After I thought of buying my dream home I was trying different banks , then I got a call from Kotak Mahindra Bank. I submitted all my documents and gave them the processing fee cheques to the executive. I was told when collecting the cheques that if there is any technical fault or any problem from their side then the amount will be returned back to me. If there is any problem from my side like if I did not want the loan or my documents were wrong then I will not get the amount back. I said ok , that seems to be fair enough. After a few days I got a call from them saying that your loan has been approved and everything is fine.
They told me the amount and ROI and I said it was fine , so they told me I will be getting the sanction letter soon. Then one of their executives came and I signed all the documents for disbursement (till now I did not get the sanction letter). I kept calling them for the sanction letter, they kept telling me I will be getting it soon. So then suddenly I get a call after a few days, from that same executive, saying that there is some technical problem with the building and we will not be able to process it further, and that I willgetting back all the documents. I said ok fine. I got all the documents back but without the processing fee cheques.Then the next day the processing fee amount was deducted.
Then I called up the executive and I asked him why the amount was deducted, he said I will be getting the amount back and that its a mistake from their side. So I waited for around 1 month and they kept telling me that I will be getting the money back definitely.Then again after few days they changed their word , and told me I will not be getting it . They are saying now that now we are ready to give you sanction letter, or half the amount which I did not accept and also that he is agreeing to give some money from his own pocket. Even I went to their office near corporation circle.
But the manager and everybody were not helpful, they kept telling me I can get sanction letter now if I wanted, which is completely meaningless and stupid. They did agree their mistake of not giving me sanction letter, but they kept giving excuses like "we are new to this", I dont know what the hell I am supposed to about it. I am definitely going to consumer protection court. Beware of this fraud people. Its my hard earned money , I am not going to leave it at this.Sanath.S.Rao9886454110.