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Vishal (Permanant employee)     29 October 2014

Dhfl cheating

Hi All

I took loan from Birla Housing Finance (Currently DHFL) in Aug2008 for 16 lakhs PUN/030373

First incident happen with the first prepayment itself which i paid in January 09 for amount of 60K.

Whole amount of 60 k is to be credited in Principle as per law but they deducted amount of "2867" by "mistake"

which fortunately i noticed after some months and brought to there notice, after which they assured everything will be fixed but they credited amount in month of Jully 09

Second incident, i would call a blunder happened recently i paid amount of 1lakh as part prepayment in month of may 2014 which got debited from my account but they credited the amount in someone else loan account again by "mistake", i was waiting for the amount to updated in my loan account online but couldn't see it (i though it some online database issue) upon inquiring in details in person at branch problem was revealed, they told me it is data operator mistake and will be rectified, they promised me i will not be paying single rupee more, now they have credited amount into my account in month of october 14, which is totally wrong.

There could be many more "mistakes" like this, i am still auditing my account 

Now there is huge difference in Ammortization which it actually should be and Ammortization they are giving me, (attaching for reference) due to there "mistakes" which they expect me to pay for

Moreover in all my prepayment submission forms i alway clearly mentioned to reduce my tenure even after that with latest payment they have reduced my EMI !

Apart from that you can see they have increased my Interest rate like anything without reasons (they increased my interest rate when RBI increased RR and they increased my interest rate when RBI decresed its RR and they have increased my Interest Rate for no reasons at all)

I paid one EMI 17k as per there scheme to reduce interst rate by 1 % however they increased my Interest rateimeediately after reducing it.

Attaching Ammortization they gave me.

Below is the Ammortization with my calculation without there "mistakes" (that are yet found)

