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 15 comments Below 15 comments
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  
Indiabulls HFL are Bast**ds. They are only fleecing customers. They sanctioned me a housing loan of 1.7cr in 2018. First they FORCED me to take a insurance (for which i am paying additional EMI) otherwise they would not sanction my loan. They disbursed only 43 lakh to the builder and thereafter stopped disbursing further amount without any reason. I have been submitting the demand letters, sending emails and also thru their app but there is no response. Now i want to transfer the loan to some other bank but since this sanctioned amount of 1.7 is already showing against my name, it is almost impossible to get a fresh loan. Now, the builder is charging me heavy interest every month for the overdue payment. I am in deep financial problem because of Indiabulls and their unprofessionalism. They are rogues and frauds. more  
Saripalli ji,
National or HDFC any bank entertains transfer of only those loans which are against ready to move or ready property. In our case even the builder is fleecing us. We paid 90% money in advance & the construction is left incomplete & have no idea when will they restart. So no bank is ready to entertain. more  
I am pretty sure that there could hardly be any person who would be happy with IndiaBulls. Infact everything depends upon the policies of the management. If management has only one policy to look for opportunities to take advantage of customers unfavorable circumstances & fleece them, the paid staff have to follow those policies only. more  
Collect a letter a zero of sanctioned papers, Go to a national or HDFC bank. Ask for Bridge loan.
Approach,Also Housing Financing and other intermediary services
If you know above a branch manager in any bank they can help you more  
Post a Comment

Related Posts


      Sir, at the time of sanction I was told that Indiabulls rate of interest will remain equal to other banks giving me an impression that Indiabulls is governed by RBI guidelines. Had Indiabulls follo...

    • Medical companies must be regulated

      Johnson & Johnson knew for decades that carcinogenic asbestos, lurked in their baby powder Documents examined by Reuters show despite knowing J&J hid this info from regulators and publ...

      By Kajal Singh
    • Lagori Made in China should not be permitted for import

      A consignment of made-in-China toys, which are highly popular among children in India, has been seized in the US after they were found to be coated with dangerous chemicals, according to officials....

      By Aditi Jain
    • Visa by american embassy

      It is next to impossible to find the correct website to apply american visa. Google is full with misleading names in disguise of american visa who will take money and cheat you . I complaint to am...

      By Rajeev Bhargava
    • PPE kit standards

      We’d be saving a lot of material if we had PPE in the required sizes instead of having all extra large sets. The health workers and patients and attendants would trip less often. ...

      By Bharat Lal
    • Invoicing Standards needed in India

      See attached invoice. One cannot see the details. Need of the hour. India should have a retail invoicing standard. It should have a set number of minimum fields and must be printed on paper where i...

      By Radha Puri
    • Air bags Mandatory in all cars

      I got this attached notification on whatsapp friends. Can BIS please confirm if air bags are now mandatory in all cars? How is it being enforced??

      By Amod Agarwal
    • Asian Paints refuses to respond!

      Asian Paints - horrible services!! useless waranties and promises of guaranteed work! Had got my house externally waterproofed in 2019, just before the covid lockdown. Also 3 rooms were painte...

      By Putty Malhotra
    • Retailer Labeling Standards

      Can the BIS make the standards for retailer labeling mandatory please. The labels should be placed such that they dont hide important product information from consumer. See attached.

      By Sarita Ravichandran
    • Hallmarking and Jewellers

      BIS marked jewellery is good for the consumer. It brings granular, product responsibility to every jewel. Traceability and product liability was virtually non existent till now.

      By Aditi Mitra
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)