To,
IDBI Bank,
Nagpur Civil Line Branch,
Gupta House, Rabindranath Tagore Marg
Civil Lines, Nagpur – 440001

Subject – Complaint- Loan Against Property

Sir,

I had visited your website and found your Loan Against Property Scheme very attractive and I enquired about the same online. That your Nagpur Civil Lines Branch executive Shri Sameer Jagtap contacted me. One the very first day of visit I had shown him all my Passbooks, Salary Slip and my financial liabilities in detail and asked whether I can get a loan of Rs. 7 Lacs in your Loan Against Property Scheme. I had also given him the Xerox copies of all above documents and asked him to take his own time to see whether I can get the said loan.

After 2 or 3 three days the said executive contacted me and said that I can get the Loan of Rs. 7.00 Lacs and asked me to deposit the Processing Fee. Accordingly I had paid the processing fees of Rs. 2758/- vide Cheque No. 655982 drawn on Bank of Maharashtra, Dharampeth Branch, Nagpur same is cleared from A/c. No. 20050772285 on 10/3/2010. The said executive assured me that I will get the loan disbursement before 31st March 2010.

The said executive again contacted me and asked for Rs.4000/- towards valuation Report from the approved Architect and Title Verification from Advocate. I had asked him for Sanction Letter so that I can pay the said amount . But again he assured me that I will get disbursement before 31st March 2010 and my case will be stronger if the said reports are attached. He also told me that your file will not be Logged in if the said reports are not attached. I paid him Rs. 4000/- in cash for Valuation and Title Verification Report. That your approved valuer visited my apartment and his report is enclosed herewith.
//1//

//2//

On 7th April 2010, I visited the Nagpur Civil Lines Branch and met with your another executive, who told me that my case was rejected. This seems that either your executives working in the field have no sufficient knowledge about your working system or it is their approach to gather such cases so that they can get incentives and Bank can get the Processing Fees.

This shows the attitude of your bank, that you are promising the weak financial cases as if they are going to be sanctioned and asked the customers to pay processing fees, Valuation Fees and Title Verification Fees, though on first investigation you are knowing that the financially the case is poor.
I request you to refund me the Processing Fees of Rs.2758/- and Valuation & Title Verification Fees of Rs. 4000/- at the earliest. I have no other option to publish the said matter with local news papers as well as to produce the fact with District Consumer Forum and get legal advice and try to save financially weak people from becoming foolish by your respected bank. I am enclosing herewith the Draft to be published in the Local News Paper.


Ajay Deoghare

Dear Mr Ajay Deoghare.. i am also enquiring about loan against property and have found that th reputation of all private banks is realy bad .. when it comes to loan against property.

I also believe there is no way you can get your refund.. just thank god that your loan has not been sanctioned by the bank becauseanyways they wil create problem in terms of emi and other charges after disbursing the loan amount because they have your property pledged.

Always take loan against property from a nationalised bank.

Regards
ABC

Originally Posted by Unregistered

To,
IDBI Bank,
Nagpur Civil Line Branch,
Gupta House, Rabindranath Tagore Marg
Civil Lines, Nagpur – 440001

Subject – Complaint- Loan Against Property

Sir,

I had visited your website and found your Loan Against Property Scheme very attractive and I enquired about the same online. That your Nagpur Civil Lines Branch executive Shri Sameer Jagtap contacted me. One the very first day of visit I had shown him all my Passbooks, Salary Slip and my financial liabilities in detail and asked whether I can get a loan of Rs. 7 Lacs in your Loan Against Property Scheme. I had also given him the Xerox copies of all above documents and asked him to take his own time to see whether I can get the said loan.

After 2 or 3 three days the said executive contacted me and said that I can get the Loan of Rs. 7.00 Lacs and asked me to deposit the Processing Fee. Accordingly I had paid the processing fees of Rs. 2758/- vide Cheque No. 655982 drawn on Bank of Maharashtra, Dharampeth Branch, Nagpur same is cleared from A/c. No. 20050772285 on 10/3/2010. The said executive assured me that I will get the loan disbursement before 31st March 2010.

The said executive again contacted me and asked for Rs.4000/- towards valuation Report from the approved Architect and Title Verification from Advocate. I had asked him for Sanction Letter so that I can pay the said amount . But again he assured me that I will get disbursement before 31st March 2010 and my case will be stronger if the said reports are attached. He also told me that your file will not be Logged in if the said reports are not attached. I paid him Rs. 4000/- in cash for Valuation and Title Verification Report. That your approved valuer visited my apartment and his report is enclosed herewith.
//1//

//2//

On 7th April 2010, I visited the Nagpur Civil Lines Branch and met with your another executive, who told me that my case was rejected. This seems that either your executives working in the field have no sufficient knowledge about your working system or it is their approach to gather such cases so that they can get incentives and Bank can get the Processing Fees.

This shows the attitude of your bank, that you are promising the weak financial cases as if they are going to be sanctioned and asked the customers to pay processing fees, Valuation Fees and Title Verification Fees, though on first investigation you are knowing that the financially the case is poor.
I request you to refund me the Processing Fees of Rs.2758/- and Valuation & Title Verification Fees of Rs. 4000/- at the earliest. I have no other option to publish the said matter with local news papers as well as to produce the fact with District Consumer Forum and get legal advice and try to save financially weak people from becoming foolish by your respected bank. I am enclosing herewith the Draft to be published in the Local News Paper.


Ajay Deoghare

Dear Friend

Now the public sector banks are also following such practices