Home Loan Experience with HDFC Ltd.

Today i will share my worst experience till date i.e. availaing Home Loan from HDFC Ltd. As i mentioned earlier also HDFC Ltd. and HDFC Bank are 2 different entities and many people fall in this trap considering both are same…I also had very good experience with HDFC Bank so i decided to go ahead with HDFC but soon i came to know that both are different…Alas till that time it was too late…

As posted in my previous blog i evaluated 5 lenders but sole criterion for selecting HDFC Ltd. was that they were biggest and oldest lender…My personal philosphay is to go with Market Leader and u will not face any problem but unfortunately i was wrong this time…

I took the loan from Marathalli Branch in Bangalore and on fateful day when i visited this branch 1st i met a gentlemen Mr Niranjan who is branch head of this branch….He passed me the no. of DSA (Direct Selling Agent) Mr. Vinod & told me to coordinate with him….I called Vinod and he seems to be very nice person…He was very sweet during 1st interaction and promised me he will help end to end in this process & i just need to sit back and relax…Usually these DSA’s besides helping in Home Loan process also help in other activities like doc notarization, e-stamping etc. at your door step only…My 1st advice pls select your DSA very carefully and from reference only becoz like Wives they can also make your life Heaven or Hell :). Anyways I told Vinod that i will be late from office, he told for him customer is GOD and he can come at midnight also for business…I fell flat with his customer friendly approach and thought i have landed in right hands…That day he came at 10 PM in night and since i already had list of docs required for loan processing, i handed over complete set to him…During informal conversation he told me some health problems his family is facing (Which i think was cooked up to gain sympathy)….While leaving he told that he will let me know in 2-3 days on my exact loan eligibility and correctness of docs…Also to add i was applying for pre-sanctioned loan.

To my surprise next day i received call from him and he told all docs are in place for loan processing and now i just need to submit the processing fees (PF) which was approx 11k plus…He told he will come in the evening & will collect the cheque..I told him to waive this off as i have heard that usually HDFC waive off processing fees…He told me that now it is not possible but still he will chekc with his senior and confirm me the same…

Same day evening i received call from him and he told that he tried to convince his boss but now HDFC does not waive off the PF…I said OK u can come and collect the cheque same day late evening..He also assured that if i will tell him single case of PF waiver he will refund the same from his pocket to me. He also promised i will get sanction letter in max 2-3 days time….I gave him PF cheque same day evening and which was encashed next day…

This was beginning of my troubles…just after cheques encashment, DSA stopped taking my calls….i used to call him numerous times, dropped so many SMS but he never used to call back and respond back…Whenever i tried from my other mob no or landline no. he used to pick up call and apologize for not picking up call from my mobile no. with him…After that he stopped picking up call from my other no’s also so i need to find out innovative ways to reach him like call from PCO, friends mobile etc…

Anyways after many follow ups i got my sanction letter which took approx 10 days time..I was about to finalize 1 deal which was basically a transfer case (pre-registration) and there were some queries from Builder and Seller for which i called this person numerous times in 2 days but he didn’t pick up call…Evantually i lost the deal as no one waits for too long…

Before proceeding just to add that call centre of HDFC is good for nothing they are just pre-recorded human beings who will tell you to call your respective branch…The problem with branch is they never pick up call….Once i visited Marathalli branch and complain about this to Mr Niranjan..He told me it is not the case, I gave him LIVE DEMO and i called branch no. in front of him only which landed at reception…The receiving telephone was on mute and receptionist was busy in some other work..The branch manager was speechless..

Anyways coming back to main topic…At last i managed to finalize property and after too much struggle with DSA, i put everthing in place (90% efforts were mine only)…I visited branch multiple times and at last i finalized date for registration…I informed and took confirmation from HDFC before informing to seller as seller was suppose to flew from Delhi for same….I kept asking HDFC on status of cheques and they kept assuring me that cheques will be ready on D-day..DSA keep on telling me that have faith in GOD…I wondered cheques have to be issued by HDFC, if they only dont know status then how GOD will help..Anyways finally D-day came and Seller flew from Delhi and to my utmost shock…i was informed cheques are not ready….It was the last thing which i expected from HDFC…But i knew that i have to bear the brunt of taking wrong decision…I reimbursed airfare and hotel stay to seller…

Finally my cheques came after 3 days and i took xerox to be doubly sure that they are phsically present in branch…One day before registration, Marathalli branch gave me mobile no of 1 lawyer and informed he & 1 more HDFC executive will accompany us for registration..I called lawyer and he promised to meet me at 10 AM in marathalli branch….

On day of registration i along with seller reached Marathalli Branch at 9:45 AM and when branch opened at 10:15 AM..more surprises were waiting for me…I was told neither lawyer nor HDFC executive is coming for registration…As before registration i was suppose to go to Sellers Home Loan Bank (15 Km from marathalli) and then had to reach registrar office for registration before 3 PM as suggested by my lawyer so i was feeling jittery…Finally branch manager Mr. Niranjan told me that he has called my DSA and he will accompany me…He reached at 11:30 and we rushed to complete everything on time…FInally we managed to complete all formalities just in time..Thanks to my luck and bangalore traffic….

Since i had submitted around 15 original docs to HDFC Ltd..So i requested HDFC to issue acknowledgement regarding the same else i didn’t have any proof regarding the same. They were hesitant to issue the same and gave some or another excuse for same…I escalated to info.bangalore@hdfc.com and then to Mr Sujit (Operation Head) but again no revert..FInally when i escalated to Mr Nagendra (Regional Head), i received call from marathalli branch and they agreed to issue the acknowledgement letter…I felt as i as if i have climbed Mount Everest.

Recently i also came to know that they have increased Spread to 5.75% for New customer for 30 Lac to 75 lac band…When i called them to increase my spread also their executive told me to deposit approx 20k for same…It is gross violation of directives of National Housing Bank which has directed all HFC’s to charge uniform rate to both old and new customer…

I regret for my 1st bad decision in life and this post is just to make others cautious in their approach while dealing with HDFC

I am listing down my learnings with HDFC Ltd.

1. HDFC has different standard for different customers..Which is very unfair though they claim to be fair with all…For few customers they waive off Processing fees but charge whereever they can…

2. They have different interest rates for Old and New customer depending on Spread of customer…Which is a gross violation of directives issued by National Housing Bank (Pls click on following URL for  same)

http://www.nhb.org.in/Regulation/pol%20cir-44.pdf

3. Pls insist on acknowledgement on HDFC letter head of original docs submitted by you with HDFC..They are very reluctant to share the same..I had to escalate to Regional Head to get the same else they keep giving 1 excuse or another for not issuing it

4. Before finalizing the date of registration, kindly insist on xerox of cheques in the name of seller

5. Select ur DSA through reference only..it is as imp as selecting right life partner

6. HDFC don’t reply to email queries (i sent it on info.bangalore@hdfc.com but never received any revert till date)

7. Contact us section on www.hdfc.com is not working from last 6 months or so..I myself is trying the same on regular basis

8. Call Centre of does not know anything about your loan account..They will only refer u to the home branch

9. No one picks up calls in branch

10. There is no grievance redressal mechanism in HDFC Ltd.

Update Nov 12, 2012: Recently i visited HDFC for part pre-payment of my Home Loan, They told me to fill Prepayment Request Letter. Basically this form captures complete information about your source of fund (Source of amount  being paid for Part Pre-Payment of Home Loan). The HDFC executive also asked for last 6 months statement of Bank Account, from which i am issuing a cheque for part pre-payment.

I failed to understand the logic behind this move i.e. asking for last 6 months statement…I am issuing a cheque from the account, which is debited every month to clear EMI, Account is solely in my name and lastly, there is no penalty on part pre-payment irrespective of source of fund then Why should i provide my last 6 months statement to HDFC? I protested and refused to provide the statement then HDFC executive accepted my part pre-payment without 6 months statement.

Its an intrusion into the privacy of an individual becoz without any purpose HDFC is asking for your bank account statement. HDFC should not be concerned about source of fund and should only interfere to extent of recovering the amount due irrespective of its source. Hope someone will provide the logic behind this move on this forum.

Copyright © 2011-2012 Nitin Bhatia. All Rights Reserved.

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  • Iamsri

    I am just about to get a loan from HDFC Ltd in Pune because the seller has his loan with HDFC too. Can I take it from your experience that HDFC Ltd would be better than their bank branches?

    • Nitin Bhatia

      Just to clarify that any lead generated from HDFC bank branch is processed by HDFC LTD only. The experience shared by me is of HDFC Ltd not of HDFC Bank as HDFC Bank is not into Home Loan Business…Earlier HDFC Bank took over Centurion Bank of Punjab (CBoP) & they are currently only serving existing home loan customers of CBoP…

      As i always suggest, its better to take Home Loan from Banks like SBI, AXIS, ICICI etc rather Home Finance Companies (HFC’s) like HDFC Ltd, LIC etc becoz Bank’s Home Loans are linked to Base Rate and governed by RBI whereas HFC’s set their own BPLR or RPLR, which are less scientific compared to Base Rate.

      • Iamsri

        Thanks Nitin, valuable suggestion.
        I now have the time (token-MOU-wise) to consider other banks, in 10 days HDFC would become the default.

      • Dileep

        Even I am facing the same problem.Can you send me the mail id of Nagendra ?My mail id is discover.dileep1@gmail.com

        • Nitin Bhatia

          Pls check ur mail box

          • Raj

            Hi Nitin,

            I am planning to take home loan for my new apartment. Can you suggest me which bank provides me best rate of interest, lower processing, MOD & documentation fees, good services. I got little bitter experience from SBI since they said NO Processing fees but they asked to shell out 20k for legal fees and MOD charges. On the other hand, HDFC is taking only 11k for processing and all other charges with 10.10% floating interest rate same like SBI. LIC HFL is offering NO processing fees and will on only collect charges for legal fees, NO MOD required but rate of interest is 10.10% fixed for first 2years and floating from there on.

            Confused between these three and i didn’t inquired about AXIS bank bcoz there rate of interest is little higher than the other 3 institutions.

            Thanks,
            Raj

            • http://www.nitinbhatia.in/ Nitin Bhatia

              I will suggest SBI.

  • Ravi

    Is there any way we can escalate to NHB about diff interest rates being charged by HDFC with old and new customers.

    • Nitin Bhatia

      Dear Ravi,

      You may send a written complaint to NHB at following address

      National Housing Bank
      Department of Regulation and Supervision,
      Core 5A, India Habitat Centre,
      Lodhi Road, New Delhi – 110 003.

      The Complaint can also be e-mailed at crcell@nhb.org.in

      Thanks in advance
      Nitin Bhatia

  • Suresh

    Hi Nitin,
    I am facing similar problems with HDFC and as expected the one and only Mr.Sujit looks to be a non-functional Ops Head. Can you give me the email id of Nagendra ?

    rgds,
    suresh
    suresh.1977@gmail.com

    • Nitin Bhatia

      Pls check your mailbox

      • Ashutosh

        could you please give me email id of nagendra also ? My mail id is – ashutosh.on.chat@gmail.com

        • Nitin Bhatia

          Pls check ur mailbox

          • Deepak

            Hi Nitin,

            I’m also facing similar issues. Can you please pass on the email id of Mr Nagendra?
            Thanks in advance.
            My email id is deepak.bits@gmail.com

            • Nitin Bhatia

              Pls check your mail 

              • Rithesh Shetty

                Hi Nitin,

                I am facing similar issue. HDFC sucks. Can you please send me Nagendra’s email id.

