I have availed a housing loan from one of the scheduled banks in the recent past. Even though I tried to source money as far as possible to reduce the loan amount, I had to sign off for a loan of 20 lakhs. One of the terms and conditions that I am not convinced of is that "pre-closure charges" of 2%. On my checking with other banks, I understood that all banks are not charging this pre-closure fee.
I believe that RBI has a strict and clearly laid down guidelines under which all banks are functioning. If that is the case, is there a way I can bring this into the attention of the appripriate authority. Can someone help me with the contact details.
The banks are these days even get a creditworthiness verfication done through CIBIL and it is mandatory to take mortgage insurance for processing the loan.
As far as my understanding goes, it is in the interest of the Government of India that all banks should offer a concessional interest rate to those home loan seekers thereby uplifting the living standard of the people and RBI has a pivotal role to play in ensuring that all banks follow a standard terms and conditions as stipulated by the authority.
I am aware that by virtue of signing the agreement for loan, I had undertaken to abide by the terms and conditions of this particular bank, however I firmly believe that it is the responsibility of the regulatory body to ensure that a common standard terms and conditions are followed by all banks in the country in the interest of the Government of India to help the aam aadmi. After all, one has to shell out his / her hard earned money by dedicating a good part of their life time to pay off huge loan to achieve a dream home.
I would highly appreciate if someone can address my grievances.
Thank you
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