My name is Ritik, I live in Hyderabad. I applied for Loan Against Property. then I received a call from customer care executive stating that I have been eligible for pre approved loan against property. please pay 6000/- INR for processing fees then they will release a sanction letter. I asked on what basis I got approved and what if my application gest cancelled or rejected if something doesn't go well. He said based on the requirements like CIBIL score, area and required documents it got approved. I paid the money then they gave a SANCTION LETTER. in the sanction letter they mentioned fee is non refundable, it is not stated to me in call with customer care.
Yesterday I submitted documents, the so called executive started to point out none of the documents are in proper. he didn't verified physically. everything he checked was through WhatsApp. Is this so called bank process a loan?
Now, the processing executive says that they cannot process the loan application because it doesn't meet the requirements and fee is non refundable
1) My question is why they didn't mentioned it before paying. I asked twice and thrice that WHAT IF I DONT MEET THE REQUIREMENTS. he said everything is good.
2) Why bank process started after paying the amount, and a sanction letter is issue before document verification?
As we are middle class people. even a rupee is precious . the hard earning of 6000/- evaporated like steam. the need of a destitute person for money for many important things, for banks it has become a hard core business.
these banks bleed farmers, common man, but not bandicoots like businessmen who looted and having luxurious life. Was this information helpful? | 
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