                Thanks,
                Rithesh
                rithesh_shetty@yahoo.co.in

                • Nitin Bhatia

                  Pls check your mail.

                  • muthukumar

                    I Too facing many problems. I have home loan account Kasturiba road branch, Could you provide me email id and contact numbers whom I have to contact to solve the issues. my email id is ylmk_2000@yahoo.co.in

                    • Nitin Bhatia

                      Pls check your mail

                    • Selvaraj

                      I also face the same issue. Please share the email id of nagendra. My Email id is selvaraja1980@gmail.com

                    • Nitin Bhatia

                      Pls check your mail box

                  • pravin

                    Facing similar issue can you please share my Nagendra’s email id.

                    Thanks

                    Pravin
                    multiweave@gmail.com

                    • http://www.nitinbhatia.in/ Nitin Bhatia

                      Pls check your mailbox. Tks

                    • Amit

                      Please send me also Nagendra’s email Id. my email ID khari.amit@gmail.com

                      Thanks

                    • http://www.nitinbhatia.in/ Nitin Bhatia

                      Pls check your mail box

                  • hari

                    similar problem HDFC sucks. Can you please send me Nagendra’s email id.

                    Thanks Hari
                    harikrish83@gmail.com

                    • http://www.nitinbhatia.in/ Nitin Bhatia

                      Pls check your mail.

                  • Guru

                    Hi Nitin,

                    I am facing few issues with servicing of my home loan with hdfc. Could you please share Mr Nagendra’s email id? My email id is guru0404@yahoo.com

                    Thanks

                    • http://www.nitinbhatia.in/ Nitin Bhatia

                      Pls check your mail.

  • Vishal

    The HDFC has its own discriminating calculations and varies from time to time.
    I am sharing my experience, I have home loan which is not fully disbursed even now as the property is under construction.
    Method: From 01 August to 30 September 2012, the HDFC Ltd. Calculated loan based on following method:
    Total Disbursement : Rs 9,00,000
    Total Principle paid : Rs 2,847
    Total Prepayment : Rs 1,30,000 ( 18 July 2012 )
    Total Outstanding Amount : Rs 900000 – Rs 2857 = Rs 8,97,153
    Total EMI = Rs 12,106 based on outstanding amount of Rs 8,97,153
    Loan term balance in months = 94 Months from 01 August 2012 due to prepayment of Rs 1,30,000

    Method 2: From 01 October to Present, the HDFC Ltd. Calculated loan based on following method:
    Total Disbursement : Rs 12,00,000
    Total Principle paid : Rs 13,681
    Total Prepayment : Rs 1,30,000 ( 18 July 2012 )
    Total Outstanding Amount : Rs 1200000 – Rs 13681 – Rs 130000 = Rs 10,56,319
    Total EMI = Rs 14,254 based on outstanding amount of Rs 10,56,319
    Loan term balance in months = 120 Months from 01 October 2012

    • Nitin Bhatia

      You may visit HDFC and ask them how they have calculated the principal and interest component.

  • Vipon Sharma

    Sir,
    I want to take home-loan for construction of first-floor of my
    house. I need 5 lacs. I can manage money from my ppf etc. But I have
    been suggested that after getting 20% rebate on interest my overall
    intt. will be reduced. For example, ROI = 10% then after 20% rebate on
    intt. paid, my effective intt. will be 8% . Further this 8% will be
    earned by me on my non-used amount ( by keeping non-used amount in ppf
    etc ) which otherwise would have been used if no home-loan is taken.
    Hence actual intt. is 0% only. Advice is that no loan is good than
    home-loan.
    I am now in a fix over whether I should take home-loan or not. Kindly
    advise me by giving elaborate reply. I can manage my finance otherwise
    also.

    with regards,

    Vipon sharma

    • Nitin Bhatia

      Till the construction is completed, you will be paying only Pre-EMI i.e. Simple interest on loan amount. Pre-EMI’ is not eligible for any deduction u/s 24(b). It becomes eligible for deduction u/s 24(b) in the year of completion. From the year of completion you can claim total Pre-EMI paid as tax relief for next 5 years in 5 equal installments.

      After construction is completed, you can claim tax relied on Principal & Interest Paid amount paid every year:

      1. Deduction on principal amount
      You can get tax relief on your principal amount only if it is borrowed from recognized lender. Claim can be made for principal amount of housing loan together with other expenses such as registration fee; stamp duty etc from the financial year in which events like purchase, reconstruction, completion etc occurs. However you will not be eligible for tax relief, if principal amount is repaid before construction of your house. If you paid after completion of construction, you can claim maximum of Rs 1 lakhs in a year to deduct from your taxable income under section 80(c).

      2. Deduction on Interest paid
      You can avail tax relief for interest paid along with your monthly EMI. You can claim your interest deduction up to Rs 1, 50,000/- .However, you need to either acquire or complete construction of property within three years from the end of the financial year in which loan is taken. Tax relief can be enjoyed if you could not occupy the house due to your business or employment and your house is not let out during the year. If property is self occupied then you cannot claim tax relief on interest component.

      In your case, Your actual interest cannot be 0% as calculated by u therefore i will not advise you to avail Home Loan and if u can manage finances on your own then its more beneficial for u.

      Thanks & BR
      Nitin Bhatia

  • XXXX

    HDFC website has this info:
    PRE CLOSURE / FULL PREPAYMENT CHARGES :
    There shall be no incidence of Prepayment charges in the event a loan is preclosed (prepaid) in full out of own sources of the borrower.
    Any prepayment from sources other than own sources (*) shall be subject to a prepayment charge of 2.00% of the outstanding amounts being so prepaid (such amounts shall include all amounts prepaid during the given financial year).
    You shall be required to submit copies of your Bank Statements or any other documents that HDFC deems necessary to ascertain the source of prepayment.
    (*) The following is an indicative list of sources other than own sources.
    Sources other than Borrowers’ own sources would include:
    Loans availed from various sources such as from employer, refinance facility, HDFC, other financial institutions for other purposes (whether or not linked to any security, including of mortgage of the property financed), relatives, friends or family members who are not co-borrowers.Payment from Sale of property financed either directly or through internal adjustment of another customer’s loan.Third Party chequesSurrender of property to developer

    • Nitin Bhatia

      Above clause is applicable only for for Fixed Rate Home Loan. For Variable/Adjustable rate Home Loan there is no prepayment charge irrespective of source of fund. HDFC shud not be concerned about source of fund therefore should not ask for statements to prove source of fund.

      Thanks & BR

  • Anandondotnet

    HI NITIN,
    THANKS FOR YOUR POST. I WAS ABOUT TO PAY MY CHEQUE TOMMOROW. LUCKILY I THOUGHT OF CHECKING MOD FEE AND GOT YOUR SITE’S LINK. DROPPED PLAN OF TAKING LOAN FROM THEM. PLEASE SUGGEST LIC OR IDBI OR ANY OTHER BANK WHICH WOULD BE BETTER FOR LOAN FOR CONSTRUCTING  HOME.

    • Nitin Bhatia

      I will suggest SBI or Axis Bank

  • Anupam Mazumdar

    HDFC Home Loans may be rated the best, but both HDFC Bank and HDFC are worst in providing services for auto and home loans. Their executives are not at all competent as compared to ICICI or any other private banks. If you go to their branch to get multiple things done, they hesistate just like SBI.
    At this age of online transactions, they cannot provide an online option of pre-payments when even SBI is providing.
    Their initial processing of home loans is worst in service. In my case, i had to do multiple complaints at the highest authority to get things done in time and even i ended up paying a penalty to the builder, because of a delay in home loan disbursement.

    Policy wise: Their interest rate attracts very much and give an initial advantage, but as an when RBI decreases Repo or Reverse Repo, they do their revisions after a delay and sometimes do not do at all as compared to ICICI or other, which ultimately nets as a loss to the customer. But when RBI increases the REPO or Reverse REPO, they are the first one to increase them.

    HDFC does not have any tie-ups with any orgranization to waive off important processing fees which might help the end customers. ICICI and SBI are far better in these respects.

    I from my personal opinion, will not suggest any one to go in for a Home Loan or Auto Loan from HDFC or its sister concerns.

    Regards
    Anupam Mazumdar

  • Sudarshan

    Hello Nithin,

    I am facing similar problems as what people are facing in the feeds. Please provide me the Email ID of Nagendra.
    My Email- Sudarshans85@yahoo.co.in

    Thanks and Regards,
    Sudarshan

    • Nitin Bhatia

      Pls check your mail id

  • Pankaj

    Hi Nitin,

    I have availed home loan along with my wife from ICICI, with my wife being the main applicant and myself a co-applicant. The Home Loan EMI is being deducted from my Wife’s salary account as she is the main applicant. Kindly let me know what all documents should be presented/submitted for tax exemption for the applicant and the co-applicant.

    Also, in the budget 2013 govt. has introduced a TDS of 1% which will be deducted on properties having value more than 50 lakhs. My flat costs around 56 lakhs. However i wanted to check if the TDS is applicable on the property value or registration value of a flat.

    Regards,
    Pankaj

    • Nitin Bhatia

      You need to submit a declaration form with your respective organizations mentioning the % of exemption availed. If the ownership % is not mentioned then it should be 50-50 else in the same proportion of ownership. Your HR can provide the declaration form.

      If u have already purchased or registered then TDS is not applicable otherwise its applicable on the Value of the property.

  • Lipi

    I’m also facing the same problem and wish to escalate to mr narendra. Please provide me with his email address. My email is lipianalyst@yahoo.com

    • Nitin Bhatia

      Pls check your mail

  • Divyanshu

    Hi, Could you pls. provide the email ID of Mr. Nagendra, my mail id is divyanshu_gupta@yahoo.com, I wish i had read your blog a bit earlier :(

    • Nitin Bhatia

      Pls check your mail id

  • svdath

    I am having similar issue with Sahakarnagar branch. Can you mail me Mr.Nagendra’s mail id. My mail id is svdath@yahoo.com

    • Nitin Bhatia

      pls check your mailbox

  • Manish

    Please send me email id of Mr. Nagendra on manish.bhoge@gmail.com

    • Nitin Bhatia

      Pls check your mailbox

  • natraj

    Hi Nitin,

    I have a smiliar issue with HDFC and i am NRI customer with them..i am sick and tired of calling them from USA everyday. Can u give me email id of chennai regional head so that i can escalate this issue asap? my email id natraj_btech@yahoo.co.in

    • Nitin Bhatia

      Apologies but i don’t have contact details of Chennai regional head

  • jeffykeral

    HDFC Ltd the blood suckers….I got similar experience and after I paid the processing fee they played well in crooked way finally I made complaint to obudsman and all the heads of HDFC

    Thank God later I received a sound amount of loan from nationalized bank within short of time without any hurdles.

  • Neha

    Can we share and make a list of trustable/tested DSAs?

    • Nitin Bhatia

      its an unorganized field so not feasible as of now.

  • Vinay

    Hi Nitin,

    Having a nightmare with these guys. Exactly the same situation. Can you please share Mr. Nagendra’s email id?

    Thanks
    -Vinay

    • Nitin Bhatia

      Pls check your mail box.

  • Arindam Das

    Hi Nitin

    Thanks for sharing your experiences. I currently face the same issues with prepayment, HDFC just refuses to accept my prepayment, giving some excuse or the other.
    What I wanted to know are these two things:

    a. Is there a way that I can add my loan account to my HDFC bank account through netbanking? This will help me prepay the loan without the help of these bloodsuckers.

    b. How do I know what is the exact outstanding principal? My loan account online does not show this. Another ploy by HDFC so discourage prepayment.

