[Resolved]  L&t Housing Finance — Fraud in home loan processing by L&T Housing Finance

Address: Mumbai City, Maharashtra

This is to bring to your notice the experience which I had recently with L&T Housing Finance (You guys) regarding the Home Loan. In spite of Working for the same parent company, I feel cheated by L&T Housing finance. After looking at the Employee referral mailers for L&T Housing finance, we felt that the Loan procedure will be genuine and will be done as they promise. But that was not the case. I would like to share my experience, so that no other employee within our organizational structure get cheated again. Me and my husband owns a under constructed property at Dahisar named DB Ozone, for which we thought of applying for home loan with L&T Finance after seeing the advertisements dated 9th June 2014. On 10th June 2014 we spoke to Gambhir S and Shoheb Pathan, Relationship Managers from L&T Finance regarding the Home loan. They asked for all relevant documents and before proceeding with the loan application me and my husband confirmed at least 10 times from them that are they investing in DB property and everyone gave us an affirmation. Apart from these two main representatives there were other Credit managers and relationship managers who assured that the same will be done and based on that we handed over all the documents to them. Firstly, as per the mailer they didn’t provide any sanction letter or anything after getting valid documents, it was only a verbal confirmation. Secondly and worst part is they took 7 days just to login the same in system and consequently loan account number was created on 17th June 2014 (which is too much). After that also there were no calls/Updates/mailers from L&T Finance and just silly queries whenever we tried and reached any of the relationship managers. Thirdly, the staff responsible for background check were rude while asking queries and were not trained in Communication etiquette's. Truly this is one of the very worst and unpleasant experiences in my life which I have had. This shows us the type of customer support and representation of the company in the market. We are disheartened to say that I am associated with the L&T group with a huge brand name which advocates timely delivery and instills a sense of trust amongst us. But this is all show and no promise. After all these formalities we have been persistently assured that the loan formality is almost done and is approved and will call up with confirmation soon. We were kept in the dark with the false pretext of the approval and when we followed up to check the current status of the same, we were truly disappointed to know that the loan proposal is rejected as currently L&T Finance is not funding loans to DB property. Most shocking thing for us was that after all the confirmation and assurance based on which we applied the loan was same for which it was rejected. This leads us to think that L&T Finance are tricking us in order to collect processing amount and gain their funds. This incident not only wasted our money as well as precious time which we would have spent in applying with other banks, now we are struggling to pay money for the slab amount that is getting generated once in 2 weeks. Subsequently, we will be not only be filing a case in Consumer Court but also highlight the same to L&T Finance general Body to show what type of Moral Outbreak has been brought down on us by them. We would make sure that such type of incidents do not occur with other people and will warn them in whichever way possible. We will use this incident as a good example in public forums which I take and make people realize not to go ahead with this group at any cost. Just for information, we have applied in other bank for the same loans and haven’t come across any such finding or issues till date. This is a very shocking anatomy to our finding and still keeps the questions unanswered as to why there is false assurance given in order to collect the loan processing amount. VERY DISAPPOINTED Home Loan Applicant of L&T Housing finance