[Resolved]  Indiabulls Housing Finance Ltd. — Beware of Indiabulls Home Loan

Address:

Mumbai City, Maharashtra

Complaint against: Indiabulls housing finance ltd.

I have applied for a home loan in Indiabulls Housing Finance Ltd. through its executive Mr. Ashok Patil (Mob: [protected] although he submitted my application form and left Indiabulls). Later on Mr. Rohit Parker (Mob: [protected]) and Mr. Santosh Gupta (Mob: [protected]) has started taking care of my application. Indiabulls has approved my home loan (Reference no. 166816) and encashed my cheque worth Rs.5515.00 (cheque No.: 331306) on 22 Dec 2010 which was meant for processing fee. After that Mr. Samar Vakharia (Mob: [protected]), who is Location manager of Indiabulls Housing Finance Ltd. , Borivali branch come in contact with me regarding my application. He asked me so many documents even after sanction of my home loan (I have sanction letter with me) and every time I fulfilled their requirement from last 4-5 months by spending so much of time on this process and found myself very depress as they are asking more and more documents and always assured me that documents are ok and now I will get loan amount cheque within few days. Finally builder asking me the money with interest (which is Rs. 10,00,000 as per agreement and Rs. 40000 interest of 4 month) as construction work is almost completed and Indiabulls taken 6 month to proceed my application file. But when I called Mr. Samar Vakharia on 26th March 2011, I came to know that the project for which I applied for home loan is not approved from Indiabulls Housing Finance Ltd. whereas same project is already approved from so many banks like State bank of India, Bank of Baroda, HDFC and many more. I shocked because I spend more than 6 months for this loan process and gave them each and every single document whatever they demanded for and even project is already approved from government bank (like SBI, Bank of Baroda etc.) and some big private banks and financial organization (like HDFC, ICICI, DHFL etc).
When I asked reason for non approval of loan, Mr. Samar Vakharia told me that they are not comfortable with project location, then the question arise is why they sanctioned my Home loan first and encashed my processing fee and after that they have taken 4 months to say "NO" to my loan application. Now as per flat agreement I have to give 70 to 80% to builder because construction work is almost complete and now builder asking me for interest on that amount that I have to pay him. This is utter nonsense because I have to pay that interest amount to builder which cost more than Rs. 40,000 to me and it is totally because of negligence of Indiabulls and their staff.
Then I decided to go for another bank for home loan and Mr. Samar Vakharia told me that they will return my documents and processing fee within 4 and 8 days respectively. Mr. Samar Vakharia always gave me only dates whenever I called him as well as he never replied to my mail. Finally they have taken more than one month (after I sent them near about 3 mails and so many phone calls) to return my documents only and Mr. Samar Vakharia told me that Indiabulls has not giving me back the PF amount of Rs. 5515/- and it has cleverly grabbed my hard-earned money.
Indiabulls is into such practice for a long time. Once again to my utter surprise, Mr. Samar Vakharia has suggesting me to talk with their technical team, visit to their technical office and so many things which is totally irresponsible reply from Manager of such type of big organization and he is totally running away from his responsibility. Is it my job to talk with technical team of Indiabulls? As Mr. Samar Vakharia is saying that its not his responsibility to return back my documents and processing fee on time. Then who is responsible from Indiabulls in this matter.
Now I feel, not to believe in such big corporate names. They are nothing but a traitor. Can anybody help me !
I am ready to show all the email conversation and sanction letter copy, if it helps me to give justice against such types of origination and their irresponsible staff as I have suffered from not only money (Processing fee of Rs. 5515 and Interest given to builder as delay in payment as per agreement Rs. 40000) but also time (more than 7 months to reject my application) and my peace of mind (as they asked me lots of documents time to time, gave me lots of commitments for that I took so many leaves from office and finally they have not fulfilled it.)

Name of Indiabulls Housing Finance Ltd. Staff, Borivali branch to whom I have contacted in this matter:
Mr. Ashok Patil (Mob: [protected]) - Executive
Mr. Rohit Parker (Mob: [protected]) - Executive
Mr. Santosh Gupta (Mob: [protected]) - Executive
Mr. Samar Vakharia (Mob: [protected]) – Location Manager

Complaint By: - Mahesh Hankare
Contact Number: - [protected]
Postal Address:- 103, Building No. 4, Prathista Apt., Chinchpada Road, Kalyan ( E ), Thane 421306