I had loan from Axis Bank & the EMI was more than 63000/- To bring it down to Rs.50000 was looking for an alternative & Indiabulls offered loan at the same rate with increase of time period from 13 to 15 years & we were ok with that.
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.
SS Kumar
M: 9654048490 more  

View all 16 comments Below 16 comments
I face same issue I have taken housing loan from LIC housing finance (LICFHL) though initially the agent promised the rates will be at per with Govt banks, now I find the interest is far more than Govt/private rates (12%), these agents are there to sell their product in dishonest manner , this is the truth, there should be some regulation to punish such fake promises specially in housing loan sector. more  
Explore;How banks are giving loans to 68 and above aged persons ( Very many cases pending after covid 19 struck,before the magistrate and SBI for transfer of property)( The average life expectancy has to be adopted, unless loan is short term and persons are employed) 2.Are they authorized to give loan on pension, after retirement ( happening in many cases) 3.Such of cases where collateral/ transfer rights are there, then the burden should be on them more  
This case is an eye opener for all of us. more  
Financially IB is in red with its NPA crossing limits. It will be another UNITECH if remedies are not done. Take care more  
Mr.Saripalli, Common man hardly knows the difference between Housing Finance Company & the Bank. Agents & middlemen do not educate nor RBI. RBI gives lot of advertisement warning public for not sharing personal details or OTP etc but do not teach the public about the difference between the Housing Finance Company which are not governed by RBI guidelines & the Banks who are governed by RBI Guidelines. more  
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