I have applied for home loan with HDFC Limited (51, HDFC HOUSE, KASTURBA ROAD, BANGALORE-560001PH: 080-41183000 /41183232, FAX: 080-22275754)
and have taken a preapproved loan for Rs 19, 00, 000 (file no: 600950563/JT) dated 09-DEC.
I have paid them Rs 11030/- as processing fee. I finalized a property in Hyderabad and entered into an agreement of sale on 22-JAN and have submitted all the required documents on 24-JAN and on 27-JAN I was told to furnish the original agreement of sale copy and I submitted the document on the28-JAN morning. I had an agreement with the seller to register the property within 30 days.
I was told on 28-JAN evening that they would be sanctioning loan amount based on the Govt value of the property and not on the market value in Hyderabad. Right from the day one when I made an application to them I told and conveyed in writing that I will be purchasing the property in Hyderabad. I requested them to sanction the loan amount based on market value and not on Govt value to which they said that their company’s policy is against sanctioning loan based on market value in Hyderabad but they can sanction the loan on market value basis if the said property is purchased in Bangalore.
All along right from the day one their executive (Name: Raghulan) was saying that they would be sanctioning the loan even if the property is in Hyderabad and at market value. Now when they are refusing to fund the property I feel very cheated because it is a huge commitment I made with the seller and I have no other way to go in this short time. I felt very depressed and felt like committing suicide but I gathered courage and decided against that.
Now since I am not sanctioned a loan from HDFC limited my earnest appeal to the highest bank and the regulatory authority (Reserve Bank of India) to take stringent action against the HDFC Limited and order to refund my processing fee of Rs 11030/-. I want to complain against such practices employed by banks and they are duping middle class citizens by collecting the huge processing fee early before sanctioning the loan. I am a middle class individual and Rs 11030 is huge amount to me.
Please do the needful in getting my money refunded and also penalize such funding agencies to set a deterrent to others.
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