[Resolved]  Dewan Housing Finance Corporation [DHFL] — Applied Insurance without signing any documents and started EMI without disbursements

Address:

Mumbai City, Maharashtra, 400060

With my below complaint, I truly regret that I choose DHFL for my first Home Loan process. I would neither ask any of my reference to go with DHFL in future because of this fraud transactions happened on my application.

Regarding the DHFL application ID: 01459573, submitted a Nallasopara Branch, post finalization on deal of my First Home in Mira Road, I applied for an Home Loan in DHFL by 1-2 week of March.
However, I did received the sanction letter of 42 lakh from DHFL prior to the deal that were having a rate of interest at 8.70%.

Since my property value is 38 lakh 50 thousand, I applied for 90% of loan that comes to 34 lakh 65 thousand with all documents submitted in mid-March itself.

When I went to sign the final agreement and documents on 25th March, I was shocked to see the final loan amount was jumped from ~34 lakh to ~37 lakh.
The bank executive stated the reason that they have applied all FIVE insurance that sum up to ~2.25 lakhs which was totally optional (as stated in sanction letter) neither there was any confirmation from Bank to opt for these insurance`. Also, I was expected to get the tenure of only 20 years, but instead the tenure extend to 25 years which was an unexpected deal.

When I asked agent to just revert all the insurance and just give me loan as per 90% calculation, he said me to wait for April month because he need to speak with DHFL Manager and that is even not sure whether the insurance can be waived. If this doesn’t happened, than we have to just cancel the application and resubmit everything that will take the process to mid of April. I really don't understand why the hell I am taking the burden of banks mistake.

As per the deal with DHFL executive, my loan amount was supposed to disburse by March end, and based on this, my Property Owner was agreed on the agreement to clear everything by March end itself.

Accepting the fact that the cancellation will be done by mid of April, I asked execute to cancel my Loan application and re submit the request, now its been almost the month end, still the cancellation has not been completed neither new process has been started.

Moreover, I didn't signed even a single documents, and executive is saying that he had disburse the Loan, but neither my Owner nor owner Bank have received any amount. DHFL has been already collected pre EMI of ~6k and without disbursement of Loan amount, DHFL has started collecting EMI of 30, 000/- with 18% penalty which is truly unfair and straight fraud because of no disbursement to receiver.

Now, I am trapped, neither DHFL is cancelling my application nor they are ready to waive the Insurance that I haven't opted for. And also started collecting EMI's without disbursement.

Nevertheless to say DHFL process is not only slow but also do fraud with their customers. Neither execute have sufficnt knowledge on the processes. Truly disappointed.