We were issued a pre-sanction letter in the name of both real brothers Mr.
Vikas Jain & Mr. Vishal Jain jointly (same has been attached for your ready
reference) from IDBI Bank.



On the basis of the pre-sanction letter being issued to us jointly in the
name of both the brothers, we finalized the property at Charkop-Sector 8.
Pre-sanction letter provided approval of Rs.43 lacs loan amount after
considering the financial strength of both the brothers on submission of
required documents. The property deal was finalized at Rs. 41.75 lacs i.e.
within the approval limit being sanctioned to us.



When we approached the back for issue of sanction letter & subsequent
disbursement of loan amount, we were surprised & shocked to know from the
bank officials that IDBI Bank in normal circumstances does not disburse home
loan to two brothers in joint names. If that be the case our first issue is
that how could the same bank officials issue us a pre-sanction letter
jointly in the name of both the brothers. If we were made clear in the first
instance itself that loan cannot be disbursed jointly in the name of both
the brothers, we would have approached other banks. We in-fact approached
Bank of Baroda later & we were informed that the bank provides loan to both
the brothers in joint name.



We visited IDBI Bank, Kandivali branch on 11th July, 2009. We met Mr.
Vinayak Sabnis, Branch Head; provided him with the pre-sanction letter
earlier issued. Mr. Sabnis discussed the issue with Mr. Prashant Manjrekar
(we were not a part of their meeting) & finally assured us that they both
would seek approvals from their boss Mr. Kamath & would come back to us by
Monday, 13th July, 2009. Mr. Sabnis also agreed that it was the mistake of
the bank to issue pre-sanction letter jointly in the name of both the
brothers.



The grievance further added when Mr. Sabnis informed us that we have to
submit LIC Policy to the extent of Rs.5 lacs as additional collateral
security as the loan were in the joint name of both the brothers. Although
we were not informed about this at the time of seeking pre-sanction
approval, we provided our full co-operation to the bank & provided them with
the LIC policies of Mr. Vikas Jain & Mr. Vishal Jain to the extent of Rs.2.5
lacs each.



To add more to the earlier faced grievance, we were informed by Mr. Sabnis
to provide them with the surrender value of the policies. However, since
the policies have not completed 3 years from the date of issue (which we
cannot be blamed for), they do not have surrender value as of now.



Finally we were assured by Mr. Sabnis on 16th July, 2009 that he would check
with the higher authorities for the waiver of 3 year period for subsequent
approvals.



So to sum up the whole issue following although we have whole heartedly
extended our co-operation to the bank to expedite the process of
disbursement of home loan, we have not received the sanction letter & the
last but the most pathetic situation is that “*we may have to forgo the
property deal all due to the negligence of the bank officials*”. The owner
of the said property is not ready to co-operate with us any further & we
also cannot expect some more co-operation from his side.


Kindly look into the above matter on an urgent basis & provide us with the
required solution so that we could materialize the property deal without any
further delay. We approached the IDBI Bank to materialize the property deal
with less of hazards & providing them with maximum co-operation.

Still no response from idbi bank

Regards,

Vishal jain

I am vishal singh live in New Delhi i have applied home loan with IDBI bank with Jhandewalan branch in 10 th August 09 i fulfilled every document of the loan. After one month on 16 Sept 09 branch executive said ur loan has been decline due to u not given the companies employee list how can i give the companies employee list to the branch they varified in my office to me also.

Also bank has been draw a cheque of the Rs 2500/- its panic for me if loan not senction by the company how can they draw my cheque before section the loan. When i told Mr Tony the executive of the IDBI bank then he said that its our fees of file login of the home even according to govt rule bank don't draw any cheque before the section of loan.

With Regard

Vishal Singh

Dear Mr. Singh,

The Bank has the right to accept or reject any loan or credit card request. We can’t force any Bank to provide such services. But the Bank will have to provide us the reason for the rejection of our request. If the Bank fails to provide us such information we can forward our complaint to RBI in this concern.

First of all send a written complaint to concerned Bank’s Head office to give you the reason for rejection.

We had taken a home loan from IDBI Home Finance, File Number MUMTHN00004636.IDBI
THANE BR, MAHARASHTRA.

After that we moved to abroad for work. In september 2009 we planned to close the
account & requested bank to send us the amount outstanding. Bank sent us a
foreclosure statement with FORECLOSURE charges INR 25,480.00. Since we used our own
fund to close the amount there should not be any foreclosure charges & we had
enquired the bank this matter. Bank had replied as per the policy of the company
they would charge foreclosure charged.



Please look into this matter.



Sindhu SidharthNair

hi
myself devarshi das i m apply for home loan in idbi bank fc rd pune. my problem is i want to registration of my flat but my builder is not agree without sanction letter of home loan n it require time n it will cross 31 march 2010 n i want it before it so wat i can do for that pls help me
thanking u

Sir,

IDBI Bank had earlier sancationed a loan of 31.5L for my Flat, based on the Sancation Loan Amount I purchased a under construction flat and Bank Disbursed first installment.

Now, the flat is ready I want to take the posecession of the flat, but Bank is now telling that they cannot disburse the final amount as now the property is under valued based on the current market condition.

What to do next? Please help.

Regards,
Suresh

Home Loan:-

Hi, Every 2 month i m getting letter saying Interest Rate increase right know it is 10.25 %
at the time of taking Home Loan i.e. in the month of Sept 2010 Interest Rate was 8.75 %
in every 1 and half month their BR rate increasing why this is happening ?
Can any body please reply

Hi,

I am a home loan customer with IDBI.

My builder 3cs had raised a demand around 1.5 months back and I sent it to their Lajpat Nagar office within 1-2 days. I am following up with IDBI since then.

IDBI officials confirm that the IDBI technical report says the construction is not complete and upto only 14th floor. But I myself have seen the construction and they are contructing 20th floor right now. I am really fed up with no response from IDBI. I am constantly requesting IDBI that I have seen the construction and they could get a proper technical done.

I am incurring a heavy penalty from builder's side. Builder says that IDBI people only visit from the outside and fail the report. After being fed up to such an extent, I want to file a complaint in the consumer court.

Can you please let me know how can I go ahead in this scenario ?