Sir,

I have taken a Home loan from India bulls in Nov 2006 for 18,00,000/-. However at the time of me getting the loan sanctioned the interest rates informed me was 14.25%, but by the time loan was disbursed the interest rate increased to 14.75% and the EMI's started from the month of Jan 2007. within couple of months the interest rates gone up to 15.25% from Mar 07, and to 16.25% from April 07, and again to 17.25% from June 2007. They again increased to 17.85% in Aug 2008 and to 19.35% from Ocotober 2008.

Sir, in this period of market slowdown I even lost my job in Feb 2009, but I never defaulted their EMI's. Even though I have delayed the emi's for 2 months but I have cleared the EMI's for respective month within end of that particular month. This was deliberately told to me by one of the representative of bank to do for negotiating the interest rate to decrease (atleast at the time of me lost with job). But the interest rate was never reduced by the bank officials added to that they have even charged me with 4000.00/- for 2 months delay in EMI's ( I have paid my delayed emi on 27th of each month instead of 5th of every month in cash mode to the agent).

Sir, when I requested to the officials for pre-closure of the loan account they are claiming that the pre-closure charges at 5.1% + other charges of around .25% additional (which I feel is very very high). However they claim that if I want to pre-close the account with less than 25% of balance amount it will be free, so I have paid an amount of 4,00,000/- in May 2009 for pre-closure of my loan account.

I truely feel that I am completely looted by this bank towards my loan account. Sir till now (I have paid around more than 7.5/- lakhs as EMI's from Jan 2007 to till date, however just a nominal amount of 25k has been reduced from my principal amount (before I made pre-payment).

Sir. kindly help me out in all possible options that I can sue the company for increasing the interest rates after the customer has taken loan that too at the time when the market conditions were pretty good (in initial stages of my loan 2007 and early stages of 2008).

Sir, out of all this increases in interest rates, the first one (interest rate increase to 14.75 from 14.25% and again to 15.25% from 14.75% was not informed to me. And again the last one which was increased to 19.35% was not informed to me).

I have spoked and emailed to the customer care of the bank who claim that they have different PLR's charging to different customers, I dont really understand how can bank charge different interest rates to different customers.

Sir, Kindly help me out with what ever options I have to come out of this vicious cycle. I am ready to clear the loan account (pre-closure) but cant really bear the charges of around 5.35%.

PLEASE HELP ME.

Thanks and Regards,
Buchi Reddy R.:D

I have applied for a home loan in Indiabulls Home Loan. It has approved my home loan and encashed my cheque worth Rs.5510.00 which was meant for processing fee. When I visited its Lajpat Nagar - II offifce, I came to know that the project for which I applied homeloan is not approved. This is utter nonsense. Indiabulls has not given me back the above amount of Rs. 5510/- and it has cleverly grabbed my hard-earned money. Indiabulls is into such practice for a long time. Please do not believe in such a big corporate name. They are nothing but a traitor. Can anybody help me !

Badrinath Jha (09871597712)

Originally Posted by Unregistered

I have applied for a home loan in Indiabulls Home Loan. It has approved my home loan and encashed my cheque worth Rs.5510.00 which was meant for processing fee. When I visited its Lajpat Nagar - II offifce, I came to know that the project for which I applied homeloan is not approved. This is utter nonsense. Indiabulls has not given me back the above amount of Rs. 5510/- and it has cleverly grabbed my hard-earned money. Indiabulls is into such practice for a long time. Please do not believe in such a big corporate name. They are nothing but a traitor. Can anybody help me !

Badrinath Jha (09871597712)

Have you any proof that support your statement ? that your loan was approved so that we can guide you accordingy.

Originally Posted by adv.richa

Have you any proof that support your statement ? that your loan was approved so that we can guide you accordingy.

Yes, they had given me an approval letter which later on they took from me. But I have scanned copy of this with me.

