. I did not want to pay more than I should be paying.
I initiated the process of switching the housing loan from HDFC to to SBI(8% for first year, then as per SBI) along with few of my colleagues.
In Feb 2009. Finally I closed my HDFC loan. By Switching the loan to SBI, I'm sure the pre-closure charges(2.25%) paid to HDFC would be recovered in the first year itself. I am so happy delighted. Next step is to close HDFC savings accounts and credit cards and personal loan. To all the people who are still with HDFC, rethink how much you are actually paying.
