HMDA — Against Axis Bank open plot loans

Website:Axis Bank Loan

I have opted for a loan on an HMDA open plot near Tukkuguda- Lotus Valley Venture, Hyderabad in 2019. The loan amount was for 20 lakh rupees with ROI of 8.35% floating type. Later the rate of interest got reduced to 7.75% as per the floating system. But currently, the axis bank officials have increased my ROI to 10.5% from 7.75% directly stating non-submission of permission letter for the construction. Surprisingly, I have not taken this loan/purchased the plot for construction, it was just an open plot for the investment purpose that had the option of opting for the loan due to the HMDA venture. I have purchased the open plot only, which has the L.P number and HMDA approved venture. It was not for construction and there is no scope of any construction for at least five more years as per the venture location.

Customers do purchase high expensive HMDA approved plots for safety and loan purposes and it's mostly for future investments. But how come the Axis bank officials can do this to us? how can they increase the ROI suddenly and ask us to submit the construction papers? this is really unfair to the normal citizen who is going to purchase HMDA approved layout since the government of Telangana State actually encourages us to only purchase HMDA layouts and they should know how these banks cheat the customers, Banking officials need to consider this as open plot loan only and not as regular home loan, they cannot cheat the customers. I did raise the direct complaint with the axis bank but no response from them yet regarding the resolution.

I sincerely request HMDA officials to provide me with a solution to this issue.

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