Its more than 2 months and I am still hanging with the mistake of having applied for the HDFC home loan for my house construction.
As others have mentioned the sales people make it sound very rosy and 15 days and your loan would be cleared is what the agent said. Its 65 days now and still I am submitting one document after the other.
My property is clear with all the required documents. I applied for the loan on 18th Oct 2011 and gave all the documents copy to the agent along with the processing fee chq. The chq was submitted in less than two weeks and money was debited. They sat on the whole thing for one and half month and when I called to find out when the disbursement is going to be, they say that some estimate is not there and I need to get it.
They admitted that it was their mistake to have come back after one and half month on this and not earlier. I managed to get the estimate from the contractor. After 3 - 4 days they say it is not in the specified format. It took another week to get the details in their required format.
Then they say that they have sanctioned the loan and asked for the original documents. Agent came and collected and has been absconding after than. He does not take my calls, return the calls and does not respond to the SMSs. His superior is not at all aware of any of these things.
Now they have come up with another list of documents without which they will not release the loan.
Meanwhile they have also collected money towards stamp duty. All together I have already paid Rs.15K to them for nothing.
I am going to the bank tomorrow and asking them to cancel the loan as there is no guarantee where this is going.