Loan Rate ( Monthly Reducing) Method Period (Months) ADV.EMI (Y/N) EMI Interest  Rate  
1600000 11.50% Monthly 240 n 17,063 Rate Variation  
MONTH Op Bal Addl. Repay EMI Interest Principal Cl.Bal Applicable  + or - %  
1 1,600,000.0000   17,062.8741 15,333.3333 1,729.5408 1,598,270.4592 11.50%   Aug-08
2 1,598,270.4592   17,062.8741 15,982.7046 1,080.1695 1,597,190.2897 12.00% 0.005 8-Sep
3 1,597,190.2897   17,062.8741 15,971.9029 1,090.9712 1,596,099.3185 12.00%   oct
4 1,596,099.3185   17,062.8741 15,960.9932 1,101.8809 1,594,997.4376 12.00%   nov 
5 1,594,997.4376   17,062.8741 15,949.9744 1,112.8997 1,593,884.5379 12.00%   dec
6 1,593,884.5379 60000.00 17,062.8741 15,338.8454 1,724.0287 1,532,160.5092 12.00%   jan
7 1,532,160.5092   17,062.8741 15,321.6051 1,741.2690 1,530,419.2402 12.00%   feb
8 1,530,419.2402   17,062.8741 14,666.5177 2,396.3564 1,528,022.8838 11.50% -0.005 mar
9 1,528,022.8838   17,062.8741 14,643.5526 2,419.3215 1,525,603.5623 11.50%   apr
10 1,525,603.5623   17,062.8741 14,620.3675 2,442.5066 1,523,161.0557 11.50%   may
11 1,523,161.0557   17,062.8741 14,596.9601 2,465.9140 1,520,695.1417 11.50%   june
12 1,520,695.1417   17,062.8741 12,342.9756 4,719.8985 1,515,975.2432 9.74% -1.76% jully
  YEAR I 60,000.0000 204,754.4892 180,729.7324 24,024.7568 Year2      
13 1,515,975.2432   17,062.8741 12,304.6657 4,758.2084 1,511,217.0348 9.74%   Aug
14 1,511,217.0348   17,062.8741 12,266.0449 4,796.8292 1,506,420.2056 9.74%   sep
15 1,506,420.2056   17,062.8741 12,227.1107 4,835.7634 1,501,584.4422 9.74%   oct
16 1,501,584.4422   17,062.8741 12,187.8604 4,875.0137 1,496,709.4285 9.74%   nov 
17 1,496,709.4285   17,062.8741 12,148.2915 4,914.5826 1,491,794.8459 9.74%   dec
18 1,491,794.8459   17,062.8741 12,108.4015 4,954.4726 1,486,840.3733 9.74%   jan
19 1,486,840.3733 15000.00 17,062.8741 11,946.4377 5,116.4364 1,466,723.9369 9.74%   feb
20 1,466,723.9369   17,062.8741 11,904.9093 5,157.9648 1,461,565.9721 9.74%   mar
21 1,461,565.9721   17,062.8741 11,863.0438 5,199.8303 1,456,366.1418 9.74%   apr
22 1,456,366.1418   17,062.8741 11,820.8385 5,242.0356 1,451,124.1062 9.74%   may
23 1,451,124.1062   17,062.8741 11,778.2907 5,284.5834 1,445,839.5228 9.74%   june
24 1,445,839.5228   17,062.8741 11,735.3975 5,327.4766 1,440,512.0462 9.74%   jully
  YEAR II 15,000.0000 204,754.4892 144,291.2922 60,463.1970 Year3      
25 1,440,512.0462   17,062.8741 11,692.1561 5,370.7180 1,435,141.3282 9.74%   Aug
26 1,435,141.3282   17,062.8741 12,246.5393 4,816.3348 1,430,324.9934 10.24% 0.50% sep
27 1,430,324.9934   17,062.8741 12,205.4399 4,857.4342 1,425,467.5592 10.24%   oct
28 1,425,467.5592   17,062.8741 12,163.9898 4,898.8843 1,420,568.6749 10.24%   nov 
29 1,420,568.6749   17,062.8741 12,122.1860 4,940.6881 1,415,627.9868 10.24%   dec
30 1,415,627.9868   17,062.8741 12,964.7930 4,098.0811 1,411,529.9057 10.99% 0.75% jan
31 1,411,529.9057   17,062.8741 12,927.2614 4,135.6127 1,407,394.2930 10.99%   feb
32 1,407,394.2930   17,062.8741 13,182.5932 3,880.2809 1,403,514.0121 11.24% 0.25% mar
33 1,403,514.0121   17,062.8741 13,438.6467 3,624.2274 1,399,889.7847 11.49% 0.25% apr
34 1,399,889.7847   17,062.8741 13,403.9447 3,658.9294 1,396,230.8553 11.49%   may
35 1,396,230.8553   17,062.8741 13,950.6733 3,112.2008 1,393,118.6545 11.99% 0.50% june
36 1,393,118.6545   17,062.8741 13,919.5772 3,143.2969 1,389,975.3576 11.99%   jully
  YEAR III 0.0000 204,754.4892 154,217.8006 50,536.6886 Year4      
37 1,389,975.3576   17,062.8741 14,467.3268 2,595.5473 1,387,379.8103 12.49% 0.50% Aug
38 1,387,379.8103   17,062.8741 14,440.3115 2,622.5626 1,384,757.2477 12.49%   sep
39 1,384,757.2477   17,062.8741 14,701.5061 2,361.3680 1,382,395.8797 12.74% 0.25% oct
40 1,382,395.8797   17,062.8741 14,676.4363 2,386.4378 1,380,009.4419 12.74%   nov 
41 1,380,009.4419   17,062.8741 14,651.1002 2,411.7739 1,377,597.6680 12.74%   dec
42 1,377,597.6680   17,062.8741 14,625.4952 2,437.3789 1,375,160.2891 12.74%   jan
43 1,375,160.2891   17,062.8741 14,599.6184 2,463.2557 1,372,697.0334 12.74%   feb
44 1,372,697.0334   17,062.8741 14,573.4668 2,489.4073 1,370,207.6261 12.74%   mar
45 1,370,207.6261   17,062.8741 14,547.0376 2,515.8365 1,367,691.7896 12.74%   apr
46 1,367,691.7896   17,062.8741 14,520.3278 2,542.5463 1,365,149.2433 12.74%   may
47 1,365,149.2433   17,062.8741 14,493.3345 2,569.5396 1,362,579.7037 12.74%   june
48 1,362,579.7037   17,062.8741 14,466.0545 2,596.8196 1,359,982.8841 12.74%   jully
  YEAR IV 0.00 204,754.4892 174,762.0157 29,992.4735 Year5      
MONTH Op Bal Addl. Repay EMI Interest Principal Cl.Bal Interest     
49 1,359,982.8841   17,062.8741 14,438.4850 2,624.3891 1,357,358.4950 12.74%   Aug
50 1,357,358.4950   17,062.8741 14,410.6227 2,652.2514 1,354,706.2436 12.74%   sep
51 1,354,706.2436   17,062.8741 14,382.4646 2,680.4095 1,352,025.8341 12.74%   oct
52 1,352,025.8341   17,062.8741 14,354.0076 2,708.8665 1,349,316.9676 12.74%   nov 
53 1,349,316.9676   17,062.8741 14,325.2485 2,737.6256 1,346,579.3420 12.74%   dec
54 1,346,579.3420 650000.00 17,062.8741 7,395.3507 9,667.5234 686,911.8186 12.74%   jan
55 686,911.8186   17,062.8741 7,292.7138 9,770.1603 677,141.6583 12.74%   feb
56 677,141.6583   17,062.8741 7,188.9873 9,873.8868 667,267.7715 12.74%   mar
57 667,267.7715 100000.00 17,062.8741 6,022.4928 11,040.3813 556,227.3902 12.74%   apr
58 556,227.3902 85000.00 17,062.8741 5,002.8641 12,060.0100 459,167.3802 12.74%   may
59 459,167.3802   17,062.8741 4,874.8270 12,188.0471 446,979.3331 12.74%   june
60 446,979.3331   17,062.8741 4,745.4306 12,317.4435 434,661.8896 12.74%   jully
  YEAR V 835000.00 204,754.4892 114,433.4947 90,320.9945 Year6      
61 434,661.8896   17,062.8741 4,614.6604 12,448.2137 422,213.6759 12.74%   Aug
62 422,213.6759   17,062.8741 4,570.4630 12,492.4111 409,721.2648 12.99% 0.25% sep
63 409,721.2648   17,062.8741 4,435.2327 12,627.6414 397,093.6234 12.99%   oct
64 397,093.6234   17,062.8741 4,298.5385 12,764.3356 384,329.2878 12.99%   nov 
65 384,329.2878   17,062.8741 4,160.3645 12,902.5096 371,426.7782 12.99%   dec
66 371,426.7782   17,062.8741 4,051.6471 13,011.2270 358,415.5512 13.09% 0.10% jan
67 358,415.5512   17,062.8741 3,909.7163 13,153.1578 345,262.3934 13.09%   feb
68 345,262.3934   17,062.8741 3,766.2373 13,296.6368 331,965.7566 13.09%   mar
69 331,965.7566   17,062.8741 3,621.1931 13,441.6810 318,524.0756 13.09%   apr
70 318,524.0756 100000.00 17,062.8741 2,383.7335 14,679.1406 203,844.9350 13.09%   may
71 203,844.9350   17,062.8741 2,223.6085 14,839.2656 189,005.6694 13.09%   june
72 189,005.6694   17,062.8741 2,061.7368 15,001.1373 174,004.5321 13.09%   jully
  YEAR VI 100000.00 204,754.4892 44,097.1317 160,657.3575 Year7      
73 174,004.5321   17,062.8741 1,898.0994 15,164.7747 158,839.7574 13.09%   Aug
74 158,839.7574 100000.00 17,062.8741 641.8437 16,421.0304 42,418.7270 13.09%   sep
75 42,418.7270   17,062.8741 462.7176 16,600.1565 25,818.5705 13.09%   oct
76 25,818.5705   17,062.8741 281.6376 16,781.2365 9,037.3340 13.09%   nov 
77 9,037.3340   17,062.8741 98.5823 16,964.2918 -7,926.9578 13.09%   dec