    Thanks!
    Arindam

    • Nitin Bhatia

      HDFC cannot refuse pre-payment. If its from own source then nor prepayment penalty but if funding from 3rd party then with pre-payment penalty you can pre-pay. To answer your queries

      (a) You cannot prepay through net banking. Only EMI can be paid through Net banking

      (b) You need to contact HDFC for principal outstanding else you can download emi calculator from following link and check principal outstanding with the help of same

      http://www.nitinbhatia.in/home-loan/emi-calculator/

  • Aritra De

    Hi Nitin,

    I am having a lot of problems getting the disbursement cheque.
    As a result, even I had to pay the agreement penalty clause to the seller of the house. Even worse, the seller has planned to call off the deal if he does not get the money by this weekend.

    The Sahakarnagar branch never picks up the phone and nothing gets done.

    I would like to escalate this to a competent higher authority.

    Can you mail me the mobile number, designation and e-mail id of Mr Nagendra such that my home loan fiasco gets over soon. My e-mail id is indiaisgr8@gmail.com

    Thanks,
    Aritra

    • Nitin Bhatia

      Pls check ur mail id

  • KK

    great source of information and inspiration. I am also having trouble with HDFC. Can you send me the email id of Mr Nagendra at kittuskk@gmail.com thanks much!

    • Nitin Bhatia

      Pls check your mailbox

    • jaya

      Did mailing Nagendra speed up the process at HDFC. Kindly share your experience

      • http://www.nitinbhatia.in/ Nitin Bhatia

        After i wrote to Mr Nagendra, i received call from his office next day and within 1 week my complaint was resolved.

  • Aneesh Nair

    Hi Nitin,
    Recently I also had a bad experience with HDFC. I was trying to get a list of documents held by the HDFC with respect to the home loan I availed from my them. I was surprised by the attitude of HDFC, wherein they refused to issue the document as asked by me. They were giving me the list of documents in a plain white paper with an acknowledgement that “they received the aforesaid documents forwarded by me” written in hand. They are out rightly denying me to provide the list of documents in their letter head.

    Can you please help me with the situation? To whom should I approach. What are the options I have? I need this document to shift the loan from HDFC to my employer. I am based in Delhi and availed loan from Delhi.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Pls send a written complaint to their head office in Mumbai through registered post. Address of HDFC is
      Sh Keki Mistry
      HDFC Limited,
      Ramon House, 169, Backbay Reclamation,
      H T Parekh Marg, Churchgate
      MUMBAI – 400 020.

      Also send written complaint to NHB. Format can be downloaded from following URL
      http://www.nhb.org.in/Grievance-Redressal-System/Application-Form.pdf

      Address of NHB is
      CR Cell,
      National Housing Bank,
      NHB Core 5 A,
      India Habitat Centre,
      Lodhi Road. New Delhi- 110003

  • jaya

    We are facing similar situation as you did but still yet to reach the goal. Can you kindly mail your contact details as well as Mr Nagendra to jayasempire@yahoo.com

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Pls check your mailbox

      • Priyesh

        Hi Can you please share email IDs of Mr. Nagendra, I am a victim too of this branch. agrawal.priyesh@gmail.com

        • http://www.nitinbhatia.in/ Nitin Bhatia

          Please check your mailbox

  • Pratik

    Very nice blog indeed. very much informative. Could you please mail me the email id of Mr Nagendra to my id : noentryplz@yahoo.co.in.
    I feel like reading all ur blogs now itself.
    Even I am suffering the same problem from HDFC for home loan. Especially the service in Bangalore is horrible.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Thanks for liking my blog. Pls check your mailbox.

  • Rajesh Dikshit

    I had a my query resolved thru Mr. Govind – Head of Business Development, works towards solving the problem

  • Saleem

    Hi Nitin, Almost the same case… Pls share the mail ID of Mr.Nagendra at saleempasha@ovi.com
    Thanks!

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Pls check your mailbox

  • Harendra

    Email ID of Mr Nagendra Please

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Pls check your mailbox

      • S Singh

        Hello Nitin,
        Just wondering why so many people have same kind of issues.
        Please share the Mr. Nagendra’s ID to me also. One more thing I can see so many guys are asking for his ID, does not this ring any bells to Mr. Nagendra’s
        about the way HDFC is working.
        Regards,
        S Singh

        • http://www.nitinbhatia.in/ Nitin Bhatia

          Please check your mail. Being a pioneer in industry, HDFC has now become insensitive to customers. Secondly it has more to do with people (staff). In customer facing scenario, its the staff rather organization which is responsible for reputation of organization.

  • Mahendra

    Hi Nitin, I am planning to visit India in February to sell my property in Mumbai. The buyer has spoken to his bank ( ICIC Home Loan) to settle my home loan with HDFC directly, so when I visit Mumbai I can get the sells agreement done without loosing much of time then.
    Just wanted to understand the process –
    How can buyers home loan bank get the re-payment done to my home loan bank?
    What documentation do I need to provide for the same?
    Is it okay to sign the sells agreement prior to this? beacause the original documents will be handed over to buyers home load bank directly if the process works without having any involvment on my part?
    How do I need to secure my money earned out of this deal, and ensure that paperwork is done correctly in terms of getting NOC from the bank, and settlement letter?
    I know I have asked too many questions but I have no clue how this works as this is the first deal for me.
    Please advise.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      To answer your queries

      1. ICICI Bank will issue demand drafts against your HDFC Loan account to clear your Home Loan. If buyers Home Loan amount is less than your principal outstanding then buyer will issue the cheque against your HDFC Loan amount for balance amount. All these payments will be done on the date of registration.
      2. To initiate the process, you 1st need to sign the Sale Agreement with Buyer. Buyer will provide this Sale Agreement to ICICI Bank for loan processing. You also need to provide Balance outstanding statement and List of Original documents with HDFC to Buyer. Both these documents will be issued by HDFC Ltd. Besides this, you need to provide photocopy of all property documents to buyer at the time of signing sale agreement.
      3. Yes, it is fine to sign Sale Agreement. You should demand atleast 2 Lac – 5 Lac as token amount while signing Sale Agreement. Token amount depend of Total Transaction value.
      4. Your share out of this deal will be paid either by ICICI Bank or Buyer or Both jointly depending on your Principal outstanding and Loan amount of Buyer. HDFC Ltd will issue NOC and release original documents 2-3 week after the Home Loan is closed i.e. from the date of complete payment (normally registration date). You can issue authorization letter to buyer to collect NOC and original documents from HDFC Ltd on your behalf. He can send scanned copy of NOC to you for your reference.

      Hope i answered all your queries. Pls feel free to contact, if you have any other query.

      • Mahendra

        Thank you so much Nitin.

  • Srilakshmi

    Hi Nitin, I have also approached HDFC bank for home loan and faced similar problems. Can you give me Mr. Nagendra’s ID please. Unfortunately, the sales guys dont tell me from which branch they operate from. I was referred to the sales guy by my builder and he is neither available on call. Can you help me please?

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Pls check your mailbox.

  • Krish

    Hello Nitin, Your post is very informative. I took a loan from HDFC, Mumbai 15 years back when purchasing my first house. It was a breeze . Based on that I now applied for an NRI loan at HDFC Bangalore and it is hell. They do not reply to email and never pick up phone. Since I am physically not in India it is becoming extremely difficult to push them.
    Can you please send me Mr. Nagendra’s email ID ?

    • http://www.nitinbhatia.in/ Nitin Bhatia

      I can understand as i have gone through same. Pls check your mailbox, i have mailed you email of Mr. Nagendra

  • Kalieswaran

    Hi Nitin,

    I applied for a HDFC home loan. I paid the processing fees and my loan got approved. But now they are putting many conditions for disbursement of loan, which they didnt say while applying. Now i want to cancel my loan offer. Is there any way that HDFC will refund my processing fee??

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Processing fees is non refundable still you can give a written complaint to HDFC for refund of Processing fees and mention that you were kept in dark on certain conditions therefore case of mis-selling. Based on mis-selling you can request for refund and take acknowledgement of complaint letter from HDFC.

  • Pazhani selvam J

    Hi nitn,
    iam the latest victim of HDFC ltd. Since i had another loan in HDFC ltd (chennai ) 7 yrs ago., i thought they are still doing good.
    Really worst experience with the HDFC ltd Bangalore. Kasturba road branch. its almost 1 month , since i could not receive anything from them.

    Pls share Nagendra id for escalation.
    thanks.
    jpselvam@gmail.com

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Pls check your mailbox

      • vineesh

        Same here. Please share with me too @ s_vineesh@yahoo.com

        • http://www.nitinbhatia.in/ Nitin Bhatia

          Pls check your mailbox

  • Jay Jaykumar

    Hi Nitin,

    I am also a victim of HDFC. Can you please provide me Mr. Nagendra Email id?

    -Thx. Jay

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Pls check your mailbox

  • Anand Devanathan

    Hi,

    I need to escalate total lack of communication from the bank – kindly share the email IDs which need to be used for escalation.

    adevanat@gmail.com

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Pls check your mailbox

      • Amit Bhatnagar

        Can you please share the email address with me? bamit1979@gmail.com

        • http://www.nitinbhatia.in/ Nitin Bhatia

          Pls check your mailbox

  • hdfc

    I am also fedupwith HDFC.
    I submitted all the docs but still telling my application is under process.
    They also encashed the processing fees cheque.
    How to get back the processing fees?

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Processing fees is non-refundable.

      • aman

        processing fee is refundable. before senction the loan if u want to reject your home loan process. just call your executive and mail your credit appraisal.

        they will cut only 1500 rs. rest of amount they will refund you…………

        • http://www.nitinbhatia.in/ Nitin Bhatia

          I beg to disagree. There is not even a single case where Processing fees is refunded by HDFC after the cheque is being en-cashed. Please check following Terms & Conditions available of HDFC website regarding same. It clearly states Processing fees is non-refundable

          http://www.hdfc.com/pdf/MITC_Final.pdf

    • aman

      processing fee is refundable. before senction the loan if u want to reject your home loan process. just call your executive and mail your credit appraisal.
      they will cut only 1500 rs. rest of amount they will refund you.

      • http://www.nitinbhatia.in/ Nitin Bhatia

        I beg to disagree. Please check following Terms & Conditions available of HDFC website regarding same. It clearly states Processing fees is non-refundable

        http://www.hdfc.com/pdf/MITC_Final.pdf

  • hdfc

    they are asking detail like company HR detail.
    Do I need to share these details?
    HDFC sucks.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      They might need for cross verification. You may share the same. Tks

  • Jim A

    My loan processing with HDFC, Kasturba Rd, Bangalore is stuck as well. Your detailed post is very informative. Thank you very much for sharing. I have tried writing to them on the grievance redressal page and now it looks like nothing much is going to come out of it. Can you please share Mr.Nagendra’s email id?

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Pls check your mail id.

  • Arun

    Hi, I am a customer of HDFC and would like to escalate the matter to Nagendra relating to the acknowledgement of the copies. Could you pls share the details to me.

    arun_thl@sify.com

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Pls check your mail id

      • Nil

        Hi Nitin, request you to please share the email ID of Mr S.N.Nagendra at my email ID : guhanils@yahoo.co.in

        • http://www.nitinbhatia.in/ Nitin Bhatia

          Pls check your mailbox. Tks

      • Arun

        Please resend the same Nitin. I seem to have not received the email.

        Thanks a ton!!

