*If you have no reason to commit suicide, take a home loan from DHFL- the friendly home people.They cheat you at every turn and soon you look to yourself a helpless fool.When they come with the offer letter, it is roses, roses all the way:competitive rate of interest, no hidden charges, no prepayment penalty.transparency and what not.
Once the deal is struck and you sign a few loose sheets, things take a U turn.They don’t mean what they say and they don’t say what they mean. Suddenly the interest rate goes skyward never to come down, prepayment becomes a suicidal affair:penalty charges, surcharges, hidden charges and pestering calls, make you mad if you still manage to remain sane.
You might ask for a statement of account. The friendly people will never respond to your request. You might contact them over phone. The friendly people will blame it all on PLR/BPLR conundrum.You might wonder why even drastic cuts in them doesn’t attract their attention.That proves that you are a fool.You might think that the friendly people are keeping their rates in the clouds to help recover their bad debts.Now it is clear that you are mad.The present rate is only 14.25%.
At every rise in interest, the EMI is increased and it is kept a secret until a substantial sum becomes dues. Then begins a flurry of phone calls demanding immediate payment with penalty charge of only 24% monthly, plus additional interest, the rate of which is always a mystery.You might want to foreclose or to switchover.That is thought crime and it is because you are mad. Penalty, Surcharge and a whole lot of monsters rush in with the friendly people. You might think of legal remedy.Not easy.
That is to be filed only in Bombay as per the loose sheets. The trap is very well set. While you languish not knowing what to do, you have the great pleasure of being advised by Mr.S.Wadhwan if he finds time to give lessons on loan management through the media, free of cost. Wolves appear in sheepscoat and devils cite scriptures for you. It is rumoured that regulatory mechanisms are there up the sleeves with the govt. Not sure. If at all such luxuries are there, it is quite unlikely that they will ever become operative in this beautiful country. And if they do by mistake, by then the friendly people will have made your home your tomb: at no extra cost.*