 

 

I feel like cheated for all this 



Learning

 4 Replies

Vishal (Permanant employee)     29 October 2014

Can anyone please guide me what should i do??
I have initiated a mail thread had telephonic conversation but it doesn't seem to be effective, i think i may have to go through legal channels.

What are my options ? should i go to consumer court? or normal court?  

V M DAHAKE (PROPRIETOR)     29 October 2014

Dear Sir,

1) Please check the Loan Agreement and the terms, particularly processing fee, rate of interest, prepayment, interest reduction clause, part prepayment etc.

2) Calculate exact amount / installment payable by you. You can work out it in excel using readymade formulae.

3) Issue a letter pointing out exact discrepancy and the correction you want.

4) Approach RBI ombudsman ( NBFC) submitting your grievance in detail.

In my opinion, you can also proceed under Consumer Protection Act, as a consumer.

1 Like

Vishal (Permanant employee)     29 October 2014

Hi Dahake,

Thanks for replying

1) Everything i have done is according to agreement moreover they cannot steal my money and put it into someone elses account with any kind of loan agreement they have got me signed, can they?
actually they have done blunders by kind of stealing my money, only thing is that they are saying that it is by "mistake" whenever i catch them and still reluctant to rectify it correctly
 

2) I already calculated exact amount and installment payable by me, i have already attached the excel sheet with data and there ammortization 
 

3) i already did the exact thing mail thread is going on from 29 sep it has been more than one month now without satisying answer (i can paste the mail thread here if that is required or can help)

4) Ok so should i go with NBFC or consumer court which would be more beneficial for me in overall terms.

Can i also get advocate from this forum if i choose to go ahead
T

hanks a for for all the help in advance

V M DAHAKE (PROPRIETOR)     30 October 2014

Hi Vishal,

 going with NBFC and consumer court are not in the alternate. You can lodge your grievance with RBI ombudsman ( Authority over Banks / NBFC) for resolution. All these remeadies will not cost you anything but for your personal time. I could solve my own case through ombudsman and follow up route although it took some time.

 Going to consumer court will involve both time & money and some patience.

If you are in Mumbai, feel free to contact to discuss further. You may give your contact details by Private Message, if you so please.


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