I always ignore writing reviews but I am doing it now to keep people aware of whats coming when they apply for home loan from Indiabulls - Unprofessional Team Ever Providing Fake Informations.
I already had a sanction letter to apply for home loan up to 52 lacs from Indiabulls. I was told that it will take couple of weeks to process and disburse the loan which I was OK with.
I had to clear all the payments within a Month, failing to do so will cause a penalty of 3.5 lacs which was already informed at the time of our discussion at the start itself. The team was well aware of it from the start and I submitted the documents on 8th December and I was left with like 16-18 days to clear all my payments.
I was told that it will be easily taken care of and they requested me to wait for like 2 weeks which I did and on 21st they needed some additional information from the builder which I did provide. Then I waited for a day waiting for some update but there wasn’t any response. On 23rd I was told that I might be called for document signing in the morning and the cheque would be released on Saturday evening by the executive(Vinod - Kalyan Branch).
On Saturday morning they delayed it further, I was told that the document signing would be done on 26th and disbursement would be done in the evening. I was traveling to Tamilnadu on 27th, so I requested them to do the needful and clear everything on 26th which they again agreed to.
I went to Kalyan Branch with my family for document signing and then I was told that they will disburse the cheque Tuesday Evening(27th) or max by Wednesday(28th). I tried my best to again negotiate with my builder for which he did agree too.
I tried calling Vinod on 27th from Morning 11 AM till 7 PM without any response(Call was not picked nor did he call back again). On 28th Morning again I tried to get in touch with him but without any response and finally I called up the branch Manager Prashant to get an update but he was soo casual to say that it will take another 2 days. I kept everyone from the person who collected the document till the branch Manager in loop to ensure that I get everything on time.
I then escalated the same to their escalation team, which then looked into this matter but I didn’t see any improvement in the process. I waited for another two days without any update so 30th, 31st, 1st gone. I was still waiting for an update which I didn’t get; so I had to call again for an update. I didn’t get any response from Prashant so had to call up the escalation team.
On 2nd I called up the escalation team for an update and they put the branch Manager on a conference call. He then picked up the call and said that the cheque is ready and will be disbursed today which is 2nd January. The cheque was handed over to the builder on 3rd January. Throughout the process; I was the one who was doing all the communication to get an update of the status. As soon as they collected the document they just kept quiet with their normal process and didn’t support me in any way.
I was asked by the builder to pay an additional 3.5 lakhs which wasn’t my fault so I asked Indiabulls Escalation team for support. All they were looking for was verbal or written proof(My Advice - Don’t Trust this Team and always Document everything that you do on an Email and take their sign off). I went with trust so I didn’t document anything but since I had trust with their team; I asked the escalation team to get in touch with their staffs who did the process.
They replied back saying that there is no verbal or written proof and I didn’t notify them before 24th so they can’t compensate for this. That is when I started to get smart; I called up the executive and asked him when I informed him about the urgency. He did agree that I informed him during the time of submission of document which is on 8th December. I recorded this entire conversation and shared it with the escalation team.
Now they came back again saying that they didn’t commit to it which is absolutely wrong; their staffs are just fooling around to save their*ss. I have attached a screenshot which says it takes 7 days to process the loan if the document gets submitted on time which actually was submitted on 8th December and it still took nearly a month for them to process.
ADVICE: Try to ignore Indiabulls as much as you can; if you still like to go with them then do ensure that you capture everything in written and take a sign off as they can always put the blame on you.