I had very bad experience with First Blue Home Finance.
-I approached them because my builder had a tie up only with them for the downpayment loans!!
-The finance company's sales executive had half baked info and he used to come up with some doc requirement or the other every 3rd day.
-There were instances where i was threatened that if I did not take the mortgage insurance from them; they won't give the loan- and I anyways won't get the loan from anywhere becoz they are the only downpayment loan providors!! (blackmail)!! anyhow after my lot of requests and speaking directly with the insurance agency I came to know that it was an optional thing which sales person was unnecessarily trying to impose!! thanks to the lack of knowledge that an innocent customer has- he can be taken for a ride by anyone who is smart!
- I was told that the disbursement to the builder was already made and therefore, the Pre-EMI and EMI was charged on me (by using the Cheques given for future security purpose). However, Builder told me that did not receive the cheque. Later when i checked with the bank, they said they needed some more papers from me thereofore the cheque wasn't released.
* But if the papers were not complete, why did they disburse the loan??? They should have completed the papers first.
* Can the bank charge PRe-EMI and EMI if on papers they have disbursed the amount however in reality the cheque is still with the bank and not with the customer/builder...?
* They took my original buyer-seller agreement from the builder saying they would send the xerox of it to me; but it never arrived.
Delays from bank lead to builder levying 18% rate of interest on the remaining amount on the customer, which I should not pay because on papers bank has already disbusred the loan and in actuals I have already starting paying back to you in terms of Pre-EMI and EMI.
Now there is no one to pick your call on customer care. And if you write an email to the sales person/operations person official id, they don't reply. Infact Sales person have been threatening me that I should not write mails on his official id becoz it won't help!! may be becoz they don't want to have anything on records...!!
Is some official from First Blue or RBI listening??? Can they take some healthy corrective action and provide the due services to customers so that they end up recommending such companies rather than writing complaints about them??? I am not sure if this person was at fault or the problem is with this organization/company...
All the best to me and all those who approach such people and banks...
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