        • http://www.nitinbhatia.in/ Nitin Bhatia

          Pls check your mailbox

          • Gopal

            Please send me Mr. Nagendra’s email id ?
            I am being played with some HDFC agents .. huh..
            gopalshankar@gmail.com

            • http://www.nitinbhatia.in/ Nitin Bhatia

              Pls check your mailbox

  • James

    Between SBI, ICICI & HDFC , which one is good one for home loan?

    • http://www.nitinbhatia.in/ Nitin Bhatia

      My vote for SBI

    • Bhavika Patel

      try IDBI, they do not charge you processing fees.

  • William

    I am a victim too! Please send me the email id of: Mr. S. N. Nagendra…
    williamakv@gmail.com

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Pls check your mailbox. Tks

      • Diptendu Hui

        Hi Nitin ,
        I too now have bad experience with HDFC Limited, Marathahalli.
        My email id is: diptenduhui@gmail.com.
        Could you please send me some senior or regional heads email id , so that I can escalate my issue to them.
        Thanks in advance.

        • http://www.nitinbhatia.in/ Nitin Bhatia

          Please check your mailbox

  • Vik

    Hi Nitin,

    I have had quite a terrible experience with HDFC in the last few months and it seems to be headed no where. Could you please share Mr. S N Nagendra’s email ID & contact details on vikrama536@yahoo.in

    Thanks

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Pls check your mailbox.Tks

  • Navin

    Hello Mr.Nitin,

    I am also facing a lot of issues due to DSA & bad service from HDFC. I have taken loan from Pune branch & I am in US. They are hassling for every issue. Could you please suggest on my options?

    Email : navin.bhatia@yahoo.com

    Thanks

  • Amit Bhatnagar

    Kindly share the email address for Mr. S. N. Nagendra? I am going through a horrible experience working with them.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Please check your mailbox

  • Natarajan

    Dear Nitin

    Refer to your earlier post, I opted to transfer my home loan from LICHFL to SBI after the period of FIXED 3 years and paid 10 months sudden increase of interest from 8.9% to 11.75% in LICHFL. In March, I got cheque from SBI and a week before I received original document from LICHFL. Now SBI is asking to register the MOD (Mortgage) for which I may need to spend nearly 15000 with one full working day. Is this mandatory ? ( I am from Chennai – Tamil Nadu).

    • http://www.nitinbhatia.in/ Nitin Bhatia

      It is mandatory to register MODT. Stamp duty is borne by the Borrower. I have mentioned the same in my post. Thanks

      • satheesh

        Hi Nitin,
        I am planning to take HDFC plot loan for BIAPPA site. Yet to contact near by branch.
        1) WOuld like to know : what are conditions for partial payment in HDFC ?
        IN my past SBI loan, I had daily reducing balance and any month I can park my excess funds to my home loan account. Is this option of “Daily reduicng balance ” and Every month partial payment facility exists in HDFC ?
        2) How many times in a year one can do partial payment and what is the limit and conditions ?
        Please throw more light on terms and conditions of partial payment. Do we need to go to main branch and submit form as you did ? and will reflect immediately on line once you do or any error prone chances ?
        Thanks
        satheesh

        • http://www.nitinbhatia.in/ Nitin Bhatia

          1. 3 diff points
          (a) SBI is daliy reducing and HDFC Loans are monthly reducing
          (b) SBI Home Loan availed by you was MaxGain Home Loan account which is linked to current account and any excess funds parked in this Current Account is reduced from principal outstanding. HDFC does not provide similar product
          (c) There is no prepayment penalty for floating interest Home loans both with SBI and HDFC

          2. For floating interest loan there is no limit of prepayment but for fixed interest loans you need to check with bank. Normally for fixed interest loan you cannot deposit more than 25% of outstanding amount during FY.

          Prepayment terms and conditions vary from bank/HFC and online transfer is not allowed. You need to visit the Home Loan branch. It is reflected immediately in your Home Loan account.

  • Vaibhav Maheshwari

    Nitin, What a useful post. Kindly send email id of Mr. Nagendra to me as well. I want to expose the laid back attitude of HDFC …

    • Vaibhav Maheshwari

      vaibhavinani gmail

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Please check your mailbox.

  • Babu Kanjariya

    HI, Nitin
    I am looking to take Home loan from HDFC bank at Ahmedabad Gujarat about 17 LK but my concern is my salary to low about 15000/- . so HDFC suggest for agriculture land consider for repayment of my loan and I am ready for this. but if agriculture consider interest rate will be 10.75 %. and earlier sales person tell me it will be in 10.25 % but after all verification they told it will 10.75%
    so please suggest it is okay for take home loan on considering of agriculture for repayment or 0.5 % higher interest rate from HDFC. other all bank are denied to considering agriculture. actually this type of scheme available in market ?

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Sorry i could not understand your query completely. If a land is residential than it cannot be considered as agricultural just for Loan purpose. Moreover you cannot avail Home Loan on Agricultural land, you need to convert it to residential by availing DC Certificate or DC conversion i.e. change of land use from agricultural to non-agricultural.

      Moreover loan eligibility will not change with the fact that land is agricultural or non-agricultural.

      • Babu Kanjariya

        HI, actually I am purchasing a Flat in City and taking home loan for the same. and my agriculture land available in town and only considering my other income source from agriculture products. so this type of scheme available in market for Home loan.

        • http://www.nitinbhatia.in/ Nitin Bhatia

          Ok…In this case, HDFC is pitching you Loan against property i.e. agricultural land. It is not Home Loan but loan against property. In short, you will be mortgaging your agricultural land.

  • rhaul

    Sir ji m ne20 tarik ko loan ke liye apply kiya ta 23 tarik komere ghar or office m inquiry aagai..aur 4jun ko bank se SMS file(application) Ka SMS aaya…abi kitne day aur lag sakte he sir 25 din ho gay..m kya kru muge Aap advice de…

    • rhaul

      Hdfc bank m apply kiya he

      • http://www.nitinbhatia.in/ Nitin Bhatia

        agar apko 4 jun to SMS aaya hain to aapka loan 18 jun tak pass ho jayenga. Aap branch mein ja ke ya HDFC Ltd ke call centre per call karke aapni file ka status check kar sakte hain

        • rhaul

          Sir ji muge file band karni he to m kya kru…mere pass sirf file k number he…agent helf nhi kar rha he…Aap advice dene ki kirpa kre…

          • http://www.nitinbhatia.in/ Nitin Bhatia

            Sir aap branch mein written application de sake hain ki aapko aapna Home Loan band karna hain.

  • Mohan

    Hi Nitin,

    This is Mohan from Singapore, currently I’m planning to take loan from HDFC bank – NRI Home loan (Bangalore Kalkere branch).
    I got E-reply from their system, after reading your experience Im stuck now, not sure whether to go ahead or not..!!

    Below is HDFC E-reply:-
    These are your HDFCInstanthomeloans Preliminary E-approval details:

    Chosen Loan ProductHome Loan *Eligible Loan AmountRs. 50,00,000Eligible Tenure10 yearsOffered Rate of Interest as on 09/06/201410.25% (RPLR -6.50%) floating
    RPLR is 16.75%Method of Rate ApplicationAdjustable rate on monthly reducing balance basisEMI for Loan amount and term offeredRs. 66,770Total processing fees payableRs. 11,236 (inclusive of taxes).

    Kindly suggest on above home loan, also kindly give me Mr. Nagendra’s contact.

    thanks a lots..

    • http://www.nitinbhatia.in/ Nitin Bhatia

      I would suggest you to go ahead with HDFC as of now. You may transfer the Home Loan in future. You will not find good experience of borrowers with any particular Home Loan providers. The objective of my post is to highlight grey areas so that others get benefit out of it. While processing Home Loan with HDFC Ltd, Just take care of key points highlighted by me e.g. insist on acknowledgement of original documents submitted etc.

  • bighnaraj

    Hi Nitin, thanks for sharing so many information and i ways ready your comments and tips. I have a question i have taken home loan from HDFC(before i ready your blog) but they havent asked for MOD to me even though the disbursement has happened. Is it because they have forgotten or they have excluded my case

    • http://www.nitinbhatia.in/ Nitin Bhatia

      It is highly unlikely that MOD charges are missed out by HDFC. Another possibility is that instead of executing MODT, HDFC must have put lien on your property to safeguard their interest. If you can let me know the loan amount and breakup of payment made by you to HDFC, i will let u know whether they charged for MODT stamp duty or not.

      • bighnaraj

        Hi Nitin, I Have taken a loan of Rs. 3473450 for 10 years, and the first disbursement of Rs 10,27,035/- is done. I have paid processing fee of Rs 2958 + 500 ST(CERSAI). I remember i they asked me to make an affidavit on Rs 10 stamp paper.

        • http://www.nitinbhatia.in/ Nitin Bhatia

          Your MODT is executed. CERSAI charges paid is towards registering mortgage and MODT.

          • bighnaraj

            Thanks Nitin, Then its extremely cheap and convenient as i don’t have do it any thing other than paying INR 562.

  • sandip mayani

    i have read out yr experiese with HDFC Bank and same problem happen with my one of the client so kindly do favor for following matter

    1 what i should right now to do for my valuable client.
    2 what action we can take for remainng process for disbursement
    3 what action can taken against DSA
    4 DSA replied that file has been rejected as there is problem in valuation of property as constructed on COP

    Appreciates yr quick response

    Thanku,
    Warm Regard,

    Sandip Mayani, Surat, Gujarat
    mayanisandip@gmail.com, mayanisandip@ymail.com
    09428786466

    • http://www.nitinbhatia.in/ Nitin Bhatia

      1. You may complain to Head Office of HDFC in Mumbai, National Housing Bank in Delhi and with Regional Head of HDFC in your area.
      2. I could not understand this query. If the file is rejected then you will not get balance disbursement.
      3. No action can be taken against DSA
      4. If you are sure that file is rejected for frivilous reasons then You can challenge the same in court and may also seek compensation for damages in local consumer court

  • Ravi

    Hi, having problems with HDFC. I need to escalate to S.N. Nagendra. Can you share email address of S. N. Nagendra

    • Ravi

      my email address is ravishankarn@yahoo.com

      • http://www.nitinbhatia.in/ Nitin Bhatia

        Please check your mailbox.

    • Spark

      Can u pls share me email of HDFC S.N. Nagendra for documents been lost by them.

      • http://www.nitinbhatia.in/ Nitin Bhatia

        please check your mailbox

  • Charan

    Hello Nitin Sir, here is my story. I took NRI loan of 32.5lakhs for purchase and contraction of land and I am paying monthly EMI. My brother is taking care of this and so far no issues here. But now I want to make a payment of 5 lakhs as principle amount but my brother says that though you pay advance principle amount the EMI will be the same, what he means to say that EMI will be calculated for 32.5 lakhs instead of 28.5(32.5 minus 5)lakhs, is this true?? Do we need to pay interest for the amount which we already paid? My length of the loan period is 15yrs.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      When you are prepaying,You have 2 options
      (a) Keep EMI same and Loan Tenure will reduce
      (b) Reduce EMI and Loan Tenure will remain same

      Your brothers understanding is not correct. You can check whether your Loan is Daily Rest, Monthly Rest. It is mentioned in the loan agreement. Most of the Home Loans are Monthly Rest therefore If you prepay this month then your principal outstanding will be adjusted w.e.f 1st Aug and don’t worry you will not pay interest for principal repaid by you.

      • Charan

        Thanks for the reply sir. My father checked the agreement documents and also called the bank to find out the exact process. Your reply and the info got from the bank matches. Thanks for your help.

  • Mahesh

    Hi Nitin,

    I am planing to buy a land in Bangalore but i don’t have immediate plan to construct house.
    So i thought to opt for plot loan.
    I can you please help me regarding taking plot lone in good banks.
    I thought to take HDFC plot lone. Please give your input on this..