Originally Posted by Unregistered

Yes, they had given me an approval letter which later on they took from me. But I have scanned copy of this with me.

Granting or refusing a loan is sole direction of Bank -- Consumer Forum cannot interfere in such matters.

But, their is a judgment that may help you to drag IndiaBulls to the Consumer Forum. :& Visti : http://www.consumercourt.in/paid-mem...html#post53658

Note: Become our Silver Member to view this link.

dear sir,

I had applied for home loans after viewing their advertisement for 8 % home loans in a local newspaper. i called them on their tel. no. 39407777 and the automated voice recording guided me to sales dept. from where one mr. dilip gupta said his assistant mr. vinay will visit my premises and apprise me of the formalities for availing the home loan. Since the offer seemed attractive i gave him a cheque for rs. 5515/- for the processing fee. Within 10 days the loan sanction letter was given for 8 % for the first year, 9 % for the 2nd year and floating for the 3rd year onwards. All seemed fine. I purchased a flat in Malad (W) for rs. 4200000/-. I signed an application with m/s india bulls for availing a loan for rs. 2900000/- . All documents were submitted promptly and i was told that i wud get the cheque in 3 working days time.I have even given post dated cheque for payment of EMIs begining from 01st Sep '10. Since I work on the ship I gave my wife My power of attorney for availing this loan and a copy of the same was provided to m/s india bulls. Its been a month and till today i have still not received the cheque. They say that the cheque is ready from 23rd July '10. My wife went to their elphinstone road branch, mr. sameer, mr. dilip and mr. vinay from the sales dept. met her. They showed her the cheque but they would not
give it to her as they were saying that they are waiting for final approval as the seller's son is a minor. I had submitted my application a month ago. Cudnt they have checked all these details earlier? If my loan is not being approved they shud at least submit back my original agreement and the string of original documents related to this flat. But they say that all these documents have gone to Gurgaon, New Delhi. I have sent them several requests by sms asking them to return back my original documents if not giving me my loan cheque. In the meantime my agreement for payment of the balance amount of the cheque has expired. I am afraid the seller may sell the flat and I will have great difficulty getting the 1300000/- that i have paid the seller. Pls advise can India Bulls hold on to my original documents indefinitely without giving me the loan cheque??? and what is the time frame upto which India Bulls is supposed to give me the cheque or give back my original documents.
Nelson Menezes, email id nelsongmenezes@yahoo.co.in tel 919820849446

I had applied for a home loan from India bulls in March 2010. I had attached the necessary amount towards the processing charges through cheque. I was informed by the representative of Indiabulls that my application was not considered since I am having less than 5 years for my retirement. But to my dismay it is observed that the cheque has been encashed. If more tha 5 years of service is the basic requriment for the sanctioning of loan' how my cheque has been encashed?Why till date I was not informed regarding the rejection of my application? I request to immediately refund the amount paid by towards the processing charges and inform me on my Mobile no 9930235055

Dear Sir,

I am Puneet Kathuria, working as Electrical Engineer in reputed MNC

I applied for home loan from india bulls. At the intial stage, I submitted all papers fro pre appovals of loan with a cheque of around Rs 1100 to Mr. Jha, one of the officer in India Bulls who collects paper from my office along with cheque

I specially intstruct them not to clear cheque until and unless I gave property documents and my apporval to the India Bulls

But they cheated me and went to bank for clearance of cheque. I am really thankful to God that my salary came late so cheque was returned back. and Bank deduct of Charges 386 from my account on reversal of cheque as fine.

