I am writing this review not to get publicity but to help others.
Straight to the point, Me and my elder brother both were looking for property in Bangalore in 2016, We were not having any knowledge or experience about the whole Indian corrupted system in a real state that exists in today’s date for the common people. We found one property Name "Aratt Amora" a villa project in Jigni Road, we attracted due to the low price and 80% completion of the project and NO PRE-EMI Options till the completion of the project which was 1 year(Biggest Mistake of the Life to book this project). The builder suggested a PNB bank loan as we wanted to go for a home loan, Next day PNB Salesperson came and offered us an 8.5% interest home loan which was ok at that time in 2016, since he promised me this interest rate will decrease once the actual EMI will start as We had NO PRE-EMI Scheme, Also we asked if the builder is a good builder in term of completing his project, PNB guys agreed that they have Finance, many site projects with the Aratt developer. He also promised that all facilities are available online for all kinds of services.
After 1 Year, when the builder didn’t complete construction(still 80% was completed only), we visited PNB to make pressure on the builder because Now Builder was refusing to PAY EMI but we were surprised by the response we got "Sir, Please talk to the builder, Bank Can not do anything".
After a month when actual EMI started(Without completion of the Project, Pure Fraud) the rate of interest was 9%. We were socked, we visited the bank to get the clarification, the response was "Sir, Please talk to Customer Care if You want it to reduce you have to fill form submit it, if ROI will change, charges would be applicable of 1000rs". we filled the form and after a month ROI reduced to 8.75, The very next month we deposited some amount to reduce the principal amount, but again we got to know in the coming months that ROI is changed to 10%, after visiting branch we got again the response from the bank to fill the form for changing ROI.
I mean what the heck, every time you fill the request form, pay some amount and in ever next month they increase ROI. There 4 times when RBI reduced ROI on home loans due to the RERA effect, but PNB ROI was 10% only.
PNB is simply a thief which involve in scamming people along with builders,
They don’t have any facility to view your Outstanding amount, current ROI, or Other Request, every time you have to call customer care, unnecessary processing fees, they don’t follow RBI guidelines, For Paying extra amount you have to go to the bank and you can’t deposit less than 1 lakh, and if you are reducing your Outstanding Money, they will increase ROI to compensate the interest. You will end up just paying interest in your whole life.
After a long struggle we were able to convert it to SBI, As per my experience, SBI facilities are super and ROI is as per standard to RBI, No extra hidden charges(The best facility in my experience, only the problem is they take longer time to process the loan, but that is good because they ask all the valid documents and verify it, its one-time effort), SBI ROI changes reflect immediately after RBI charges without charges, currently paying 6.9 ROI.
Here is my suggestion don’t go to a private or any other bank, go for SBI only.
Advice to Property Buyers= Go for Ready to move in projects or Resell property only, Don’t fall in NO PRE-EMI Scheme or any other offers given by the builder in uncompleted projects even if its finishing is left. If any builder suggesting PNB run from that builder most likely he will be a fraud.
I strongly wish more Nirav Modis like a person will teach lessons to these fraud banks(PNB banks).