I applied for a home loan from HDFC for a resale flat in Pune and went through a horrid time. This was my second home loan with HDFC, first being for a newly constructed house. The experience was amazing for the former and left me really impressed. We hardly had to move a muscle and the home loan agent Mr Kartik Kusurkar(trainee) did the hard work.
However my expectations got a drubbing when I applied again for the home loan. The process was tedious and they made us run from pillar to post for minor documents. In fact we were the ones who took the initiative in driving the evaluation process. The Home loan agent a.k.a Loan shark only played a mediator(I am just being generous in calling him that) and did nothing to expedite the process. In fact we started doubting his integrity whether he wanted to delay the process so that we fail to avail of the special 8.25% ROI from HDFC which was valid till 31st march 2010.
It’s all right for a bank to execute their standard procedures and request for documents to validate all possible legal angles. However it is not right for Loan Sharks(agents) to sit and only watch the customer get harassed.
Amidst all of this nonsense, the only word of praise I have is for the HDFC Legal Team and some managers(Pankaj Gupte) who were very understanding and handled all conflicts with ease and explained with good logic the need for certain documents.
Please beware of such agents and try getting a organization chart \hierarchy so that you can escalate to higher levels if you do not get response from your home loan agent. I have learnt my lesson the painful way. Hope the review is useful to all loan seekers from HDFC.