Related to dhfl loan against property!!
Ajay Kumar Sinha
(Querist) 06 September 2016
This query is : Resolved
Respected Sir/ Madam
In the month of February 2016, i applied for loan against property to DHFL. On that time i was really in need to make payment for the property. When they knew i am needy, the bank asked me to deposit 3 EMIs in advance for security (20600 X 3). Also they enforeced Insurance policies for Rs 1.3 Lakhs one time premium amount. I had no option except saying yes on that time. They also took processing fees for that i am not worried about. But they took the processing fees in another way too. Just to sanction the loan. that was too painful.
Please let me know if any condition in future if i unable to pay the 3 EMIs, Is there any way to adjust my already deposited amount to DHFL?
I had raised this query to DHFL, they said NO the 3 advance EMIs would be given back at the time of closure. I have took a loan for 15 years, If i leave the money as per their policy. In 15 years the amount Rs 61890 would be around triple. But DHFL wont give me any benefit for that amount. They already charging 13% rate of interest for all the amount 15 Lakhs Plus 1.3 Lakhs for insurance included in loan forcibly.
Can any anyone guide and help me out?
Regards
Ajay Kumar Sinha
Vaishali, Ghaziabad
rajeev sharma
(Expert) 06 September 2016
It seems that you were in dire need of funds that's why you did not contacted any nationalised bank. What H D F L did with you is simply exploitation. HDFL is an NBC and it has to act as per rules laid down by R BI send them a notice through a counsel and if they don't respond make a complaint to RBI. You may file complaint with consumers forum of your district
Kumar Doab
(Expert) 06 September 2016
Is all you have posted in writing and inserted in loan agreement?
Rajendra K Goyal
(Expert) 07 September 2016
Send registered letter to adjust your advance EMI with interest in your loan account. You have taken loan against property and not against advance EMI.
If the company does not agree, lodge complaint with the consumer forum.
Ajay Kumar Sinha
(Querist) 07 September 2016
Thank you so much for responding on my queries. Actually i did sent emails to their customer and their higher management, As per the reply, The advance EMIs would be adjusted at the time of closure. They said they don't have policy to adjust the EMIs. Also for forced insurance policies are concerned, they said it is our policy to give insurance policy along with loan. and you have agreed at the time of taking loan. They took full benefit of my need for taking loan. I had a talk with Bank via phone for adjusting the advance EMIs, They said NO. If your ECS gets bounced the DHFL will charge penalties for that. Honestly saying I dont know what to do here. I did sent the request to bank via courier and i have that copy. but as suggested will send it via registered letter. If they don't respond then would act further as suggested.
Regards
Ajay
Ajay Kumar Sinha
(Querist) 07 September 2016
Thank you so much for responding on my queries. Actually i did sent emails to their customer and their higher management, As per the reply, The advance EMIs would be adjusted at the time of closure. They said they don't have policy to adjust the EMIs. Also for forced insurance policies are concerned, they said it is our policy to give insurance policy along with loan. and you have agreed at the time of taking loan. They took full benefit of my need for taking loan. I had a talk with Bank via phone for adjusting the advance EMIs, They said NO. If your ECS gets bounced the DHFL will charge penalties for that. Honestly saying I dont know what to do here. I did sent the request to bank via courier and i have that copy. but as suggested will send it via registered letter. If they don't respond then would act further as suggested.
Regards
Ajay
Kumar Doab
(Expert) 07 September 2016
Do you have loan brochure, loan application, loan agreement, loan statement, acknowledgment of advance EMI's........?
You should have been provided with authenticated copies.
It is very much possible that the insurance policy condition was inserted in these docs or other docs signed by you.
The reply that 'The advance EMIs would be adjusted at the time of closure' does not seem to be palatable.
Rajendra K Goyal
(Expert) 08 September 2016
Lodge consumer complaint if the company is not adjusting advance EMI. Also claim intervening interest. Also ask for refund of insurance policy amount forcibly sold to you.
Also lodge complaint with RBI, IRDA for selling Insurance policy forcefully.
Kumar Doab
(Expert) 08 September 2016
You have been replied from various stances.
You may act.
Better show all docs on record to a very able counsel specializing in banking/consumer matters, before you proceed on your own.
Raj Kumar Makkad
(Expert) 08 September 2016
Your query stand attended on all angles, hope it is suffice.
Ajay Kumar Sinha
(Querist) 10 September 2016
Thanks you so much for helping me out in giving best suggestions. as far as documents are concerned, They haven't provided me the loan agreement or any brouchure, loan statement etc. When i complaint via email to provide me confirmation the documents and the advance EMIs taken from then. They they confirmed via email that my house documents are with them, also the advance 3 EMIs taken from me. At the time of taking loan i opposed for forcibly adding the insurance policies. even i said it is written that out of three policies i can opt for one. But they said NO, all the tree would be implemented if you want to take loan.And its our DHFL Policy. I do have only the sanctioned letter paper in which they mentioned to submit 3 EMIs in advance. I only have received the insurance policies documents from Chola Mandalam. :(
Regards
Ajay Kumar Sinha
Kumar Doab
(Expert) 10 September 2016
The documents you should have has already been posted.
It seems you have not read the posts, carefully.
That is why you have not demanded the requisite documents.
In any case beyond the suggestions already made, you have to act.
Beyond this you may discuss with your own counsel.
Rajendra K Goyal
(Expert) 21 September 2016
You are mentioning you sent E mail, not enough. send registered ad letter also with all hard copies of e-mail sent, mentioning reference.
Rajendra K Goyal
(Expert) 21 September 2016
Send registered A/d letter to supply you the copies of all the documents with account statement, you signed. Institution can not refuse as per instructions in force.
Kumar Doab
(Expert) 21 September 2016
Do not give up and get authenticated copies all docs.
You may discuss with your own counsel.
Raj Kumar Makkad
(Expert) 23 September 2016
It is your legal right to get the copies of all documents concerned with your loan account. If are not being provided, you need to make a complaint to Insurance Regulatory and Development Agency (IRDA).
Raj Kumar Makkad
(Expert) 23 September 2016
You can also make a complaint to NBFC Regulatory Agency, Department of finance, Government of India, New Delhi against the company.
Rajendra K Goyal
(Expert) 27 September 2016
Can also lodge complaint with the RBI.
Can refer citizen charter from RBI at following link of RBI:
https://www.rbi.org.in/scripts/NBFCCitiChart.aspx
Kumar Doab
(Expert) 27 September 2016
CEPD of RBI may also help you.
Rajendra K Goyal
(Expert) 27 September 2016
Agree with the expert Kumar Doab. Can also approach.
