INDIABULLS HOUSING FINANCE - THE FINANCIAL TERRORISTS
Indiabulls Rep assured that Rate of Int would always remain at par with other banks as its very competitive market & nobody can afford to charge more. I am 75 & the Rep also emotionally black mailed by saying that you are the age of my father & will never misguide you & in good faith signed all the papers. The Sanctioned Letter had only FRR word which he explained that it means Floating Rate of Interest & handedover all other papers after getting our signatures & in good faith we kept all the papers.
But from 8.65% from May, 2018 onwards they kept increasing the rate of interest by by Feb, 2019 it touched 12.15% that too without informing us. When contacted them we were told that we are governed by our own IMLR (Indiabulls Marginal Lending rate) then we studied all the papers & found that on the last pager of last conditions they did mention about IMLR.
The present rate of interest of Home Loan is 6.5% to 6.7% & I am paying 12.15%. Is it not financial terrorism? We are at their mercy, they have tied our hands, we can't do anything because they have our signatures on the Agreement. They ask us to transfer the loan knowing that the banks entertain transfer of loan only on ready to move property & our property is not even close to completion. One side builder is killing us & on the other side Indiabulls, a Bull that haunts us all the time. Because of Crona could not move but has been communicating with them but they always talk about the terms of agreement.
Govt has made departments for filing complaints but these too are eyewash. I filed complaint with National Housing Bank, they rejected. I filed appeal & its lying pending for three months & I am sure, nothing is going to happen.
The best alternative is to file case with NCDRC but the limit of value is 10 crores. Until 10-15 people join hands & file joint case nothing is going to happen. Filing case with Distt consumer or State consumer court is not going to serve any purpose.
Friends mark in you mind, never go for any financial company for home loan only those banks which are governed by RBI norms. Companies like Indiabulls come under NBFC (Non Banking Financial Institutions). These are sharks & its very difficult to come out of their clutches.
Had I known the facts I would never have transferred my case from Axis Bank to Indiabulls. My Axis Bank loan was
going to be over by 2026 & Indiabulls loan as per their statement is ending in 2038. I have no idea I be alive till then.
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