[Resolved]  HSBC Smart Home Loan — Delay and Non Compete disbursal of loan and no correspondence

Address:

Mumbai Suburban, Maharashtra

I am a NRI premier customer of HSBC and have relation since 1995. i had in the past home loans but then it was a good experience but now again have a home loan with HSBC for a flat in Bangalore. I received the major part of the disbursment in April 2010 after a lot of struggle and irrelevant procedural delays. But only the final tranche was left and that was supposed to be disbursed once the property was registered in my name . The original registration documents were submited to the bank and was acknowleged by bank in December 2010.I have been paying the pre-EMI in the form of interest only. After December also the same continues. I have been following the bank from Dubai spending on phone calls and multiple visits to Mumbai Powai Branch. Till date i have not received a loan agreement letter nor the interest certificate nothing.
I have the money to pay @25% advance payment which i am entitled to,but due to banks bad service i am only paying interest and the regular EMI has not started ,thus the principle is not getting credited. I even tried to sell the loan to other bank but due to the situation i am not able to do anything,just stuck and suffering. Further i am not able to file my income tax returns or capitalise the investment.When i followed again on 23 April 2011 ,i was surprised that they are still awaiting reply /action from Home loan section and the big surprise was that i was given to understand that the bank need the lease agreement that i have rented out the flat . Which i feel is completly irrelevant.
There is no coordination between the processing unit between HSBC Chennai,Mumbai and the powai branch. All gone for a toss. This is all due to the fast growth and less loyalty of the people working at the branch just coming as VP,GM etc just out fresh from Bschools or other institutes.


The home loan Dep of HSBC has no face and we cannot talk to any one except the relationship manager at the branch. This the state of affairs of a home loan of a Premier Customer like me .Imagine for a regular customer.
I hope people will be care ful when dealing with HSBC in future.

I hope some one will help me with some solution.
Thanks
Vinay Kakaraddi
[protected]
Dubai