So, i loss my money of Rs 386 which was because of fine. But I am bit happy because Rs 1100 was not cleared and money did not went to wrong person and wrong bank

It is my strong complaint against India Bulls for their cheating purpose to customer and awareness to unknown customers

Please take strong action against India Bulls

Thanks
Puneet Kathuria
9953321197

Dear Maam/Sir
Me And MY wife have taken a homeloan from the thane outlets(mumbai). sorry to say that your staff is so unprofessional, that they print cheques without approvals
on sat (11/6/2011) we got a call from the sales guy sachin & dinesh that the cheque will be ready on monday 13/6/2011. but to our expectation there was no call from them and when tried contacting the same , they never answered, meanwhile my relation with my builder was at a toss, due to you guys,
ok now on wednesday finally i got a call, saying chq is ready will come to thane office from vashi at 3pm. well i got a call at 5 and i went , 10mins work took me 2 hrs, no one even offered water to us, then at 7 i am told we are waiting for an approval for the same , how can a professional company like indiabulls print chqs without approval.
Next we have a ECS TIE UP , STILL THEY TOOK 4 CHQS from us, including the entire loan amt chq, i dont get logic, if IT IS ECS, and we are not paying they wont be money in the bank anyway, after handing over the chq when i asked them for the policy which says this is to be done, they spoke very rudely and told us you talk to HEAD OFFICE.
We walked away.I think if this matter is not taken seriously, i will go on a higher level

Regards

Sir

1. This is regarding Home Loan taken by me from Indiabulls home loan and finance limited my loan id is HHLDCP00074933.Taking loan from Indiabulls is one of the wrost experience for me. I am Capt Rajanish located in far flung places and not been able to interact with your staff directly hence the services provided from your staff is attrocious.

2. I had taken home loan for princelay state in Noida from amarpalli group. Initially your staff was cooperative they use to come to our place and take all documents and processed it. Later when loan work was sanctioned and demand draft for the amount had come my retired Father has to go to your office to submit the draft. Inspite of continous calling and reminder to your staff no one came home. So my father went and submitted the Demand Draft . During last demand draft somewhere in Jan 2011, I had personally gone and met ur Finanace Staff Head Mr Pandiya in CP New Delhi office. Since there was some ambiguity that money which was suppose to be paid at the time of possesion to the builder by me somewhere around Rs 4 lakh was told by your staff to be paid with every demand draft payment otherwise they will not clear our payment. After speaking to to your head in CP he assured me that they would increase my Loan amount which was earlier fixed at Rs 20 Lakh approx by arnd Rs 3 Lakh. As a car loan with an EMI of Rs 11000 was running on my name which was finishing in month of Dec 2011 so he agreed to give me a top up of Rs 3 lakh.

3. I got a demand draft of Rs 2.7 lakh in month of Aug 2011. My father personally went and gave them the demand draft. All document for Top up of
Rs 3 lakh was also submitted in time verification was also done by your staff. But the demand draft was not been issued till last week. In the mean time aamarpalli group had given us continous reminder for payment of demand draft. At last they had send a new demand draft to us with a fine of 18% of approx
Rs 51000. When my father again went to your office in CP your staff dealing with us Mr Amrender told us that a stay has been issued on princelay state so they are not giving us the demand draft. Later he checked up again and told us that you will provide us with cheque on initial amount and my top up of Rs 3 lakh has been cancelled.

4. Its been a matter of total harassment, mishandling, mismanangement and distrust. After keeping my demand draft for 2 Month you are telling me that my top up is not sanctioned if you would hav told me earlier I could hav done some necessary arrangement. Your staff has been totally neglible in this regard.

5. Would request you to look into the matter and help us out in the best possible manner. Advice your staff to be responsive, competent and helpfull to the customer.

6. Would expect a early reply from you

Dear Sir,

I have purchased a flat in thane adjacent to my existing flat in June 2011.
I got a sanction letter for the loan of Rs 30,00000/- from Indiabulls on 25th Jun 2011.
I got the agreement for the loan done on 29th Jun 2011

Before taking the loan Indiabulls insisted me to take an Insurance coverage (Customised for Indiabulls) from ICICILombard as they both have mutuial tie up.

However the premium was Rs 120000/- ( One tome for 5 years) Insurance cover also for 5 years.

But the Loan for Premium was arranged by Indiabulls.

