I wanted to build a sweet home for me and ventured into taking up a loan from IDBI Bank, the gravest mistake I have ever done in my life.
From SEP 2005 to till today I have passed through tough hurdles and issues with this bank.
The operating model of the home loan division of this bank is so different from other banks. These intelligent people expose the internal systems and departments of their bank to end customers like us by making us roam around between them on our own. We have to deal with sales, operations, valuators, bank lawyers etc with their own lead times and set of rules.
I faced lots of mental tension and irritation due to these guys. I lost valuable time and so many times, I could’t cater to my official work properly because of the troubles caused by these people.
Most of my issues and problems were created by them and fault was from their side and they didn’t even bother to rectify it in the simple peaceful manner they can.
I request all the people not to go to IDBI for home loan. though their product is attractive, the services you get will surely eat out your time, money and ruin your happiness.
Hurdles are issues in this episode:
The agent with whom I was interacting, their agency is cancelled so they are not responding to me.
After this agent is gone, bank is not giving me any agent through whom I can get my work done. Now I have to do all the actions and follow ups on my own. I have to interact with different departments (Sales, operations Collections) etc, which is time consuming and clarity is not there.
Whenever I go there or call them, the pass the batten to some one else very easily and no body takes a whole some responsibility for my account.
The EMI is not calculated or collected properly, which is not a problem created by me. I gave post paid cheques to collect EMI. But they say there is an over due and I have to pay it ASAP.
they are not considering my request to release the payment and collect the cheque from me for over due. Instead they say, I have to submit a cheque and wait for 2 days for realization and then only they can disburse the amount.
- There is a big gap between the initial commitments the agent has given and the actuals happening now. The agent told me that with in 48 hours of releasing the take over payment to Standard Chartered, IDBI can release the first disbursement for construction which does’t happen after one month also.
All this lovely story happened in the Garden City Bangalore.