First Blue Home Finance Ltd
Penalty charges on balance transfers

I have a home loan with First Blue (previously known as Deustsche Post Bank). I was under the scheme of 8.5% fixed interest for two years. It has now changes to floating and the current interest rate in 12.5%!!!... I wanted to transfer the home loan to a different bank but the First Blue guys tell that I will have to pay 2% penalty for that. When I argued back that the RBI has directed all bank not to charge any amount for preclosure or transfer, they said since I enjoyed the low interest rate scheme fixed for two years, I will have to pay 2%. This is absurd.. the bank has to adhere to RBI guidelines...

Company: First Blue Home Finance Ltd
Country: India
State: Karnataka
City: Bangalore

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