IDBI Bank, Pune
Intentional delay in sanction of home loanand now delay in disbursement

Sir,

This is regarding a home loan applied by me from IDBI Bank, Pune. I am a resident of Lucknow and have purchased a flat in Wakad, Pune jn the month of March. Perhaps on the behest of the builder, one mr. Amit Jaju of the IDBI Bank, Pune contacted me regarding a home loan. I sent him all the required documents (on real value address). He assured me of a sanction of Rs.25 lac as home loan on the basis of my documents. I reached Pune on 14/04 and completed the formalities. But to my surprise, he asked for an additional formality i.e. he insisted and made my son Vismaya, a co- applicant (pehaps purposely).

Thereafter, the bank people started delaying the things deliberately on one pretext or the other.

First, they asked for a number of formalities from my son, the co-applicant which were quite unnecessary. Then they played the CIBIL card..CIBIL falsely reported an adverse entry against me and on this pretext they delayed the sanction of the aforesaid home loan for about a month. Ultimately, after my herculean efforts, I could get my falsely implicated name cleared.

The bank then suddenly reduced my eligibility and finally after a lot of unnecessary hiccups, they sanctioned a loan of Rs. 22.15 lac only on 12/06.

After sanction the Bank, apart from asking for 30 post dated cheques, have also put up a number of other conditions.

As a matter of fact, they have not indicated in the sanction letter as to what would be the date of first EMI cheque and other cheques.

Mr. Amit Jaju has been insisting that"I provide the bank 04 no. blank cheques", to which I objected. After a lot of deliberations on phone, now he insists that I have to get an insurance for property and one "fortis" insurance. Only then the bank will think about the disbursement of loan wheras there were no such coditions set forth by the bank at the outset.

In my considered view, I find it arbitrary as well as illegal on the part of the bank to put forth one set of conditons at the time of application and another set of conditions for disbursement of loan. This virtually amounts to blackmail. Surprisingly, the bank is unwilling to give many of such conditions in writing.

In light of the above, I would like to know the legal position. As I a have had to suffer a lot of mental agony and harassment during all this period, specifically due to CIBIL and due to the thoroughly unprofessional and non co-operative attitude of the IDBI Bank.

Kindly help me out of the situation so that I get the loan disbursed without further delay and also get compensated for the wrongs committed by CIBIL and IDBI Bank, Pune.

Thanking you in anticipation,

VINOD KUMAR TRIPATHI

Company: IDBI Bank, Pune
Country: India
State: Maharashtra
City: Pune

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