Standard Chartered Bank
High foreclosure charges on Loan Against Property due to mis-selling

I had a home loan from Standard Chartered Bank and from another bank against 2 different properties. I was encouraged by Stan C RM to foreclose loan through other bank, and take a top up from Stan C on existing loan/ property. i was never informed that this top up would entail a high 4% foreclosure charge. On Closing the loan after 2 years of availing the loan, I was informed that there would be 4.49% foreclosure charge, with the service tax. On raising the issue, the RM accepted that he never shared or discussed the foreclosure charge. In fact on referring to the agreement and sanction letter for top up, I realised that agreement nowhere mentioned the pre payment penalty charge, and even their sanction letter didn't. Only the overleaf of sanction letter mentions such obnoxiously high foreclosure charges in small font, which are obviously hidden fron customers, and they don't even show this overleaf or take customer's signature on this critical page.. Stan C's objective seems clear- to fleece the innocent customers by hiding information and mis-selling!! Don't take any loan from this back, which is out there only to hide critical piece of information and then fleece the customers.

Company: Standard Chartered Bank
Country: India
State: Maharashtra
City: Mumbai City

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