[Resolved]  Federal Bank Home Loan — Loan Denied/Delayed

Address:

Maharashtra

Hello,

I had applied for a home loan from Federal Bank (Mumbai). The documentation process and everything went of smoothly. I also got my sanction letter for the loan.

After this, the Bank's so called Legal department did not want to clear the legal formalities as they found something wrong with the Builder's documents. Even after multiple requests to know what document the legal team is looking for, we have not received any proper response from them. They have not spoken to the builder even after providing them with the number multiple times. The builder also wanted to know what legal document they needed.

There are more than 300 Residents living in this complex and none of them had come across any issues. Banks like SBI, financial organizations like DHFL and GIC have all approved the loan to applications. Only Federal Bank had an issue.

I was at the verge of losing the house that I have registered on my name. Spent more than 7 lacs for the house and now the bank tells me that they cannot provide the loan just because the legal documents could not be cleared.

Due to this delay my family and I have been through tremendous stress as the builder wanted to know when I would clear the dues and I had no answer for it. There was a point where the builder also said that he would cancel the booking and give the flat to some other customer.

After holding back all my documents and files including my Original Registration documents, now I am told that the legal has not been cleared. I kept following up every day to check the status. I have also asked if there is a chance of the request to get rejected, however, I was told that everything will be fine as soon as the legal gets cleared. I did not approach any other bank just because I had faith in the bank.

I was very disappointed and lost hope as time had run out.

I had sent them an emal demanding a refund of my processing fees to which I never received any response.

Anil K V