I wanted to share my good experience with Axis Bank - Power Home. I booked a flat in Bannerghatta Road in Bangalore, behind IIM. As most of the young professional, I also wanted finance for buying my dream flat. I have read most of the review about few banks like, ICICI, HDFC, SBI, etc and they decided to apply for the loan with Axis.
The reason for this is I do not like ICICI Bank. My best preference was HDFC, but the credit manager there informed me that based on my current monthly income and existing loan commitment (Approx. 11 K permont for car and personal loans) he will not be able to finance the require amount of 25 lakhs.He said he can give maximum of 22 Lakhs. Then I approached the Axis Bank.
They did their calculations and said I can get upto 25.50 Lakhs. The executive (Gnana Sekhar - DMA - Credit Consultants) was a good person and explained me in detail every thing and collected all the documents and processing fees of 5, 618/-. He also informed that this fees will not be refunded even if my application is rejected. He further said that if the loan is sanctioned the remaining processing fees and stamp duly applicable in bangalore will be deducted at the time of first disbursement is done.
The varification process took about 2 days. On 4th day he proactively called me and informed me that my file has been put on hold due to some issue in CIBIL. He told me that his manager will take care of my case. His Manager (Mr. Mahesh - Credit Consultants) called me and informed me that in CIBIL it is showing that I have an outstanding of 85, 000 in a credit card. He was not able to provide me the Card number or card issuer name.
I told him that I do not have any card with such huge credit limit or never defaulted on any card. Then he asked me to provide him the loan closure letters of all previous loans, repayment track of my car loan and personal loan with Axis Bank itself. He also requested me to give him the settlement letter copy of few cards that I closed earlier. He said me one I give all the documents, he will be able to convience the credit manager to approve my case.
I gave him all the information next day. He told me that it will take another 4-5 working days to get the results (he never promised me that loan will be sanctioned, he only assued his best service to get approval). Again after 3 days he called me and informed that he will let me know in next couple of days as the first credit manager who raised query on my case is now convienced and approved, it still requires approval form head office (as my name was appearing in CIBIL). At last by the 9th day afternoon around 12.00 he send across the saction order copy. I was really touched with the kind of service credit consultants provided me. Getting home loan is not very difficult and at the same time not as easy also. Particularly when your name is there in CIBIL most of the PSU banks do not look into the case at all. They do not want to access case. However Axix Bank Credit Managers looked into all my past history and sanctioned the loan and believed me that I have not defaulted in Credit Card.
It also made me happy that when the interest rates were revised in July’2008 due to CRR hike and Repo Hike, first Axis Bank sent me an SMS alert advising me the new revised rate and also they send a letter to my residence advising the same. The disbursement also happened at correct time.Now me and my builder both are happy and bank also because I am paying my interst on time.
The only small thing that I do not like is they present the EMI check after one week from the due date. I opted for 20th of the month but they present the check on 27-28 only. I have this loan for last 3 months and hope my happiness lasts till I close the loan.