I Appled with India bulls home loan finance company in th Month of June 2010 and I was given a primary presacnction letter. This letter was for an amount of 3 Million approx. The processing fees was debitted from my account immediately. The Interest rate was offred 8.25% p.a. and the EMI amount was Approx. 21K p.m. which I agreed and told the person to go ahead suggesting me further process. The person had taken Rs. 8K as his own personal consulting fees from me for this reason.
I was yet to finalize some property and hence some time was lost in the process. later I decided not to go ahead with any purchase,as I had some financials upset. The persons from India bulls kept visiting me and promised me that they will assist me in getting maximum loan and even a personal loan done for me.
a month after this in september, the Indiabulls person gave me a revised sactionletter for Rs. 32L Approx. where the interest rate was told to me for 8.5% pa. Which Even I agreed the EMI was set about Rs. 28K approx. per month. In the month of November, When I changed my job, a person from Indiabulls credit department had also visitted my new office for verification. By this time, my original sales agreement, and many other original documents were taken out from me for processing the loan. I was not given any time to read and understand the documents of home loan agreement. and even today I do not have any copy of the same. After a lot of force, I just got an email copy of amendatory agreement, even in which many terms and conditions were diesy.
I paid the token money to my Builder RNA (NG) for a property selected in the month of October 2010. Then I arranged for some money for theStamp duty / registration got the process done. As I was promissed for assistance in personal loan, I kept waiting for the loan getting finalized. Fianlly I arranged for some amount for Down payments and ,but I was already late by this time. My Last day of agreement was 12th December 2010 and I paid my Down payment by this date. later I got my loan sanctioned from Fullerton India.
As I Already had confirmation from India bulls for 32Lof home loan will be disbursed within a week of Own Contribution receipts handed over to them, I buyed a weeks time from The builder, which he was kind enough to sanction, agaist a condition that that after 7 days, they will charge me an interest. I Had informed all this matter to Indiabulls and had told them that this is very critical to give us cheque in proper time. After this Practically every day I called the Indiabulls representative and Asked what is the situation. He kept on asking me the documents on and on and on. I was informed that the case would be called for re-booking and it will require reverification etc. The verification was redone in my home and offce in the month of December 2010. (The 7 days deadline was already passed by this time.) I Asked my documents back from the Indiabulls representative but did not receive any thing. I had Even had a clear dicussion with IDBI Home-loan finance and they were willing to process the case within 10 days at that time. At all these steps I had clearly discussed that my interst rates remains steady at 8.5% p.a.
Later I was infomed that accprding to new regulation of RBI, the loan amount I was to get was captioned to 31L and hence I would have to pay additional 89K Rs to the builder and had to get the receipt to them, this was the last week of January2011.
I had a clear discussion with the Indiabulls person that he as to admit to the builer that this is his mistake to delay the case payment and hence he should help us conviencing the builder to accept the payment even if it was a delay.
When My Sister and Wife went to pay the remender 89K rs by chheque to the builder, They asked for Another 400K approx. as a rate difference as there was already a delay beyond threshold and to save the amount which I had already paid, I had to pay this amount by taking loans borrwing money from the people in personal capacity.
Finally in th month of February 2011 (just to remind, the case was on since June 2010), for Rs. 31,111/-.
After This I received a call from ICICI lombrd, to explain me the terms of the policy offtered with this loan, I wasn't explained anything about this policy before ui signed the form. The day when I knew that this policy is only for 5 years and not for the term of the loan ,I was very upset with the executive.
I clealy asked the India bulls representative Whether my EMI will be deducted in the Month of March 2011, he denied. After that in a day I saw, sudden withdrwal of Rs. 13,000 add amount from my account and I started enquiring. Finally i could find out that this was a pre-EMI of India-bulls. but due to this haparard, My EMI for fullerton was bounced and I had to pay a penalty for that.
Now I received a call from Indiabulls stating that my Interest rate has gone up to 9.75% p.a. and I have to pay an EMI of 30,000 odd amount. I was given an understanding that my EMI will be only 28000 odd for initial 3 years and later it will be a floating rate.
I am trying to get additional loan from some banks to relive the personal borrowing and credit card overdue which i had to keep outstanding for this financial Deal, are upset now due to this irresponsible behaviour of Indiabulls.
Due to the irresponsible and misguiding attitude of Indiabulls, I am suffering from financial losses of more than 700 K and additionally mentally getting tortured for the same reason. I seek yur kind understanding of the case and guidance on how should I progress on this case.
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Thanks and regards,

Dr. Ashish Indani
Mumbai
+91.98333.16130