    Thank you
    Mahesh

    • http://www.nitinbhatia.in/ Nitin Bhatia

      You may go for HDFC but you have to start construction within 5 years.

      • Mahesh

        Can you Please inform what all the precautionary measures i need to take so that
        i dont get into issues you face with HDFC…

        Thank you
        Mahesh

        • http://www.nitinbhatia.in/ Nitin Bhatia

          You may go through my posts on Home Loan.

          • Arun

            In case, if we fail to start construct in 5 year, does the increase in interest rate be applied only to the outstanding amount or they do a back calculation. Please advice.

            I really appreciate all your help in solving questions from many of us.

            • http://www.nitinbhatia.in/ Nitin Bhatia

              If construction is not started within 5 years then ROI will be increased by 2% over and above ROI at that time. This increase will be applicable for principal outstanding at that time i.e. increase will be prospective not retrospective.

        • Sundar

          Interesting posts and sharing of experiences.
          As someone has rightly pointed out, HDFC Limited and HDFC Bank Limited are two distinct companies. HDFC Bank, is a loan agent for HDFC. The employees of HDFC Bank are in reality not their employees but belong to a subsidiary company.

          As another writer as pointed, it is very important to verify the knowledge credentials of the agent at the first instance itself, be it a home loan or any other. Very often, the boys that reach the customers are just about aware of the products and features. Some of them are no more than couriers with nil empowerment except to collect the application. Just however, not to be outdone with the back office, they pose as if they themselves are the approval and disbursment authorites.

          It will not be unwise to expect that the bank that sends these boys to meet the customers, ought to inform the customer firsthand that the agent so sent is NOT the approval authority but at best, is only a facilitator of documents between the customer and the lending company.

          Similarly it is for the customer to understand that someone who is willing to get papers photocopied, notorised, runs to the builder’s office at the behest of the customer, cannot be an approval authority or disbursing cheques. He/she cannot quantify a time-frame about even generating a file number, leave alone approving a loan.

          Rampant process delays, false assurances, untenable time-frames that the agent boys are pressured to deliver….. these, and more constitute the fall in standards of service. The loan agents, in my view, are no better than the call-centre taxi drivers, ever in race against time.

          One is not sure if the management of topline lending companies that speak so high about their volumes and sigma standards, ever would venture to publicly talk about their service slippages.

          While it is possible that every lender puts up with errant and unreasonable customers, it is undeniable that clamour for bottomline has nosedived the erstwhile standards of service – even the most simple of them.

          • Sundar

            Correction:

            *The employees of HDFC Bank are in reality not their employees but belong to a subsidiary company.

            to read as ” the agents that one gets to interact and believe as employees of the HDFC Bank Ltd, are in reality not. They are from a subsidiary company of the HDFC Bank Ltd.

            • http://www.nitinbhatia.in/ Nitin Bhatia

              Thanks a lot for sharing the insights / other side of the story. I think situation is same across all Home Loan providers. I hope some day, the top management will look into the issues faced by the borrowers.

    • Guest

      Can you Please inform what all the precautionary measures i need to take so that
      i dont get into issues you face with HDFC

      Thank you
      Mahesh

    • dtssoft

      Don’t get into HDFC trap.

      HDFC is ridiculous. I am trapped with these blood suckers. Got loan on very attractive rate at 10.25%, but slowly and gradually they increased the rate of interest to 12% without intimation. After 3 year when I visited their branch and enquired about it. They said I have to pay Rs25,000 to reset my base rate. Which I paid and my based rate and my ROI came back to 10.50%. After 6 months they again started the same trick, gradually and slowly increased the rate of interest by incrementing it by 0.25% every quarter. Again currently I am paying ROI of 11.75%, whereas I am still able to see on various websites they are claiming to give loan on 10.15% to new customers.

      • soma

        Hi,
        Same issue with me, I am thinking of raising a ticket with RBI. These guys are not at all responding.

        • http://www.nitinbhatia.in/ Nitin Bhatia

          Home Loan from HDFC is through HDFC Ltd not from HDFC Bank therefore you should complain NHB (National Housing Bank) not RBI as HDFC Ltd is governed by NHB.

  • Gaurav

    Hi Nitin,

    I am planning to buy a resale property in Sector 70 Faridabad,Ansal Royal Heritage.One of my friends has already taken a flat there and his home loan was given by SBI.However when I went to the builder they said that SBI has stopped giving the loan there for new purchases due to some issue with DD Motors.He asked me to take the home loan from HDFC and said that they will manage everything.Just give an initial amount of 2 lakhs and then give 3 lakhs after 45 days.The property is worth 38 lakhs including all charges.Normally bank gives a loan on 80 %of the property which is 30.4 lakhs,but he is asking me to pay only 5 lakhs and saying that 33 lakhs loan will be given by the bank.I think there is something fishy about this.Can you please suggest who should I do ?

    • http://www.nitinbhatia.in/ Nitin Bhatia

      You may approach SBI directly. They will tell you why they stopped lending for said property. After knowing the exact reason, we can decide what to do next.

      • Gautam

        Many a times bank stop giving loans to a property because the developer of property would have defaulted on some previous payments of the concerned bank

  • dtssoft

    HDFC is ridiculous. I am trapped with these blood suckers. Got loan on very attractive rate at 10.25%, but slowly and gradually they increased the rate of interest to 12% without intimation. After 3 year when I visited their branch and enquired about it. They said I have to pay Rs25,000 to reset my base rate. Which I paid and my based rate and my ROI came back to 10.50%. After 6 months they again started the same trick, gradually and slowly increased the rate of interest by incrementing it by 0.25% every quarter. Again currently I am paying ROI of 11.75%, whereas I am still able to see on various websites they are claiming to give loan on 10.15% to new customers.

  • Vijay

    Hi Nitin,
    I am planning to pre pay my HDFC home loan which Itook, 15 lac. I am presently in USA and I have asked the bank (query) if I can make online payment. When I checked their site, surprisingly, HDFC bank is not included in the list of banks from which they accept online payment. in any case, the instructions are that the account number has to be registered first. I do not know if this involves visiting the HDFC office.
    As a second option is it possible that some one on my behalf visit the HDFC office to give a check (of course from my acct and signed by me). Do they ask for power of attorney?
    Many thanks,
    Vijay

    • http://www.nitinbhatia.in/ Nitin Bhatia

      You issue authorization letter to the person who will deposit cheque on your behalf and inform HDFC regarding same through email. POA is not required.

      • Vijay

        Many thanks for this reply. I will keep posting about my expreience.

  • Anshul

    Hi Nitin

    Can you please share me how i will get my regional head email Id.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      You may get from call centre of HDFC Ltd or you can write to Head office in Mumbai, they will assign your case to Regional Head.

      • Anshul

        I have tried many times but they were not giving me.Can you Please provide me email id of merrut zone

        • http://www.nitinbhatia.in/ Nitin Bhatia

          Unfortunately i don’t have merrut zone details. You may write to corporate office of HDFC Ltd in Mumbai.

  • Ram

    Even I had a bitter experience with HDFC. I got a SMS from HDFC saying I can plan for registration any time from next day. So I planned registration after informing DSA and branch manager. DSA was expected to bring the loan cheque leaf during the day of registration. DSA played a lot saying, he has crossed railway station, that bus stop, crossed this signal etc giving false image as though he will reach registrar office in next 1 hour but never turned. Registration got over as the seller was kind enough to me/ trusted me. In the evening I visited the branch only to know that DSA did not even move out of the branch that particular day. HDFC spoiling their brand name. To my surprise, in subsequent months, the advance EMI cheque which we give while signing the electronic clearance agreement was not passed/deducted instead saw some fine amt against my Loan A/C no in HDFC online portal. When I called the call center, I am informed it was due to EMI not paid. I asked them why they did not pass the cheque and how can they hold me responsible for that. But those call center guys couldn’t help me. I am informed that they lost all those cheques and asked me to courier another set of cheques which I did. My seller later told he already know HDFC service quality is too poor but did not want to advice as I may suspect him/ his property.

  • Esh

    Hi,I want repay of my loan some amount .1.Is it possible to repay some amount through online.2.please let me know the branch address in tirupati.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      1. Depends on Bank. Not all provide online facility. You need to check with your bank.
      2. You have not mentioned bank name. Please check the website for Tirupati address.

      • Esh

        I have taken loan from HDFC bank , IS HDFC having prepayment through online.

        • http://www.nitinbhatia.in/ Nitin Bhatia

          Loan is through HDFC Ltd and it does not provide option of online prepayment.

  • Vaishali Devapur

    Hi…reading thru ur experience, me and my husband can relate to this completely. We have additional dilemmas, after the sanction, our property took more than 6 months to register and for reapplication of loan they are not responding at all. Over it, our property is in Mumbai and we are in US from 10 months, So it is going very tough for us to do anything with no response at all.

    What can be done in this case?…thanks!

    • http://www.nitinbhatia.in/ Nitin Bhatia

      I suggest you to escalate to Regional Head in Mumbai and also you can send written complaint reg same to corporate office of HDFC Ltd in Mumbai. Any complain to NHB will not help.

  • Vamsi Vithala

    Hi, i took a home loan for 20laks from hdfc in jan 2014. I want to prepay gradually, can you tell what is the minimum amount that i can pay towards my homeloan.

    My emi is 20k.
    Can i prepay small amount like 20k?
    Regards
    Vamsi.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      I am assuming your Home Loan is floating interest Home Loan. There is no minimum amount, you can prepay any amount of your choice.

      • Vamsi Vithala

        Thank you for the reply. Yes my home loan is on floating interest rate.
        When i contact the branch, they say prepayment amount should be atleast 4times of EMI, is this true? If not how can i proceed ?

        • http://www.nitinbhatia.in/ Nitin Bhatia

          This is new rule for minimum prepayment amount. Please check your Home Loan agreement, if it is mentioned in Home Loan agreement then you need to follow the same.

    • Shashwat Verma

      HDFC Ltd. DSA said that the minimum amount of home loan Prepayment is 4 times of EMI in a time.

      • http://www.nitinbhatia.in/ Nitin Bhatia

        As i understand this is new rule for minimum prepayment amount. Please check your Home Loan agreement, if it is mentioned in Home Loan agreement then you need to follow the same.

  • Shashwat Verma

    HDFC Ltd. DSA said that the minimum amount of home loan Prepayment is 4 times of EMI in a time. i want to know is it true ?

    • http://www.nitinbhatia.in/ Nitin Bhatia

      As i understand this is new rule for minimum prepayment amount. Please check your Home Loan agreement, if it is mentioned in Home Loan agreement then you need to follow the same.

  • Shashwat Verma

    i have already applied to HDFC Ltd. for 24 Lack home loan for 26 years on 10.15 ROI. i have paid 11236/- processing fees by check. they have en-cashed it. they have said minimum pre-paayment amount would 4 times of EMI. No online pre–payment facility. RIO based on BPLR. Should i go with HDFC Ltd.. In the mean time i have contacted ICICI they also offer 10.15 RIO based on their I-base. Minimum pre–payment amount equel to 1 EMI. No online pre-payment. which would be better.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      As i suggested in my other comments also. It is advisable to choose a bank over HFC for Home Loan therefore i will prefer ICICI Bank.

  • Shashwat Verma

    what is the difference between Home Loan and Mortgage Loan? can i get tax benefit in Mortgage Loan? ICICI bank employee said “In banking terminology Mortgage Loan is Home Loan”. is it true or not.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Different banks have different definition for Mortgage Loan. In layman terms, it is basically Loan against physical asset/property i.e. you avail loan for general purpose like education, business etc by mortgaging your physical asset/property. Max mortgage loan that can be availed is 60% of value of physical asset.

