I am just wondering the person was giving good feedback about ICICI bank and bad about HDFC Bank.In my point of view HDFC is far better than ICICI bank which is offering a very high interset rates.
The interest rate is 13%(floating) for existing customers. whereas HDFC is charging the interest rate around 11.5%.
Also many banks are charging pre-closure penality as 2.5% of principle amount even after one year of loan disbursement. Why should we pay penalty eventhough we are closing the loan?. Why RBI has no control ovet it?
The take over procedure for home loan is much complicated than taking new loan.
I approached SBI for take over my ICICI home loan. As per their norms, the existing bank has to give permission letter to view the original documents by their advocate.
when I approached ICICI bank for preclosure, they said that they would not allow other bank’s lawyer to view the documents.
Alternatively, I have to produce Collateral security for the amount dispersed by the SBI till I hand over original documents to the bank.
I would suggest to go for Public sector banks while takinfg any loans. Even if procedure is complex, those banks are always trustworthy.