[Resolved]  Home Loan — Non transparency in sanctioning & disbursal of home loan(CASE id 144034)

Address:

Central Delhi, Delhi

Sir,

I have applied a housing loan for Rs 16.00 Lakh (with processing Fee of Rs 5515/-)with Indiabulls housing Finance LTD on 14/6/2010 through Sh Ritesh Maheshwari(Vikas Kumar). I was told that the inteterest rate for first twelve month is 8%(fixed) & processing fee is 5515/- up to loan amount of rs 30Lakh.I was told on 21/6/2010 that my loan is sanctioned.Then i demanded copy of sanction letter.I was told that the same shall be provided at a later date. I was asked to deposit 09 blank crossed cheques favouring India Bull Housing Finance Ltd & one cheque of Rs 20,000/- favoring LIC OF INDIA towards insurance premium of the property to be financed.In addition to this i was asked to sign blank loan agreement by stating that after filling the same the photocopy shall be made avialable to me .In addition to processing fee of Rs 5515/- they have also demanded a Cash amount of RS 1000/- towards the cost of stamps to be affixed on the loan agreement.All above demanded formalities were fulfilled up to 26/6/2010.The processing fee cheque is debited to my account on 1/7/2010 & cheque favouring LIC for RS 20000/-(Cheque NO346028 dated 25/6/10 payable at AXIS Bank, Jodhpur) was debited to my account on 13/7/2010.As of nine blank cheques favouring India bulls housing Finance ltd two cheques (cheque no 715490 of ICICI bank,Jodhpur & cheque no 49202 o[censored]nion Bank of india ,Moti bagh, delhi was not accepted due to various reasons & i was told to deposit fresh cheques in lieu of these cheques,but inspite of repeated requests the cheque no 715490 & 49202 has not returned back.I was given sanction letter for a sanctioned amout of Rs 16.30 Lakh, While i have applied for a loan of Rs 16.00 Lakh only. When enquired about the extra sanction amount of rS 30.000/-.I was told that Rs 30000/- was for the insurance,while the fact is that, they have already taken a cheque for insurance amounting to Rs 200000/-.When i asked the detail of Insurance,no details were provided. Furthur I was asked Rs 3466/- cash towards the processing fee.When i asked that the processing fee is 5515/-,then it is replied that in your case the processing fee shall be charged @0.5%+Tax,when i asked the demand letter for increased processing fee, no demand letter was given.The loan disbursal was demanded for Rs 9.00 lakh,The cheque for Rs 9.00 lakh was handed over to the builder on 12/8/2010.But the EMI of the loan was deducted from my account on 3/8/2010i.e in 10 days advance.The total process was non transparent & harrasing.Furthur the EMI was calculated on the amount of Rs 9,30000,while the disbursed amount was only 9,00000/-
All request to provide the details of such deductions was remain unattented.Now pl arrange to provide following
(i) Cheque no 49202 Union Bank Of India
(ii) Cheque no 715490 ICICI Bank, Jodhpur
(iii) Insurance Policy document against which the Cheque of RS 20,0000/- was debited to my account.
(iv) Insurance Policy document against which Rs 30,000/- premium is paid & debited to my loan account without my consent.
(v) Recipt of Rs1000/- cash paid towards the cost of Stamps.
(vi) Demand letter for extra processing fee demanded in cash.
(vii) Copy of duly filled loan agreement which ii was forced to sign blank.
(viii) As per company policy told the loan rate was fixed for 12 months @ 8%. But in my case it is kept 8% up to 31/3/2011 (9 Months only) Pl explain.

(ix) When disbursal is made for 9.00Lakh, Why EMI is deducted for 9.30 Lakh.
(x) When applied a loan for 16.00 Lakh,Why 16.30 Lakh is sanctioned without consent.
(Xi) Why EMI is deducted in advance without the disbursement.
pl reply with in reasonable time, otherwise iwill be free to resolve the matter Through Consumer forum/Banking ombursedum

Rajeev Kumar Rastogi