      It is not a Home Loan and you cannot claim any tax deduction on Mortgage Loan.

  • Spark

    HDFC Home loan is very worst, They had collected Orginal papers from Marthalli Branch , Mr Niranjan and after loan closure stating papers are missing or misplaced by branch office , since so many year papers are not yet reached HDFC Head office and now asking time to provide to search all thier branch office in india… (since these people are cooking some stories) i feel somewhere they have misplaced or lis utlized orginal papers… what is the action to take on HDFC apart from filing in consumer court.

  • Shashwat Verma

    Sir, i have applied for 24 lack home loan to HDFC Ltd. they have issued me sanction latter. but i don’t agree with their term and condition. in the mean time i have approached ICICI Bank and they are about to sanction my loan of same amount. Yesterday i have called HDFC Ltd. DSA that i don’ desire to get home loan from HDFC Ltd. He said he do not properly know whether i get any refund ( HDFC encashed 11236/- processing fees) or not. Nitin Sir, would i get any refund? DSA said, do nothing and sanction latter would laps in six months. Sir, what should i do? i do not want to get in any problem. Should i get any type of rejection letter from HDFC Ltd.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Processing fees is non-refundable. You will not get any rejection letter as such. Your Home Loan approval will automatically lapse in 6 months as you mentioned in your comment.

  • Amrita Chauhan

    Hello Nitin,
    I have applied for 26 lakhs home loan from HDFC. I submitted all the required docs, my loan also got approved but they not releasing the funds and asking for co applicant and also the PF cheque is not yet cleared. After gone through your post I decided to go for some other bank. So it is possible the while application is in process in 1 bank can i apply for home loan in any other bank.
    Thanks,
    Amrita

    • http://www.nitinbhatia.in/ Nitin Bhatia

      You may STOP Processing fees cheque and inform HDFC in writing that you would like to withdraw your application because of delay in loan processing from HDFC end (take acknowledgement). After intimation to HDFC you can apply for Home Loan with another bank of your choice.

      • Amrita Chauhan

        Thanks very much for the information…. Just one thing will it effect my CIBIL score?

        • http://www.nitinbhatia.in/ Nitin Bhatia

          Not much..Only 10-15 points that too if HDFC post query in your CIBIL database.

      • Harvinder Basraa

        I am NRI and I also had same issues last year now I had loan with other bank after HDFCs problem

        • Harvinder Basraa

          with me it is different every document is fine my income is fine they delayed it for long and then said we are not approved for the project you are buying really after taking all my details and tax returns. Opening my account and then the project is not approved with bank .Mr Rajesh Kaushik is the person with whom I dealt and this guy even don’t reply properly worst experience for me

  • home equity loans

    Nice Post

  • Nilesh

    Hi Nitin,

    Thanks for your help to everyone here.

    I have applied for the Home Loan at HDFC Ltd. I have shared all the required docs with them and they are happy and good to go to give me the Loan.

    But they have the problem with my company. They (Credit Manager) say that I am the first person to apply for loan from this company – so they need to check with all the financials of my company. For this they have downloaded all the available information on MCA site. But they are saying that it is not sufficient. So VERBALLY they are demanding for last 3 years Financials of my company. But they are not ready to send me an email for the same – as they say that legally they can not ask for it. These guys are not even ready to speak and meet my Company directors.

    My company is not ready to give the financials as it is Private Ltd company and they are saying company has not applied for any loan.

    Not sure, what should be my approach to resolve this. Any suggestions?

    Nilesh

    • http://www.nitinbhatia.in/ Nitin Bhatia

      You may ask for written communication from HDFC in this regard. Secondly, i fail to understand why HDFC ltd is focusing so much on company’s financial. It is not your responsibility to get your company’s financial verified with HDFC Ltd. They should check your Form 16 and form 26AS.

  • Amit Kr Saxena

    Dear Nitin Sir,

    Thanks for this HDFC article. I have a query.
    I had applied for home loan to hdfc ltd. I gave them processing fee and i had got the sanction letter.
    However, when i got the first demand letter from builder, I had inform the same to the bank for disbursement.
    I had informed builder about my home loan. but builder said hdfc will not disburse your amount because property was not approved by them, and bank was saying that property is approved but they have not yet received the revised letter from builder. So, bank will not be able to proceed further due to this document.

    builder is saying we will get the revised letter soon. Now,it already 3 month passed but my loan is still not started and I am stuck between bank and builder.

    Now, I am bound to take the loan from builder’s guided bank “corporation bank”.

    Kindly guide me what should i do?

    Regards,
    Amit

    • http://www.nitinbhatia.in/ Nitin Bhatia

      You need to check which revised letter is being sought by HDFC Ltd and builder is not able to provide. It is not necessary for you to avail Home Loan from cooperation bank. Builder might got his project approved from corporation bank at early stage but it is imp to know why HDFC is not clearing disbursement now.

  • GowriShankar

    Hi Nitin,

    I’ve availed Home loan in Chennai and have few issue.Do you have any esclation matrix or any senior people email id…thanks for ur help in advance.

    Gowri Shankar

    • http://www.nitinbhatia.in/ Nitin Bhatia

      My apologies but i don’t have escalation matrix.

  • Meens

    There is no partiality from HDFC on one thing … that is about giving false promises and putting a customer through all sort of problems and pain… This article is just what I wanted to write… I faced exactly same (more) problem…. I have decided to never ever ever consider HDFC in my life!

  • jay

    Kindly intimate which bank/financial institution is better Axis Bank or HDFC Ltd. One negative side of HDFC Ltd i observed is that it charges lower rate for new customer or in other word the spread is more for new customer but this spread does not automatically pass on to existing customer. what about Axis bank. Please guide

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Axis Bank. Axis Bank follow Base Rate to fix home loan interest rate which is more transparent.

      • Naveen

        Hi-
        I have a query regarding whthr to opt HDFC for home loan or not, in fact I Hv submitted all my docs for further processing with HDFC bank. Reviewing above comments, I m now a little hesitant moving forward with HDFC but if u could add a few cents here:

        1) Loan from HDFC takes 15 days in total to disburse loan amount if all docs, paperwork is just perfect- is this a myth?

        2) if I want to make lump sum payment- wud HDFC chrge Extra fee? Example on 1lk how much?

        4) I already given 5000 cheque as total fee towards HDFC name, yet to encash? Shall I still ask them to stop as I may switch to some other bank?

        3) if I need to take a decision within axis HDFC, which one u prefer?

        • http://www.nitinbhatia.in/ Nitin Bhatia

          1. If all documents are in place & there is no further clarification from HDFC Ltd then it will take max 2 weeks only
          2. For floating interest home loan there is NO Prepayment penalty
          3. Final decision is yours.
          4. Axis bank

          • Naveen

            Thanks Sir for the quick response.
            Since I have initiated the process. Verification is already completed today. They visited my place. I checked with them on my cheque. They said they have already dropped n this may get encash. I am not really worried about the cheque at this point as what I could need is service and an interest rate that would follow RBI guidelines. I read through that Hdfc comes under HFC so how does they work.
            Don’t they work in sync with RBI?
            Do HFC apply anything they want to?
            And if I stick to HDFC and later wanted to move my loan to another bank(most proabaly Axis or Sbi), can HDFC make it tough for me to do so and charge me extra for this transfer to another bank?
            Thanks in advance.

            • http://www.nitinbhatia.in/ Nitin Bhatia

              Your queries are quite elaborate and i have addressed all your queries through various posts on my blog. I request you to go through my posts in Home Loan section.

  • jay

    which one is better in terms of interest rate and charges Axis Bank or HDFC Ltd

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Axis bank

  • Shankar

    Hi Sir,

    I was planning to avail Housing loan from L&T Housing Finance Ltd. Could you tell from your experience how is the service provided by them, the charges, catches involved etc.

    Regards,
    Shankar

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Rate of Interest will be linked to BPLR of L&T Finance, as i explained through various posts that it is advisable to opt for Home Loan from bank linked to base rate of bank.

      Reg charges, you may clarify with L&T Finance as it vary from state to state.

  • Lakshmi Narayan Panja

    I, Lakshmi Narayan Panja, I’m going to buy a Flat which price
    is 6,10,000 –

    As per the Sell guy (HDFC) 15% will be my own contribution &
    85% will be the Loan amount, for which I
    can be eligible to get 5,18,500/- as a loan from HDFC. And my own contribution
    will be 91,500/-

    Sell Guy also committed me verbally – that loan disbursement
    will take max to max 15-20 days to process. So on basis of that I applied for a
    loan, forget about the actual date, which was between 12th or 14th Dec’2014…..

    After so many documentation (Priyam Singh_Credit Department)
    informed me that Loan has been canceled by Sanction department due to
    verification was not successful from Employer side.

    And today is 13th Jan’2015 – so almost 1month is
    over but till there are no guarantee for my loan disbursement.

    Being a customer – it is like biggest harassment which I am
    going to experience with HDFC family, especially from Sanction, Technical &
    Credit Department…… which is nothing
    like anything –

    Harassment is like nothing to say – Miscommunication,
    Ordering behavior, time wasting – to many Documentation, in-complete information,
    Immature decision……

    IndiaBulls, LIC housing Finance, Central Bank, ICICI Bank all
    are coming to my door step to provide the Loan but I went to HDFC because I have
    relation with HDFC from a long time.

    Some one plz help me or else suggest how I block my salary
    Account – I don’t want to keep this relationship with HDFC Family. My Account
    is here

    HDFC Home Loan No.614183954

    My Own Salary A/c no.: 00401050187676

    Harassing Point :

    1.
    I got a call from Priyam Sing (Credit
    Department) near about on 5th Jan and she informed Sanction
    department is cancelled my Loan File. (When I asked her without any information how could you cancel this
    – Then after so many request they sent a mail to my HR person and take a
    confirmation regarding the issue__ Which was suggested by me only)
    and then process further.

    2.
    After 2 days When I went to Sanction department
    (Pranshuta Sharma Said) Why I have not informed earlier that I supposed to made
    cash Payment to my seller. HDFC will not give the loan for the same. (and the
    Mouth expression was like I’m fraud Person) Again they said We will think – submit the Resources letter from the
    relatives. (Where as I already inform that sell guy that I will make Cash
    Payment to my Seller, And I also disclose in front of Pranshuta that my agreement
    was 2 for Lakhs, and resources are I have Fixed Deposit 50,000,
    L&T mutial Fund 50,000….. I got a gift amount from my uncle 40000 and same
    from colleague 25000)

    You do not have the authority to insulting
    or such behavior like Making down to others.

    3.
    So in basis of that I take a Declaration letter from my Uncle and
    from my Friend while I went to shown that They said we cannot give (OC) the loan
    amount, when I started few questioning to them then they said need your Payment
    Bifurcation How you paid 2 lakhs.

    4.
    So it will take 1 more day – and I have this, I can
    able to show this …. But my question is why then miscommunication why they not informed
    that earlier to arrange the same.

    5.
    Even when I asking for why this such
    miscommunication they said – this is the only way to communication, shall I
    given you in a writing, or you need SMS. I said Send a mail to Me – But yet to get the
    mail.

    6.
    Even Seller Letter – that happened 2 pages for
    the front size and seller has sign there as regular the end of the paper. But
    Pranshuta Saying why this happened, Why seller not sighned on 1st
    page not accepted whereas that same I shown to Suman Chatterjee (Sec-I,
    Saltlake) he said Ok.

