I have faced a bad experience with HDFC bank. They said they would issue me a mortgage loan and asked for processing fees of Rs. 2500/- to process the loan. They said that without the processing amount, they cannot start the process. They said the loan would be sanctioned and so I agreed to pay for the processing amount. They agreed to provide me loan for 13.5% after verifying my details and my credit standing. And when the time of the signing of the agreement came within the next day of informing that they have approved my credit standing and other details, they said that the interest rate is 14.5% as their previous scheme got over. How is it possible that they inform one rate of one day and another rate after everything is agreed by the customer. I also informed them that I would want my lawyer to go over the agreement before I sign them and I cannot agree to an increase in the amount. Then they changed their tunes and informed me that they would give the loan for an interest of 13.5% as agreed earlier, but have to sign the agreement within the next 1-hour. I said that it is not possible to sign the agreement without my lawyer seeing it. Why is the HDFC bank against me showing the agreement to my lawyer? Why were they in a hurry to reduce the interest rate and make me sign the agreement when the issue of lawyer came up? Something is definitely wrong in their dealings. I refused to take their loan and I am happy that I made such a decision.
There is a real trap that private banks like HDFC and ICICI imply. They try to be good initially and when they think that we would be their customers, then they tend to act pricey. Again when they think they are losing their customer, they would again put forth new offers to lure you back to them. Beware of HDFC and ICICI dealings. They would trap customers in the end after signing agreements with them. They also refuse to refund processing fees initially promising loan sacntions. I request all of those who have dealings with these banks to be careful and not to fall into their trap.
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