Loan FORECLOSURE CHARGES

AAYUSHI CHOUHAN

New member
Bank Name
MANBHAVANAM HOME FINANCE INDIA PVT LTD
Customer Care Number
011-40521562
Loss Amount
1740000
Ratings
5.00 star(s)
Opposite Party Address
15 LAL BAHADUR SHASTRI NAGAR INDORE NEAR KESAR BAGH ROAD INDORE
I M BALRAM CHOUHAN FROM INDORE
I TOOK HOME LOAN FROM MANIBHAVANAM HOME FINANCE PVT LTD IN 2019, WE HAVE PAID REGULAR INSTALLMENTS SINCE 2019, AND NOW I WANT TO SHIFT BANK BECAUSE OF RATE OF INTEREST. I APPLIED FOR FORECLOSURE BUT BANK CHARGES 10% OF FORCLOSURE CHARGE ON REMAINING PRINCIPAL AMOUNT WHICH IS NOT PAYABLE AND THERE WERE FORCING TO PAY THAT MUCH CHARGES. KINDLY SUPPORT WE ALREADY PAID SO MUCH OF INTEREST. PLEASE TAKE ACTION ON UNNECESSARY OWN GUIDELINES OF BANKS.
 
Hello @AAYUSHI CHOUHAN

As per the RBI guideline Reserve Bank of India banks will not be permitted to charge foreclosure charges/ pre-payment penalties on all floating rate term loans sanctioned to individual borrowers, with immediate effect.

Contact us for drafting and filing case in Consumer Forum.
Thanks
 
I am facing similar 10% preclosure charges for closing personal loan to move towards home loan aa there is no eligibility because of existing personal loan ..even having 1 crore balance for 4years in the same Bank they charged us 10% pre closure charges after taking interest of 90000 for 15lakhs for 5months ...can i held bank guilty of ripping honest reliable consumer s like us
 
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