    7.
    And the Seller Account details – there also
    Pranshuta asking for signed in below …. Which she was not said also was not
    mention the paper (which she given the document list) same I shown to Suman
    Chatterjee – he said OK

    8.
    And the same time Seller is calling me
    frequently to do hurry for registration – I am also answer, will be done very
    soon.

    9.
    My seller will think – I am like a chitter, and
    also I paid Registration money to my Lawyer and he already bought the Stamp
    paper around 35,000/-

    10.
    Even I paid 2,00,000 lakhs to my seller………… what
    I do know ? I cannot take this too much pressure

    Can Anyone plz come – and intervene
    my problem.

    Lakshmi Narayan panja

    08013336149

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Your query is too exhaustive which need personalized consultation and not feasible to answer through this forum. I request you to check following link

      http://www.nitinbhatia.in/consultation/

      • Lakshmi Narayan Panja

        Nitin – HDFC Sanction department is harassing me, they are not giving me complete information, Even Saltlake Sec-I branch said Ok whereas Shakepeare Sarani Branch saying not accepted.

        • http://www.nitinbhatia.in/ Nitin Bhatia

          You can submit written complaint with HDFC and take copy of acknowledgement.

          • Lakshmi Narayan Panja

            Thank you so much sir, for your valuable reply – after this social media escalation – they agreed to process further. So as of Now It’s Ok.. Will inform you if i face any problem in future.

            Your quick response and Helping attitude is really appreciated.

  • Sunder

    I took a home loan from HDFC in June 2011 wherein the ROI was 10.5% but where as now I came to know that I am paying 11.25% as ROI. I can see several lending rate cuts by the RBI.
    1. Why am I paying higher ROI than the one which I took in 2011 ?
    2. When the RBI is keep on reducing the lending rates why my rates has increased to 11.25% ?
    3. If I approach the HDFC bank will they reduce my ROI as per new rates ?
    4. If I ask for the new lesser ROI from HDFC will they implement it only from the next month or will it be given to me from the date which the same was implemented by HDFC.
    5. Is it the responsibility of the borrower to keep on knocking the doors of the HDFC if the rates are decreased where as when the rates are increased by the RBI immediately the same is implemented on the borrowers ?

    Hope I can get these clarified Please.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      1. HDFC Home Loan is linked to RPLR and corresponding spread on same. Current RPLR of HDFC is 16.75% therefore your spread is 5.5% which remains fixed for entire Home Loan tenure. Any increase in RPLR will increase your Home Loan interest rate. All these details are mentioned in Home Loan Agreement.
      2, First rate cut is announced by RBI just 2 days back. Secondly HDFC is not governed by RBI but by NHB because HDFC Ltd is HFC not a bank. RBI rate cut will have ripple effect therefore wait for HDFC to reduce RPLR which will reduce your Home Loan Interest rate
      3. Yes, You need to pay conversion fees
      4. It will be implemented from next reset date as per your Home Loan Agreement. Any change in interest rate will be prospective not retrospective.
      5. Any change in RPLR will change your Home Loan interest rate. Technically HDFC Ltd is not obliged to change RPLR if there is any change in policy rate announced by RBI. RPLR is fixed based on cost of funds which will decrease gradually after RBI announced rate cut.

      • Sunder

        Thank you for the clarification

  • guest

    Hi Nitin,

    I have submitted document for home loan processing in HDFC in bangalore. Though the DSA have given a 50% discount on processing fees (which will be deducted from 1st EMI), he is asking for 0.1%(of total loan amount) for MOD and 0.1%(of total loan amount) for e-stamp duty during registration. These he did not informed initially. Can you please share your thoughts on these two charges, is it mandatory to pay these?

    Thanks.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      0.1% of Home Loan amount as stamp duty towards MODT is mandatory. I am not sure about another 0.1% stamp duty during registration. Pls clarify with him on this.

  • http://www.nitinbhatia.in/ Nitin Bhatia

    Request all readers not to use any offensive or abusive language. I have edited the comment. This forum is only for constructive discussion and positive criticism for better customer experience.

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  • nishant

    Nitin Ji – Thanks for your sharing your experience. Fortunately, my experience was not very bad, I took a home loan from HDFC Gurgaon. I have a question on pre payment of principal. If I am an NRI, how can I do the pre payment of my home loan, when I do not have access to a HDFC branch in foriegn country?
    Any help is welcome.

    • Nishant

      In line with my previous question I have a couple of more small queries.
      1. Is there a cap on amount of principal I can prepay in a given financial year.
      2 Is there a cap on number of prepayments I can make in a financial year.
      Thanks Again

      • http://www.nitinbhatia.in/ Nitin Bhatia

        1. No (Assuming your Home Loan is Floating Interest Home Loan)
        2. No

    • http://www.nitinbhatia.in/ Nitin Bhatia

      You may issue an authorization letter to your friend or relative in india who can submit prepayment cheque on your behalf. Also HDFC may ask for bank statement of account from which payment is being released.

      • Sumit

        Dear Sir ,

        Greetings.!!!

        I also taken Home loan from
        HDFC Vaishali Ghaziabad Branch. When I asked for Acknowledgement letter
        of HDFC for my original documents they told by 6th Jan it became
        chargeable (i think around 550 Rs). I argued that my home loan
        processing was started earlier but they did not agree. That time I did
        not take acknowledgment letter but after reading this article i think i should
        get it. As now i am not in India , So how i can get it from branch as
        they ask for a cheque issued by me. Please suggest some option. Also I
        want to understand Pre-Payment process. For example if i Pay 1 lac then
        how will be my emi reduction or tenure reduction, & Which will be a better option.
        Will you please help in this case?

        Thank You So Much

        • http://www.nitinbhatia.in/ Nitin Bhatia

          You may write a letter and request for this acknowledgement letter at your registered address with HDFC Ltd. You can issue cheque along with this letter. Your representative in India can submit your request letter and cheque at nearest HDFC Ltd branch. Don’t forget to take acknowledgement. You cannot trust HDFC Ltd in this regard.

          It is advisable to opt for reduction in tenure.

          • sumit

            Dear Sir
            Thank you so much for your reply.
            As per your advise i will get my acknowledgement letter definitely.
            Please tell one thing. As my wife is in India but she is not in NCR. So it is possible that she can submit the cheque to HDFC Home loan branch in Nagpur? & get acknowledgement letter there itself.

            Also I read in some other website that reducing EMI gives more savings which can in turn result to more pre-payment amount.
            Is it really work???

            Thank you for your help & support.

            Regards

            • http://www.nitinbhatia.in/ Nitin Bhatia

              You can submit cheque at any HDFC Ltd branch in India. Reducing EMI will increase interest outflow. I can’t comment in what context EMI reduction will increase savings.

  • Saravanan

    I am planning for Transfering my hOme loan with SBI outstanding 740000.
    As SBI currently putting me interest of 12.25% which they told can be revised but no change for last 6 months.

    First – Is there any option to try pushing this rate conversion with some prepayment in SBI?
    Second – Is it good to do Loan transfer to HDFC with 3 yrs fixed rate interest option or Floating rate interest which the HDFC guy saying good as there is good chance the RBI will cut rates. but from your comments i see HDFC rates are not linked to RBI rates? Is he miscommunicating?

    • http://www.nitinbhatia.in/ Nitin Bhatia

      You may submit a written request with SBI to reduce your ROI and mention you are willing to pay conversion fees for same. Take acknowledgement from bank. Wait for revert from bank in this regard then we will decide next step

  • Achintam

    Hello Sir,
    Can you please provide a copy of Acknowledgement which we should take from HDFC against the original documents we submit to them, just thinking if there is any standard format which we should we ask it for.
    Many Thanks

    • http://www.nitinbhatia.in/ Nitin Bhatia

      There is no standard format…They just mention “We hereby acknowledge the receipt of following original documents from you”…Acknowledgment should be on HDFC letter head with sign and seal.

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    Mr Marsha Goodman

  • Krishnakali Banerjee

    i have a FD of 1 lakh with HDFC Ltd. I am a joint depositor with my mother. My mother is first depositor and presently she is bed ridden, not able to talk, read orwrite& hence her bank acount can’t be operated. In this situation can i change the a/c no. & withdraw the matured amount?HDFC ltd, Kolkata not willing to listen to anything though the FD is of thesaid branch.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      You may take medical certificate from CMO of local govt hospital. He should certify that your mother under current medical condition cannot write or talk…Based on that you may withdraw the money.

  • Raj

    Hi, am planning to take a HDFC home loan for an apartment which is starting construction and will get completed in 2018. During the time till 2018, I will be making EMI payment for the amount they will be disbursing during various stages of construction. If after 2 years, I want to cancel the loan, what will happen to the payments I had made until that time? Will they refund anything or will all my payments until that time be lost? Please let me know.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      There will not be any refund of interest payment on Home Loan. Principal paid will be adjusted in balance outstanding.

  • Vasanth

    Dear Sir,
    Please send me email of HDFC S.N. Nagendra I hvae similar problem. My mail id is vasau_hayagreev@yahoo.com

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Pls check your mail box

  • Vasanth

    Dear Sir,

    Hi, I have got 1st disbursement from HDFC for construction of 6th flooor, But actual construction is only 3rd floor at one corner( other side it is only 1 st floor) . So I don’t know how HDFC approved for 6th floor. I want to know how this actual process of disbursement ? Kindly suggest me.
    Please send me the email ID of HDFC S.N. Nagendra, my mail ID is hvasanth1975@gmail.com

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Pls check your mailbox

  • Syed Asif

    Hi Nitin,
    My name is syed and i had credit card from CITI bank in 2007 due to medical reason i was unable to pay and recently i have cleared full amount and closed the account and i do have closure letter. One of HDFC loan executive approach me and ask me to apply for personal loan as i closure letter for CITI bank and assured it will be done, later after 3 days they rejected saying i was unable to pay 3 installment consecutively. unnecessary my cibil score came down,
    Please suggest what should i do to get the loan or whom should i complaint regarding this incident, Because they want a lead they took my document and rejected the same

    • http://www.nitinbhatia.in/ Nitin Bhatia

      You may directly complain to CIBIL and HDFC Bank. Reg 2nd query on how to avail personal loan, i need to go through your CIBIL report.

  • Prajna

    got the same service what you got from them in bangalore …and i was supposed to go for registration today and due to their unproffessionalism I had to postpone. I had intimated orally 2 weeks back and through email since 24th every day . The staff here are also very rude and flaunt too much of attiude .. pls share the email id where I can send a written complaint. Thanks

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Escalation matrix is different for each city. You may complain to their corporate office in mumbai..

  • k siva

    your write up is too legnthy and nobody will have patience to read and act.You should analyse the hierarchy and contacted the MD and Fiance Ministry with 1 3 line email

  • hunk

    Mr nitin
    Thank u for posting ur opinion on this blog. You just saved me from falling into clutchof hdfc loan

    Regards
    Yosh

    • Siddharth Mehta

      Now HDFC home loan office started new thing. I got to know today. They don’t accept service request related to bank transaction on Saturday. Means for existing customers they don’t accept 90% of request on Saturday. I don’t know what more hidden things are there. I am NOT recommending HDFC for homeloan and suggest to transfer existing loan to other bank. I am definitely transferring my loan to other bank

  • Shibu

    Hi,
    My present home loan is with LICHFL, 2 years fixed term over@10.25%, and now it turned to 12% floating, HDFC is offering 10.1% floating is it a worth full deal.
    Shibu

    • Venkata Ratnam

      Actually I am also in the Same Tub. Planning to shift my home loan from LIC to HDFC. Got this link while trying to search for review.

