With the sale proceeds from my UK house, I decided to pay off the loan from IDBI for which I took for my new house in Kukatpally. I went to the IDBI Loan processing centre to pay off the loan and met with the customer service people. I had the shock of my life when they said that I had to pay 2% fine for pre-closure. I had a polite argument with them but no luck. I have told them I wanted to raise a formal complaint because my loan sanction letter clearly stated that there will be no fine after 6 EMIs. I shot off the following mail:
Hi,
I am writing to you to give a formal complaint regarding the prepayment charges. I have taken a home loan (plot + construction )from you for 32 lakhs in May, 2006. I have recently gone to close off the loan as I have received some funds thru the sale of my house in the UK and I was told that I would have to pay 4% penalty if closed before completion of 6 EMIs or 2% penalty after the completion of 6 EMIs.
I have a loan sanction letter that clearly states The following "A. Within first 6 months of final disbursement under the facility 2% penalty of the loan amount being pre-paid B. Beyond first 6 months of the final disbursement under the facility - nil if Paid from own sources". Also, I have the loan agreement copy and the Foreclosure charges are mentioned as “As mentioned in the sanction letter".
When I asked in the loan section regarding the discrepancy, they assured me that I would have signed another declaration on top of these documents which lists the foreclosure charges. They also gave me your email id to air my grievances.
I believe that the above practice is unethical and It is paramount to cheating the customer. The Sanction letter is used to compare two home loans against Each other to make a fair decision as to which one to go for. By concealing important information about prepayment in the sanction letter and taking a declaration during the actual disbursement of the loan, I believe that you didn't act in the best
interests of the customer.
I will take this up with the Banking Ombudsman if
I do not receive an amicable agreement by 11/9.
And, here is the reply I received just after 3 days...
Dear,
After paying 6 emis , there will not be any charges for closure.
This was the first time I stood up for my rights as a consumer and I won.
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