I have applied for a homeloan with Indiabulls for Rs 40.60 lacs. I recieved the sanction of 85% of agreement value as my budget was not workingout and i required 90% finance i rejected the proposal. After a Few days Mr. Dilip Gupta came and said that the loan is approved for 40.60 lacs and you can provide the margin payment to builder and execute the loan documents. I found that the sanction letter still had 85% of LTV. He said that as a policy they do not write 90% however as the saction letter says that incase of any overlap the loan agreement supecedes the sanction letter terms please rest assured that the loan is of the amount you have asked.
Believing him, I completed all the formalities and provided the demand letter from builder, original papers of house. I recieved a SMS on 31st Aug saying that the loan is disbursed. After 10 days of that message when i checked i found that the builder has still not recieved the same. I followed up with indiabulls and after 2-3 days of lame excuses they came up saying that they want a letter for parking alottment for releasing the cheque (parking was never committed from my side and the same is not written in property papers also). I said the same is not possible they said that then the loan amount will be reduced and you have to pay additional margin.
I have worked out the budget after there committment for the loan amoount and cannot provide them anything now. please let me know whether they can breach the loan agreement they have executed when i have fulfilled all the conditions in the same. Whether all these things should be cleared before documentation or after that, to my shock they are also saying that they will charge interest for the amount they have yet not paid to builder.
Please help me and lety me know the solution. I want to take it up with consumer court if they are unable to oblige there committment.
Loan doc number is HHLMKH00071674. They are also not providing me any copy of the documents except that sanction letter.
please call me on 09322424093
Regards
Pradeep Singh
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