Swapnil Shrivastava 12 October 2016
Hello,
I had taken Home Loan from GIC in 2013 with a fixed rate of interest (as offered by GIC only). This year I applied for the balance transfer to HDFC and it was approved, but GIC charged 2% of the remianing pricipal amount. I would want to know is this legally correct? Can banks take foreclosure charges in case of Balance Transfer?
Kumar Doab (FIN) 12 October 2016
What is M/s GIC, M/s HDFC? Bank or NBFC?
The interest rate on home loan was; floatng/fixed?
Swapnil Shrivastava 13 October 2016
GIC is Govt undertaking NBFC.
HDFC is bank.
Interest rate agreed with GIC was fixed.
Please let me know
Kumar Doab (FIN) 13 October 2016
Go thru:
Levy of foreclosure charges/pre-payment penalties on floating rate term loans
https://www.rbi.org.in/scriptts/NotificationUser.aspx?Id=7258&Mode=0
https://www.myloancare.in/pdf/rbi-prepayment-letter-may-7-2014.pdf
https://www.myloancare.in/pdf/nhb-prepayment-letter-aug-14-2014.pdf
Swapnil Shrivastava 30 November 2016
Not able to identify the useful information from the links. Would you please let me know whether charging foreclosure is valid in this case?
Thanks
Kumar Doab (FIN) 30 November 2016
IN that case: Get in touch with CEPD, RBI Mumbai.
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