IndiaBulls — indiabulls housing finance ltd. home loan

Address:

Thane, Maharashtra, 400615

Hi team,

I recently got a loan sanctioned from the indiabulls housing finance ltd. For the amount of inr 90, 00, 000. Attached is a copy of the sanction letter.

However, we would like to get a clarification on the following items which are mentioned in the sanction letter and for which the representatives of indiabulls housing finance ltd. Have been providing insufficient clarification to us till now :-

Issue # 1 : as per clause # 13 of the sanction letter, the loan is to be insured mandatorily.
Clarification provided by indiabulls representative : for all defence personnel (My father, who is a co-applicant is a serving officer of the indian army) loan insurance is mandatory
Clarification required by us: this condition was not disclosed during collection of document. Also, can you please provide the rbi policy which mandates insurance for home loans for defence personnel? Insurances are generally a paid optional service and thus shouldn’t be imposed on the customer. For now, we have been told by the indiabulls representatives to avail an insurance from hdfc by paying inr 1, 68, 118. We believe that this insurance should be optional since it is a paid service.

Issue # 2 : as per clause # 6, a legal heir declaration is only required if the age of the property owner exceeds 75 years at the time of loan maturity. At the time of loan amount maturity my father’s age will be 70 and my age will be 40. However, clause # 9 mandates this document. The sanction letter has two clauses which contradict each other.
Clarification provided by indiabulls representative : for all defence personnel, because they keep getting transferred, a legal heir declaration is mandatory
Clarification required by us : this condition was not disclosed during collection of documents. Also, can you please provide the rbi policy which mandates providing legal heir declaration for defence personnel? The applicant is well within the 75 age limit at the time of loan maturity and thus the sanction letter itself has contradictory clauses.

Please address the above queries at the earliest so that we can go ahead with the rest of the loan procedures.