Mortgage Loan
False practice to sell products

ON 30-11-09, I HAD APPLIED FOR COMMERCIAL LOAN FOR INDUSTRIAL GALA LOCATED IN GOREGAON WITH HDFC BANK (JB NAGAR, ANDHERI KURLA ROAD, ANDHERI EAST).

THE APPLICATION FORM NO IS __.THE CASE GOES THIS WAY, I WAS TOLD THAT MY LOAN HAS BEEN APPROVED ON THE COMMERCIAL/INDUSTRIAL GALA, AFTER GOING THROUGH MY LEGAL DOCUMENTS, MY FINACIAL HISTORY AND CLEARING THE TECHNICAL AND LEAGAL PROCEDURE I WAS TOLD THE LOAN IS SANCTION AND I WILL RECIVE THE LETTER IN 2 WORKING DAYS. THEN ON THE DAY (AFTER NEARLY 20 DAYS) I WAS ABOUT TO RECEIVE THE SANCTION LETTER, SOME MR.SACHIN AHIRE FROM CREDIT DEPARTMENT MADE A VISIT TO THE ESTATE AND I WAS INFORMED THAT THE LOAN CAN NOT BE SANCTIONED ON THE INDUSTRIAL GALA. WHEN I ASKED THE REASONS I WAS TOLD THAT THEY ARE BANKS INTERNAL POLICIES AND WHEN I ASKED WHICH POLICIES I WAS TOLD ON THIS GALA YOU WILL NOT GET LOAN AT ALL.

THEN I WAS TOLD TO GO FOR SECURED LOAN AGAINST MY PLACE OF RESIDENCE TO WHICH WE AGREED. OUR LOAN WAS SANCTIONED ON 26.12.09 REF NO:- AND SR NO: LAP .AFTER RECIVEING THE LETTER I WAS TOLD IT IS MANDATORY TO BUY A LIFE INSURANCE POLICY FROM HDFC STANDARD LIFE. TO WHICH I MADE A FEW INQUIRES AND FOUND THAT THERE IS NO SUCH MANDATORY RULE SET BY HDFC BANK TO BUY A POLICY TO SECURE LOAN. ONE MR.BHAVIN DINESH SHAH, WITH BUSINESS BANKING DEPARTMENT PRESSED ON ME TO BUY A LIFE INSURANCE POLICY FROM THEIR INSURANCE AGENTS OR ELSE I WAS RUDLY ASKED TO RETURN THE SANCTION LETTER AND WAS FURTHER TOLD THAT EVEN IF WE APPLY FROM ANY OTHER HDFC BRANCH HE (MR.BHAVIN DINESH SHAH) WILL MAKE SURE THAT MY LOAN WAS NOT DISBURSED WITHOUT ME BUYING A LIFE INSURANCE POLICY.

I STRONGLY OPPOSE AND WANT THE AUTHORITIES TO TAKE THE STRICT ACTION ON THE CONCERNED PERSONS WHO FOR THERE PERSONAL GAINS ASK PEOPLE TO BUY LIFE INSURANCE POLICIES AND COMPLETE THEIR TARGETS. THIS IS NOT A ETHICAL WAY TO SELL BANK PRODUCTS TO PEOPLE WHO ALREADY ARE APPLYING FOR LOANS FOR VARIOUS REASONS.

WE HEREBY REQUEST AND DEMAND TO TAKE PROPER ACTIONS AGAINTS THE SAID PERSON AND STOP THIS PRACTICE.

PLEASE SEND US A ACKNOWLEDGE MENT OF THIS COMPLAINT.

Company: Mortgage Loan
Country: India

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