HDFC Ltd
Prepayment charges

At the time of taking disbursement I told my disbursement officer of HDFC that I would be prepaying a significant part of my amount in 15 days or so. And I specifically asked them whether there will be any prepayment charges. They categorically confirmed that there are no prepayment charges.

When I went to prepay, the bank retreated their statement and said that I have to pay 2% for amount that is more than 25% of the prinicipal outstanding and they levied those prepayment charges.

I am yet to reconcile with this shock and confusion that was created by HDFC.

Even their website says that there no prepayment charges if taken on floating rate.

I am not sure how to escalate this issue to higher authorities in HDFC now.

Company: HDFC Ltd
Country: India

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