I requested them to get some more details on the policy but due to hurry and unavailability of the insurance personal, No one was there to explain me in details about the same.

Hence I refused and got a waiver for the same.


However later soon I realized that It was necessary for getting flat insured after seeing a death in my close relation who had recently purchased a flat.

I requested multiple times for Indiabulls to arrange a meeting with Insurance person to understand the details about the same.

However after repeated follow ups it could only happen on 6th Aug 2011.

The Insurance person explained us on a piece of paper the benefits of the policy.

I paid the processing fees of Rs 2758/-
And also gave them the pre-EMI cheque
THey got the documents signed from me.

Later asked me franking and notary charges of Rs.4000/-
I decided to get the franking and notary done by myself and hence collected the papers.
However after approaching many co-operative banks I realized that it was un-offiicial to get the franking done by me in place of Indiabulls.

Hence I went and submitted the papers to Rupesh , executive from Indiabulls along with Cash of Rs.1400/- to get the papers franked (As asked by him on recommendation by his colleague Mr.Mahadev Ulidra)

(The actual franking cost was around only Rs1200/-)

Then I collected the papers and got them notarized by myself since they asked me notary fees of Rs.350/ each of the documents ( so in total Rs.700)
I got that notarized from Thane office in Rs.200/-
I submitted all the papers.on 16th of September and requested to get the policy issued at the earliest.

I kept on asking for the policy however I came to know from Insurance person Mr.Swapnil Chawrekar, that the cheque was not issued to them hence the policy could not be delivered.

Later on 10th of October I lost my job from SYSTIME Global Solutions pvt Ltd.
Due to retrenchment as the company was taken over by another giant company.

I was under great pressure and mental tension and asked them about the policy.

The next day Mr.Kshitij gehelot and Mr.Domnick asked me to visit their thane headoffice.
Both the duo threatened me by giving various examples for the result in case EMIswere not paid in time.

This was about capturing the property and seizing it. I howver assured that I will try my best to see that EMIs go in time.
The duo also pressurized me to cancel the policy as it was not in favor of me. However I denied and told them I would still continue with it as it was my priority.

THery also kept me saying that I will not get the benefit of EMIs (3 EMIs from ICICI Lombard) as my job was lost before completion of 90 days.

I requested them that the question arises when the policy is in my hand, I was not even issued the policy and without that I did not even file for the claim.

From 16th Sept till 22nd Nov 2011and even today I am following up with Indiabulls for the same.

However they could only reply on 22nd Nov . The same is attached.
On 25th and 27th Oct I got threatening phone calls from Mr.Kshitij and Mr.Domnick to cancel my Loan for Insurance.

Please advice me:


What step do I take?
I am filing a case in consumer court should I appoint an advocate, as I am financial facing difficulty in appointing an advocate
Can the court direct Indiabulls to enforce the policy or issue the cheque to ICICILombard?

I have met an advocate but he is asking exorbitant amount Rs15000 for six months and later max upto Rs15000 more till the case is in district commision - please need your help as I cannot afford


What is the maximum relief I can seek from them?
Can you suggest some advocates in Thane consumer court who can help me in this
Do I need to approach ombudsman also?
I kindly need to get fast relief as I am not covered under the insurance
My cell: 9820290397

With regards,

Milind Saraf

This is great opportunity if u think to buy a Home. Buy a home and pay money at once is not easy task.Reason behind it, value of land increases as population increases. But if price increase then it doesn't mean that people will stop to buy a home. But we have to sort out this problem and find solution. One solution for this problem is that people can take a home loan from different banks on different interest rates.

But when people decide to take a loan then at the time of agreement all the terms and condition should be properly understood. Otherwise it can lead towards great problem later. Interest rates must be understood very clearly because it is creating problems if knowledge regarding it is not proper or clear.So make yourself aware with all the plan conditions when going to sign the home loan agreement.

With Regards:
Aashish