      I am trying to get the % that HDFC charging for their old customers. So that we will not be into same trap of LIC.

      • http://www.nitinbhatia.in/ Nitin Bhatia

        In case of HDFC, all old customers are on different interest rates depending on when the Home Loan was taken or whether they paid conversion fees to reduce ROI.

      • rohan

        Hi venkata i am also facing same problem with LICHFL. Have you transfer your loan, How much time LICHFL take to give all documents with them which we required for loan takeover.

        • Venkata Ratnam

          Let me first Thank Nitin for creating this forum. Thank you Nitin.

          Rohan, regarding your doubt: For me the corresponding agent collected relevant documents from LIC HFL itself. But not sure about the reason, when i applied for loan transfer HDFC guys told it takes only 2 weeks but now it is more than a month and it is still in processing. Hope I answered your question

    • http://www.nitinbhatia.in/ Nitin Bhatia

      I suggest you to check with banks like SBI / ICICI Bank / Axis Bank.

    • rohan

      Hi Shibu i am also facing same problem with LICHFL. Have you transfer
      your loan, How much time LICHFL take to give all documents with them
      which we required for loan takeover.

  • Vasanth

    I am thinking of transferring my existing loan from HDFC to LIC HFL who is offering at 10.1% as against 10.75% fixed which I am paying to HDFC. Can u pls advice whether it is the right move? I read few negative comments on LIC as well. So all are equally bad

    Regards
    Vasanth
    vasanth.savi@gmail.com

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Personally i will not suggest.

  • Ankita

    Do I have to pay pre-EMI if final disbursement cheque got cancelled because of HDFC’s fault? After series of documentation finally final disbursement cheque was ready meanwhile HDFC personnel has realized that TDS would be paid by buyer instead of seller and hence they cancelled the final disbursement cheque. I (buyer) paid the TDS but later I got information from friend of mine that “HDFC is liable to pay pre-EMI once it gets cancelled because of their fault”. Please correct me and provide me more information in this regard.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      HDFC should compensate provided you submitted written request for deduction of TDS and you have ack of same else HDFC will not compensate for error related to TDS deduction. TDS is sole responsibility of borrower and banks / HFC only help in deduction of same on buyers behalf. Any error in this regard cannot be attributed to deficiency in service level.

  • Kamal

    I have read many comments here and found that Axis is better than HDFC… so I am thinking to transfer my loan to Axis bank. How long it takes and How much time should be elapsed with HDFC after that I can go for transfer. Please. Thanks in advance.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      You can transfer anytime. It may take up to 3 weeks time.

      • Ramesh

        Do you think Axis Bank is better in any way? Big joke! Sorry Kamal, they are all the same! :-(

  • Anita

    Also not to forget they are closed on Saturdays. So for any kind of payment and even for minor inquiries if you must visit a home loan branch(since their helpline for home loan is useless), you probably will have to apply for leave at office. How convenient!

    • http://www.nitinbhatia.in/ Nitin Bhatia

      I agree…Its a hassle for working class.

    • Kamal

      I went with my family to get a statement for last FY for the IT tax submission, the marathahalli branch was closed but inside the bank everyone where working. The security said, branch is holiday, then i told them let all your bank employees come out then i will think it is a bank holiday, so along with me couple other customers were standing and asking a reason behind it, so the security didn’t had any answers, so we all banged the shutters three times x 4 customers, and shouted, one person came out and asked what is your request from each person and every one were happy and got all the things rectified in just couple of minutes… Sometimes these things must happen to get your things done.

  • Rahul

    I wish there was a negative rating to choose. Apart from the part where in the sales represntatives were really proactive in selling the loan product, rest of the experience has been horrid. My loan is associated with the Electronics City Phase I branch of HDFC Ltd. Post the Loan activiation, all the interactions with the Branch Staff have been frustrating, as there communication skills are poor (especially a lady by the name Sindu). Above all the attitude and professionalism that we expect from a private organization was missing. To top it up, the helpdesk customer service reps are no better either. I am pretty clear that in this life , I wouldn’t turn to HDFC LTd again for any service.

  • http://www.nitinbhatia.in/ Nitin Bhatia

    At 1st place, initial circular was never implemented therefore this circular does not have any value or meaning. NHB was flooded with complaints to impose the ruling of initial circular therefore they issued this circular.

  • Jaganathan

    Hi Nitin,
    Appreciate your article on making awareness to the society. I have 2 queries – 1) if I attempt to pay pre payment amount (based on minimum amount advised by HDFC) will it reflect in next month or next quarter? and 2) if I opt for reducing ROI in existing customer variable interest rate mode by paying conversion fee, will this be benefited to entire tenure of my home loan or just for this financial year or each time I need to pay conversion fee whenever RBI change ROI(reduction)

    • http://www.nitinbhatia.in/ Nitin Bhatia

      1. Sorry i could not understand your query
      2, Your spread will be increased which will be fixed for balance Home Loan tenure.

      • Jaganathan

        Thanks Nitin. btw for query1 – suppose if I pay pre-payment today, whether this amount will be reduced from outstanding principal on May 2015 or next quarter (July2015 onwards). Not sure how it works out so we can plan it accordingly.

        • http://www.nitinbhatia.in/ Nitin Bhatia

          It will be reduced w.e.f 1st April, 2015 and bank will charge simple interest on this amount from 1st April, 2015 to date of payment say 27th April, 2015 (If you make payment tomorrow)

  • Naresh

    I too really did not understand the raionale of asking for 6 months’s bank statement…but we can do in case hdfc refuses to take part prepayment without bank statment

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Nothing much can be done. You have to share. Even HDFC Ltd employees can’t explain the logic.

  • Pinkki Manohar

    The logic behind this is to check for AML (anti money laundering) guidelines and make it clear on benchmarks as per RBI regulations. It’s a compliance however if HDFC or any financial institution is assured of AML check, they may not need the bank statement. Also, in many cases, only payments from saving accounts are preferred. It’s true that we won’t like to present our source of funds but all financial institutions are bound for this. We can’t ignore the poor services but we should not forget that any employee from any reputed financial institution will never ask for bank statement to deliberately irritate the customer. The worst thing is that, most of the employees don’t know the logic themselves or they just not utter anything when they see customer is angry :).

  • Yash Bangar

    Hi Nitin Ji/ Seniors

    This is first time i am taking home loan from HDFC. i want to know some information from seniors , pl Help me.

    How Much amount to be required at the time of loan disbursement , as i have already sent one cheque of 10955/- as procession fees to HDFC.
    i am looking forward to disbursement the loan from HDFC how much their administration fees , however loan amount is 1873000/-

    Pl help me to understand how much % and how to pay, one of their executive told me only 0.2% of total loan amount i have to pay as stamp duty .

  • The LoanWala

    Dear Nitin,

    Read your articles , quite interesting. But one thing I would like to know from you that if at the end of the month your employer says that boss this month I dont want to pay you the salary and you work for charity. What will you do ???

    DSA’s don’t get salary.They get payout from the Financial institutions on the actual disbursal. So if you ask for the PF waiver they will have to pay from their own pocket/payout. We want every thing but we don’t want to pay for that. If you go to USA/UK or other developed nation. You have to pay for the financial advisory. So kindly don’t support such thing. Let them also earn something , so that he will give you his best.

    Some of your readers has mentioned about the IT Certificate. You can download each n every thing from your web login portal. So no need to visit the branch.

    Apart from this — the rate revision . HDFC Ltd. was the first company in India. Which offered the rate revision by paying nominal charge rather going for balance transfer.

    Definitely , no one is perfect . So it may be possible that you may find something irritating with HDFC Ltd.

    For any help related to your home loan account. Please feel free to get in touch.

    With Warm Regards,
    Rahul

    Mob # 8285555888

    • http://www.nitinbhatia.in/ Nitin Bhatia

      Dear Rahul,

      Thanks for your inputs. I am strongly against free services as i also recieve hundred of calls daily for FREE Service but indian mindset cannot be changed overnight. The core issue is that DSA’s mislead the borrowers which is not correct. For a borrower, he is the only source of information.

      Online IT Certificate has no value, most of the organizations don’t accept it as valid proof.

      Thanks again for sharing your thoughts.

  • Vikas

    How about this. Paid loan processing fees in full. Loan approved. First installment Disburshed. Write an simple email to urhomeguide.del@hdfc.com to transfer from loan from HDFC, Delhi to HDFC, U.P. and after 1 week received reply about some refund or something. Additionally whenever I try to contact customer care people just pick and drop my calls. Wow!! Bravo HDFC!! My First and last transaction with you guys. As soon as I will return, I will transfer my loan to some other bank. !!!!!!!!!!!!!! HDFC SUCKS!!!!!!!!!!!!!!!!!!!!!!!!

    • Amar Singh

      To whom i can escalate for regarding HDFC loan disbursement, I had a word with branch manager also but still not getting proper response from them.

      This is the worst experience in my life with HDFC LTD.

      • http://www.nitinbhatia.in/ Nitin Bhatia

        You can send your complaint to HDFC Ltd Head Office in Mumbai. Address is available at following link

        http://hdfc.com/reach-us

  • Pra

    I had a very bad experience with HDFC in last 3 months. I am NRI and had asked the HDFC sales rep if I could jointly buy a property in Ahmedabad. He suggested I could. So we applied through him. He was the most unhelpful person I have seen as a sales rep. He would never pick up our calls for queries and will never help us in our paperwork. We still applied. We waited for more than a month as against 15 days that we were advised. We kept chasing him after 15days for almost every single day and one day he just said that your loan cannot be done as a joint application but can be done as an individual. I then requested him if we could have it writing and have the reference number of the application. He disconnected to us and never spoke to us even after our repeated efforts on chasing him. We said we want to apply as a single individual yet there was no response. He than handed over our file to the property agent without informing or notifying us. We have since 4 times written on their grievance email contact and called them numerous times to understand one simple thing, a letter confirming the rejection and a reference number. Now is this so complicated question? Why dont they answer? I dont think even a hawker would provide such a rubbish customer service. HDFC is the worst organisation I have come across. I would like to file a complaint to the financial authority about it. Does anyone know which authority regulates HDFC?

    • http://www.nitinbhatia.in/ Nitin Bhatia

      You can file complaint to NHB (National Housing Bank)

  • vikas

    HDFC housing ltd,I applied for home extension loan of 10 lakhs at May2014,they delayed it by 2 months and then sectioned my loan of 10 lakhs but later my DSA inform me that your loan cannot be this much as your property valuation is less so we can only give you 5 lakhs for home extension loan and later can give you Home Equity Loan,as they already delayed by 2 months and my home construction is started,so dont have choice I thought my DSA might be right So I followed the same path,now issue is with me is like,Home loan extension is at 10.15% while Equity loan is at 12.5%.

    I am just wonder when I got to know today by reading documents they provided,they mentioned in that doc that I have requested to cancelled my 10 lakh rs Loan and decrease it to 5 lakhs.

    They have all my signed documents.might they also have later that I want to cancel my loan but in actual I am in very need of the loan at that time because I have to pay so much money to builder and other’s.

    I would like to inform everybody that they put you in a condition where you dont h ave choice to go other bank for loan or to consult any body and later they did the fraud like this.Now I have to pay 2 loans one is for home extension and another for Equity which is at 12.5%.

    can you please guide me how I can raise this fraud to Consumer forum.

    • http://www.nitinbhatia.in/ Nitin Bhatia

      You have not mentioned whether signature on request for cancellation of 10 lakh loan is yours or not.