[Resolved]  Capital First — home loan - foreclosure charges

Address:	Chennai, Tamil Nadu, 600110
Website:	www.capitalfirst.com

I have taken the home loan in capital first home finance ltd, i have taken plot loan before 7 months and at the month of august i applied for construction loan after 2 months they confirmed that they have stopped the business of construction loan due to some liquidity issue in the company. They informed me to take the loan from any other bank and started the process of balance transfer and now they issued the foreclosure letter with 5% charges, now i asked to waive off the charges because of their fault and inability of doing business. They told they cant waive the charges. I have written the below letter to them but no response

I have sent this letter to their customer care, pls refer the below details
Would like to clarify the following things,

This foreclosure decision is not taken by me it was pushed me to close the loan as capital first stopped the business for construction loan. Capital first only insist me to take the loan from other bank or institution who is providing the loan for construction.

I have taken the loan for purchase the plot and post 6 months i need apply for the construction post cmda approval for building plan. Obviously it will take about 6 months’ time to get all the necessary things like electricity power supply and building plan approval from the respective government departments.

I have started my construction at the month of july, as advised by the capital first the building basement work completed on 2nd week of august because they informed post completion of this stage only funding will be process. I have started the process of applying the top up loan.

At the month of august last week i have given all the required documents for top up the loan and 1st week of september processing fee rs 5900 deducted as processing fees.
Post that i am continuously flowing up with the sales team for the disbursement. But i have not received any feedback from them and after a month came to know that capital first will fund only lesser amount when compared to other banks (Bank of india and axis bank confirmed that they can fund up to 2200 per sq, feet)

Personally i have walked in to the chennai branch and discussed with credit and sales manager and calling people for the status and they told they will issue the sanction letter at the end of october and disbursement will happen. After that i am continuously following up and no clue what happened to the sanction letter and disbursement and finally came to know and they informed capital first has stopped the business for construction loan. I had a discussion and argument with them and they confirmed they are not in position to help on this situation.

Capital first only informed me to take the loan from any other company as they not in position to release the fund. I am spending my money unnecessarily in the form of processing fee to capital fist and now i need to spend for the bank also who is going to take over the company.

Nearly about 90, 000 deducted as charges. 45k for insurance and other 45k as processing fees. Mod charges 25k. Nearly about 1.15 lakhs i have spent for this loan taken.

Now i need to spend money to take over company for their charges. So now i currently not in the position of paying charges for the loan closure and moreover it’s not mistke from my end. Capital first only informed me to close the loan. So waive off the closure charges.

Now i need to pay the processing fees and need to pay the charges for mod registration and cancellation again, so already i have paid unnecessarily to capital first.

And i have requested for the foreclosure letter before 15 days (Service request no[protected] but still i have not received the same.
I don’t know for single request why it is taking so much time, when the business stopped immediately capital first need to do the necessary approvals and other things to resolve the issue of the existing customers right. I have received the same answer as “approval not received”.

Can you please issue the forclosure letter without any charges, take over bank is waiting for this letter only.