[Resolved]  IDBI Bank, Pune — DISBURSEMENT OF HOME LOAN

Address:

Maharashtra

Sir,
This is regarding a home loan sanctioned to me by the IDBI BANK,PUNE on 12/06/2010.It took the bank almost two months to sanction the same.And it is now taking a hell lot of time to disburse the same.The following are some details:-
1-The loan has been sanctioned against a property purchased by me near Wakad in Pune.The flat purchased is almost ready.

2-For sanction of loan the bank asked CIBIL for clearance,which surprisingly and wrongfully put me in the defaulters list showing an outstanding auto loan against me.I had go through a lot of mental agony and harassment from both the quarters(bank and CIBIL) before I could get the wrongful indictment cleared from CIBIL.

3-The bank delayed the sanction of loan for about a month on this pretext.

4-Now, when the loan has finally been sanctioned after so many hassles,the bank is purposefully delaying the disbursement of loan by putting up a few new and perplexing conditions.They are as follows:-

A-The bank has now asked for retirement age proof ,whereas the loan has been sanctioned after due consideration of this,for a term of 8 years,as my present age is 52 years.Whie applying for the loan,I had mentioned the fact I am a serving class one officer with U.P.Irrigation department at Lucknow .This has already been verified by the bank from their own sources.

B-The bank has asked for 30 post dated cheques for EMI(mentioned in the sanction letter).They did not agree for payment of 06 PDC and rest thru' ECS.Now they are verbally asking to give 26 PDC's and rest 04 cheques to be written by them in our presence.This is amazing....

C-They are also asking for one cheque (out of the four) for insurance which again is amazing as it was never ever mentioned by the bank at any stage till sanction of loan.

D-The bank wants post dated cheques but they have neither mentioned the date of the first EMI to be paid nor the date of disbursement of loan so that I could put the date on cheques.
When I tried to seek clarification from the bank authorities(namely one mr. Ravi Kishore),they do not provide any logical or reasonable answer.Instead they threaten that this is what the bank wants and otherwise I may go to some other bank.
Under the aforesaid conditions I am feeling mentally harrased and perplexed.

I would like to request you to kindly guide me as to what are my rights in this regard andis the bank justified in behaving the way it is??

Looking forward to a quick and enlightening response....
Thanks.

VINOD KUMAR TRIPATHI