Take my word dont take home loan from private banks, in my case HDFC atleast now.
HDFC home loan customers are being taken for a ride. They are just blindly accepting what the executives are telling them. Currently they have come to new novel way of making money.
The are charging .5 % of the balance to increase your spread to bring your interest to 10.25 %. If you want to foreclose your account they have increased the foreclusure charges from 2% to 3%
Ask them why? THey will say its company policy. Where is it written, its word of mouth. These policy stinks and have no basis but just to make more money and keep minting money from home loan customers. What happened when they increased the home rates, did they give us .5% to us in that case.
Business that make hefty profits, never pass addtional profits to the customers profits, then why they want to pass the additonal cost to the costomers. The reason they give is is that they there are cost involved. it not that, they just want to keep thier margins up and keep paying hefty salaries to there executes when its time for being conservative. Join our group to bring some change to HDFC home loan