I had availed housing loan from HDFC at the rate of 10.25%. Without informing me, they have increased to 11.50% and then brought down to 11% (the present rate).
As SBI is offering at 8% which is applicable both to the new loans and takeover loans, I had approached HDFC for the same.
To my shock, they have informed that penalty charges at the rate of 3% (along with Service Tax and educational cess on ST) will have to be paid by me if I am transferring the loan to another bank.
Earlier the rate was 2% and with the fear that lot of customers will be moving to Public Sector Banks, HDFC had unilaterelly increased it.
With the Supreme Court ruling against such pre-payment penalty, what is the recourse available to me?
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