Hdfc bank is refusing to give noc
9 months ago
Hi
I have mortgage loan in hdfc bank. Due to some issue and high rate of interest rate I wanted to change the bank.But they told me transfer your loan It would cost 4% of my principal amount of my loan which is around 6 lakh .So I went to the canara bank with this issue and they gave me the loan in goodfaith to close my account in in hidfc. So I payed my loan and told them to close my account.Now canara bank want noc so I asked noc from hdfc bank. They refused to give me noc stating that you opened account in canara bank without our permission.They told me that they have complaint to RBI and they said you have to pay penalties. can they complaint to RBI about this?.
A.Dear Client,
A borrower of one Bank cannot be eligible for further loans without the NOC of the Bank where a loan remains unpaid as per the guidelines of RBI, the Balance of the loan can be transferred from one bank to another following the standing procedures. A borrower availed of a loan on a mortgage until and unless the mortgage is released by the lending bank, another bank cannot grant a loan to the same borrower so far his CIBIL record and repayment capacity are concerned. So the stand of HDFC Bank appears to be right. and if the matter is reported to the RBI, Canara Bank is liable to face the consequences for granting a loan to a borrower in the absence of NOC of the lending Bank. It is a lapse on the part of Canara Bank, so a borrower cannot be penalized.
A borrower of one Bank cannot be eligible for further loans without the NOC of the Bank where a loan remains unpaid as per the guidelines of RBI, the Balance of the loan can be transferred from one bank to another following the standing procedures. A borrower availed of a loan on a mortgage until and unless the mortgage is released by the lending bank, another bank cannot grant a loan to the same borrower so far his CIBIL record and repayment capacity are concerned. So the stand of HDFC Bank appears to be right. and if the matter is reported to the RBI, Canara Bank is liable to face the consequences for granting a loan to a borrower in the absence of NOC of the lending Bank. It is a lapse on the part of Canara Bank, so a borrower cannot be penalized.
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A.Dear client.
Review the loan agreement: Carefully review the loan agreement you have with HDFC Bank to understand the specific terms and conditions related to loan transfer and account closure. Pay attention to any provisions regarding NOC requirements or penalties for transferring the loan without permission.
Seek legal advice: Consult with a lawyer who specializes in banking and loan matters. They can review your loan agreement, assess the situation, and provide guidance on the legal options available to you.
Communicate with HDFC Bank: Engage in open and transparent communication with HDFC Bank. Explain your situation, including the high-interest rate issue and your decision to transfer the loan. Request their cooperation in providing the NOC or finding a resolution to the issue.
Respond to any complaints or penalties: If HDFC Bank has lodged a complaint with the RBI or imposed penalties, it is important to respond appropriately. Consult with your lawyer to understand the implications and determine the best course of action.
Review the loan agreement: Carefully review the loan agreement you have with HDFC Bank to understand the specific terms and conditions related to loan transfer and account closure. Pay attention to any provisions regarding NOC requirements or penalties for transferring the loan without permission.
Seek legal advice: Consult with a lawyer who specializes in banking and loan matters. They can review your loan agreement, assess the situation, and provide guidance on the legal options available to you.
Communicate with HDFC Bank: Engage in open and transparent communication with HDFC Bank. Explain your situation, including the high-interest rate issue and your decision to transfer the loan. Request their cooperation in providing the NOC or finding a resolution to the issue.
Respond to any complaints or penalties: If HDFC Bank has lodged a complaint with the RBI or imposed penalties, it is important to respond appropriately. Consult with your lawyer to understand the implications and determine the best course of action.
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