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homeloaninterestratesindia · 8 years ago

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HDFC Ltd Home Loan Experience – A Learning for Borrowers

Today i will share my worst experience till date i.e. availing Home Loan from HDFC Ltd. As i mentioned in my previous post that HDFC Ltd. and HDFC Bank are 2 different listed entities. Many potential borrowers fall into this trap considering both are same. After Pre Home Loan Review I finalized HDFC Ltd based on good experience with HDFC Bank. After processing fee was en-cashed, I came to know that both are different. It was too late. HDFC Ltd is largest and oldest lender. My personal philosophy is to always go with Market Leader and you will not face any problem. Unfortunately, this time, i was wrong.

I took the loan from Marathalli Branch in Bangalore. On a fateful day, i visited the branch first met a gentlemen Mr. Niranjan who is branch head. He passed me the no. of DSA (Direct Selling Agent) Mr. Vinod & told me to coordinate with him. I called Vinod and he seems to be a very nice person. He was very sweet during first interaction and promised me that he will help end to end in this process. I just need to sit back and relax.

Besides helping in Home Loan Processing Fees, DSA’s also help in other activities like notarization, e-stamping etc. The biggest advantage is that you need not go anywhere. My first advice is to select your DSA very carefully and through reference only. Like Husbands/Wives they can also make your life Heaven or Hell :). For a home loan application, I told Vinod that I will be late from office. He told me that for him the customer is GOD. He can come at midnight for business. I fell flat with his customer friendly approach and thought i have landed in right hands.

The same day he came at 10 PM in the night and since i already had a list of documents required for loan processing, I handed over the complete set to him. During the informal conversation, he told me some health problems his family is facing (Which I realized later that it was cooked up to gain sympathy). While leaving, he told that he will let me know in 2-3 days on my exact loan eligibility and loan status. Just to add i was applying for pre-approved Home Loan Processing Fees.

To my utter surprise, next day i received a call from him and he told that all the docs are in place for loan processing. As a next step, i need to submit the processing fee (PF) that was approx 11k plus. He told that he will come in the evening & will collect the cheque. I requested him to waive it off as I heard that usually HDFC waive off processing fees. He told me that now it is not possible but still he will check with his senior and confirm to me.

Same day evening I received call from him and he told that he tried to convince his boss. The scheme to waive off processing fees is over. I said OK you can come and collect the cheque same day late evening. He also assured that if i will share a single case of PF waiver then he will refund the same from his pocket to me. He also promised i will get sanction letter in a max 2-3 days time. I gave him PF cheque same day evening and that was en-cashed next day.

This was the beginning of my troubles. Just after cheques encashment, DSA stopped taking my calls. I used to call him numerous times, dropped so many SMS but he never used to call back and respond back. Whenever I tried from my other mob no or landline, he used to pick up call and apologize for not picking up the call from my mobile no. with him. After that, he stopped picking up call from my other no’s also, I found out innovative ways to reach him like a call from PCO, friends mobile etc.

{Source: http://www.nitinbhatia.in/home-loan/home-loan-experience-with-hdfc-ltd/}

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