ZeroLife498 (na) 30 September 2014

Cheating: bank : giving home loan after taking insurance

Hi,

Brief details :-

I'm from middle class hindu joint family. Due to family needs I had to take loans.

I already had big loans and then I got call in Oct'2013 from one HDFxx Delhi branch

lady : saying As I am their privilege (salary) account holder, They are offering HOME LOAN
for selected customers at flat 8% rate of interest. and there is no need of guarantor

blha...blah...

at end, she told only condition is I have to take policy of big amount and they will give loan on policy.

already, I had few loans from HDFxx and this was big offer at 8% ..already had lot of loans at 15-16%
so thought of going ahead.

Then, took again one loan for policy and took policy . HDFC Employee came to home and took all docs.

and then, that lady told, loan will get sanctioned in30 days and by 14th Feb 2014 , I will get loan amount in my account.

somehow, on 13th feb 2014, one other lady called at 5.30 pm and said, loan verification is failed and you will not get loan.

you have 2 choices 1. withdraw loan application and we will refund you policy with 9% interest charges.

3. wait for another 90days and get loan amount with same conditions in your account.

Already, had lot of loan pressure, so I told them, I am ready to wait and next date was 15th may 2014.

I was in touch with them over phone. somehow after 30th april,2014, they stopped picking up my phone.

Then I got to know , this is fraud of selling insurance policy in name of home loan.

I have recoreded all their phones, which they clearly say they are going to process home loan.

but when I called them from visiting nearby bank office...they said they are in insurance and not in loan.

Bank official told me to file case with police..and police are not taking case.

as they said.. you are not cheated... they gave you policy which you paid... if they would have not given anything..which you paid..then that was case...

now, I tried raising issue with Bank ... escalated with recordings... still, they said, its not cheating...

coz, I signed all docs..and there was 30 days cool off..I could have cancelled...

This is big racket happening and big people are involved in this...

also, they have taken ECS for that policy ...so in few months again my premium will get debited...but account is not having money...

Please, can someone guide who can help..how to get back my amount...

is there any way, I can get justice... as calls, recordings all are present

1. is it possible I can get somehow permission for recording of those phone numbers for few days

and produce that as proof... or any otehr way..

This is big cheating...as already person was in mess ... only earning member and

even by knowing this they cheated ... this could destroy many people's dream...

Hope, some hints..pointers..guidence...to help that they will not cheat others atleast...

Reply Follow

6 Replies

Sudhir Kumar, Advocate (Advocate) 30 September 2014

Is it true that you were basically interested in taking loan and for the convenience of loan only you agreed for insurance policy?
Is it also true that had you not been interested in loan you would not have purchased insurance policy?
Is it also true that you were basically interested in loan.

further

Whether your loan case has not been processed or rejected for some other reasons.
Why you needed loan

ZeroLife498 (na) 30 September 2014

Is it true that you were basically interested in taking loan and for the convenience of loan only you agreed for insurance policy?

yes, everything..all process started and only intention was to get HOME LOAN at specified rate of interest 8%. Loan amount , EMI, rate of interest was finalised upfront. then only they processed insurance . Somehow, This is done on phone.. there is no written paper. but only positive thing is that lady has cheated lot of other people and her profile/cheating saga is posted on internet as well. its not just one lady, its big gang operating out of Delhi with HDFxx bank.

Is it also true that had you not been interested in loan you would not have purchased insurance policy?

Nope, whole point was loan. As already there are lot of loans. and to make premium payment of this policy also, I had to take one more loan. since, loans are at 15-16% and this guys told they are going to offer 8% ..hence I started process for loan.

Is it also true that you were basically interested in loan.

yes, as already I have sufficient insurance and lots of other loans due to family needs. so, there was no point in taking loan and then new insurance. Somehow they have cheated with enabling ECS for that as well. I have complained to bank..they closed my complaint.. no action .. somehow, I have not taken any action on policy yet.

further

Whether your loan case has not been processed or rejected for some other reasons.

Actually, when I visited nearby bank , officials called those guys.. they said they are pure HDFx insurance guys and not HDFx loan department. so they never ever started home loan process. their intention was just get insurance payment.

Why you needed loan

my joint family consists of 5 people and two uncles at native... one of uncle is no more.. and native is fully draught area. so surival is very diffcult at native. I am taking care of edcuation of all my sibilings since past 8 years and almost they are in final stage of graduation.

this is reason, my plans got hit very badly..

Kumar Doab (FIN) 30 September 2014

AVOID LOAN/DEBT/BORROWING……………………..AND SO MUCH OF BORROWING.

Since you have recorded the call you have irrefutable evidence.........................and should succeed.

Copy the recordings and keep the original card safely in say……………….locker.

It shall be appropriate to approach a lawyer dealing in such/consumer/criminal cases and proceed further under expert advice of your lawyer.

Since policy is sold by bank and bank in loan business and even if issued by sister concern of bank M/s HDFC Bank………………………..lodge complaint with MD of the bank: Aditya Puri

aditya.puri@hdfcbank.com

and also MD of M/s HDFC life……………………

Huge commission is earned by Bank and its staff.

Demand certified copy of the statement of commission paid.

You can lodge complaint for Mis selling to IRDA (avoid the call centre), Life Insurance council, DCDRF,…………………….

If some Munshi in police station is not accepting the complaint meet SSP/DCP……………………….submit written proper complaint in writing under proper acknowledgment and pursue thru RTI or file private complaint in court.

Approach media……………………….and online portals like facebook, Twitter etc……………………..

Sudhir Kumar, Advocate (Advocate) 30 September 2014

It appears that in this case you have been induced to buy policy by showing some fats which the other party knew not existing. It appears tht had the facts been presented correctly you would not have acted upon the inducement.

Consult local lawyer with all recording etc to consider feasibility of cheating case.

Agastya 23 August 2016

I hope your issue is resolved. Send paper copies of your complaint to bank head office in Mumbai. Send via registered post. Keep copies of it. Bank has a complaints division. Check their website. Send same things to that postal address and also email. If you don't get reply within 15 days go to RBI website and search for someone called ombudsman. There is an address. Mail by post all copies and covering letter with explanation. Next go to website of IRDA. Search for ombudsman contact or complaints section. Send details there also. Write complaint in plain paper. Make it into an affidavit by going to a city court. Post that affidavit with covering letter to police commissioner office in your city. Make copies and send to all popular English and local language papers addressed to editor. Next send all that along with affidavit to ministry of finance. Your complaint will be resolved. Please I request you since I don't know you - it must be genuine case. There must be no fraud attempt on your side. Please don't take offense. I am only requesting you to make your position secure. You must have an answer to every inquiry. When inquiry happens, they will ask much more offensive and insulting questions. You must have paper proof for all your allegation and complaints. Note: your phone recording is not valid in any court. Nobody will listen to it. They won't believe it. Even though it may be genuine. Only a police recording of anything example of anti social elements is legal.

Agastya 23 August 2016

One small thing. Please ask a friend to review what you have written. There must not be any missing information. And use spell check feature in MS word software. If anything has no paper proof don't include. Verbal promise by bank officials is not proof. Whatever your complain or allegation must have someone's signature or it must be on bank letter head. If you simply say, they said this or that it's no use to your case. You may not like my reply. This is my experience. I am sharing. Rest is up to you.