I was an earlier customer of Kotak Mahindra bank, in fact one of the first few when they opened the branch in NOIDA. However, I later closed the account as I wasn’t convinced. Later in 2010, I took a home loan from Kotak as this was one of the few options available and the interest rates were competitive. I now regret the decision, badly... very badly.
First, in spite of all the new data mentioned (like address, phone and email) in loan form, they never updated their customer data and used the one from way earlier (from my initial account which was now incorrect and told so by me on numerous occasions). I just got fed up dealing with their Pitampura branch (yup, this is from where they disburse home loan for NOIDA). Multiple mistakes during loan cycle. I tolerated that as this is only one time exercise.
Later the first ECS mandate bounced due to incorrect ECS data. Their ECS data got changed and they never informed me or ICICI bank (my bank) and banked the ECS which got rejected. I paid the money by cheque. Next month same thing happened and when I inquired about what happened, only then I discovered the ECS issue. I finally submitted new ECS mandate (which they should have done when their ECS details got changed). Next I know I was charged for overdue charges, since ECS mandate was not honored.
Finally, some sense prevailed and they reversed the charges.
Or so I thought....
On checking my account again recently, they have added the over due charges with huge interest back and when I inquired, it is about those ECS mandates again. Since then I have made part payments and ECS is always thru. They never bothered to communicate or inform or even deduct from payments that are being made but chose to apply charges and interest thereon!
I don’t know about you readers but this bank is something I’m not going to recommend even to my enemies. HDFC is best for home loan. Wish I had that option when I was purchasing that property.