Severe Deficiency of Services – 4 months to process a take over loan?

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Dear Concerned,

HDFC Home Loan File Nos. 627096157 / ARTR & 627096092 ARTR | Anna Salai Branch, Chennai

I am writing this email after 3 full months of patience shown towards the HDFC Home Loan Staff here in Chennai. I have gone through so much of mental agony and been put into tremendous trials and tribulations, because of deficiency in service. I will try to briefly summarize the flow of events:

– 2nd week of July – Submitted all the documents to Mr.Arul Doss for a Home Loan Take over from LICHFL and top up of Rs.10 lacs

– 26th July – Received a confirmation email that my documents have been received from Pavithra (Nearly 10 days wasted here itself)
– Full of August –
Mid August – Processing fee of close to 22k deducted from my account. I was not even informed that the cheque will be presented so soon, even before the loan approval.
A long process of Income Approval operations were carried out under the supervision of Ms. Priyanka. I would have been asked the same question multiple times by her and the auditing team, because of lack of coordination. Without an iota of exaggeration, I was made to answer same / similar questions multiple times and significant time was lost in this.
– 1st September – After one month of sheer wasting of time, approval letter was issued for 27 lacs of take over and 10 lacs of top up. The current O/S on my LICHFL loan (at the time of approval) was around 27.8 lacs (The takeover loan was 80k short of the actual O/S). So, I raised up concern and requested to up-size the take over loan at the cost of down-sizing the top up loan. This process again took its own time and was processed at the convenience of the inefficient HDFC staff

– 4th October – After putting a lot of pressure and insistence on the RM and an email asking for refund of the processing fee (sent on Oct 2nd), an approval letter with the newer amounts were issued. Take over loan of Rs.2876875 and top up loan of Rs. 924000 were approved again.

– 5th October – A promise that the loan will be cleared before Diwali was issued and I was requested to be patient till then. With magnanimity, I agreed to wait further. I was told that the file is pending legal clearance from Mr. Shashank Scindia in Bangalore and the cheque will be issued on receiving the approval. Now it has been 18 days since this happened and the loan remains status quo.

The above flow of events clearly reflects the inefficiency of your staff and deficiency of services extended to me. I applied for the top up loan for specific reasons and as a result of the delay, I have been put under tremendous mental pressure and agony. I have literally been taken for granted.

I have not personally come across a financial institution that takes 3-4 months to process a loan, in today’s world. The Income approval was given on 1st of September and it has been almost two full months for the final property approval, that too considering the fact that the property is already approved by LICHFL and this is only a take over, which is inexorable.

On top of it all, doesn’t the bank charge a customer penal interest, late payment fee etc, when his EMI is delayed? If the same logic applies, do I not deserve to be compensated for this delay? My processing fee was deducted in Mid August and it is already end of October and no service has been extended thus far.



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