08/01/2020
TO,
IDFC FIRST BANK
SAGA OF MISELLING AND HARASSMENT ON HOME LOAN NO. 22444790 FOR UNFAIR PROFITS BY IDFC FIRST BANK
My Self MR. Amit Yadav has applied for a home loan with IDFC CAPITAL FIRST BANK IN JUNE 2019.
I Visited IDFC CAPITAL FIRST BANK HOME LOAN BRANCH AT PREM SADAN, KAROL BAGH, NEW DELHI. There I Received a Sanction letter of Rs. 51 lakhs on 12th June 2019 with 2 life insurance policies mentioned on it. And I objected that I am not interested to purchase any expensive insurance policies from this bank because already I have active LIC, A term plan of 50 lakhs for me and different insurance policies for my single girl child.
my family is fully insured so I rejected on the first stance. But sales representative Mr. Anuj Sharma threaten and forced me that I just purchased these two policies from bank Otherwise we will not Disburse your Home loan so at last moment under tremendous pressure that he builts took my signature. There were One life insurance policy Rs. 78553, Another General Insurance policy Rs. 38696. So total he clubbed me 117249 Rs on Name of Insurance with the Home loan.
On 14/06/2019, I got my home loan disbursed of a total of 4941235 Rs out of 5100000 remaining( 12036 rs as Processing Fees, 5000 as File Login Fees, 24480 rs as Upfront EMI, 117249 rs as Insurance policies fees) they deducted.
exactly on 19/06/2019 after 5 days of my home loan Disbursed. I visited the bank home loan branch and filed a written cancellation request against these insurance Policies. As well as on their customer care email I placed the same cancellation Request.
After that I have been regularly receiving calls from IDFC CAPITAL FIRST BANK customer care representatives with a Non-friendly gesture that this is IDFC FIRST BANK Policy so we cannot cancel this Insurance, you do whatever you like to do.
the number of times I sent mail and was reminding on Phone that this kind of Practise is against RBI Guidelines. but there was no relief and action took place by IDFC BANK.
At last When in December 2019 I got a good offer from another bank with a low rate of interest.
so to get a foreclosure letter I placed a request with customer care. IDFC FIRST Customer care sent me forclosure letter on my registered email with 253203 Rs as Foreclosure charge, GST 45576 Rs
I got shocked by how Bank can apply foreclosure charge and GST in the form of penalty on the home loan. it was totally against of RBI Guidelines and against my home loan Agreement.
I have been mentally harassed by customer care. They were forcing me that I must pay a penalty for Foreclosure with them. they did not agree to close this loan without Penalty. even though I always paid my every EMI on time.
I have been regularly visiting their branch on the floor to floor but they didn’t listen.
So at last when I made up my mind to call the police in the Bank Home loan Department then suddenly they twisted and accept my Demand Draft of Balance Transfer on 17th DECEMBER 2019.
At last, I got NOC And my Property Papers after visiting the number of times to Home Loan Department.
Recently since the last 10 days, they have been sending mails to give PAN CARD, NEFT BANK DETAILS Because they like to refund some amount as the name of insurance policy cancellation. but I mailed them on Head.customerservice@idfcfirstbank.com and their different customer service email addresses that as long as they not clear there stand in writing that how much they are willing to refund my disputed amount. I can’t surrender my self for these GHOST insurance policies because these policies never been handed over to me in hand.
what were the consequences if during loan term tenure any mishappening happened with me or with my home. I couldn’t claim anything because in hand there was no insurance policy but the bank was charging me monthly interest on these Ghost Insurance policies.
IDFC FIRST bank has not given me the window for 30 days free look period on Insurance Policies that right which provided by INSURANCE REGULATORY to every customer because if that could happen then how IDFC Bank can squeeze profit from me. This bank didn’t bother about my rights as a customer.
So now I am fully free from the trap of home loan with IDFC FIRST BANK. And freely can take my request to NATIONAL CONSUMER HELPLINE. An authority that can provide me compensation for mental harassment and sleepless nights as well as take necessary action that no innocent customer will suffer from unethical, intention to cheat and fraud by IDFC FIRST BANK.
With exercising my consumer rights I have filled a complaint no. 1839104 against my refund with NATIONAL CONSUMER HELPLINE.
enclosed: written complaint with IDFC CUSTOMER CARE Stamp 2. Forclosure letter with GST, CHARGES On Foreclosure of HL
THANKING YOU,
AMIT YADAV