[Resolved]  Home Loan — EMI DEBITED EVEN BEFORE DISBURSEMENT

Address:

Thane, Maharashtra

Dear All,

I would like all to draw your attention to my complaint on Home loan from HSBC.

I had applied for a Loan transfer of ICICI to HSBC with Top up with HSBC. I got the sanction of both the loans.

I was in constant touch with Vinod Jadhav (HSBC Executive) and was always told that Society NOC is not required for this loan and that NO dues letter will be enough to get the Top up cheque.

As informed by him, he tried to take approval to release the top up cheque without the NOC. However he could not get the approval.
Mr Vinod Jadhav informed me that the lawyers will release the cheque only on handing over NOC from the society. I was given the cheque by the lawyer on 19.7.2011 on submission of NOC from Society. I paid the EMI for the top up loan on 1.7.2011 even though I was not given the funds. The Top up loan Pay order got cleared only on 27.7.2011.

I was really surprised as to how HSBC could collect EMI from a customer just on showing him a disbursement cheque.
I readily paid the EMI even though the funds were not disbursed to me in good faith that the issue will be resolved later.

I was then directed to Mr Ravi Kotian for my above complaint The following points were discussed :

a. My Cibil clearance - I was told that the top up loan was given to me after strong persuasions . However I had clarified that I have a very
strong Cibil rating with no settlements, bounces, defaults in any loans taken by me. I was sanctioned the loan on the basis of my
eligibility which everybody knows

b. Disbursement advice - I was told that since I had signed the disbursement advice I am entitled to pay the EMI. What a wonderful policy HSBC
has ...!!
c. Goodies- I was told by Ravi Kotian that any new goodies offered by HSBC later will be extended to me.

d. Delay in submission of NOC : The NOC thing was never told to me till the signing of the Disbursement advice. It was only after I went to
the lawyer's office to collect the cheque that I was told that I need to submit NOC for collecting the TOP loan cheque.

e. I readily paid the EMI for Top up loan without having funds in my Account of the TOP up loan. If the first EMI was not paid by me , the
entire loan would have been blocked and no disbursement would have happened which was agreed by Ravi Kotian.

f. I am accused of paying the EMI readily and asking HSBC about reversal of EMI for a sanctioned loan (not disbursed loan). This was totally
wrong on part of HSBC.

g. I was told to forget the EMI refund as a bad dream and not to pursue the matter anymore because such mishaps happen when loans are
disbursed. You can just login to any websites about list of same complaints raised by HSBC customers and I am sure none of these
have been resolved.

I regret to take up this loan and this kind of treatment from HSBC. I have not received any reply from HSBC

Regards,
Amit Maisheri