As I was a TATA employee I decided to go for Tata Capital Housing Finance Limited and not with any other Home loan lenders in the market, not that they were offering anything extra to TCS employee but jut with a thought that in-house employee will get better treatment and fast processing.
I Applied for a home loan around 15th June 2016. Post too much of documentation, hassled and highlighting and saving myself from a potential fraud tried by Tata Capital sales executive (then, now has left the company) I have given a sanction in August 2016.
Home Loan was disbursed on 22nd September 2016.
The Home loan was disbursed @ 9.40% rate of intrest (Floating)
I was happy and started to pay my EMI's on time, then came demonetization thanks to our great PM "NAMO" Home loan rates started to go down from December.
February 15th, 2017 - Called the contact center to place a request for Rate of Intrest reduction and other sample account requests.
I was told that a team will contact me in 3 working days and assist me.
I did not receve any call or response from any of Tata Capital team.
February 27th, 2017 - I dropped and email to Customercare@tatacapital and got response about the process and the fees. It mentioned about a lock period therefore reverted with questions. No response
I tried email, phone and social media as well for getting response but no response at all.
March 24th, 2017 Contacted me, a customer services representative form headoffice and promised will get my ROI changed. Same thing again, as my request was delayed by a month, I asked them to backdate that change and confirm the same to me on an email.
From March until June 2017 there were multiple followup email, SMS chasers that I would have sent for which I did not get any revert. Some revert sent was only that we are working on it.
This when Tata Capital realized theire mistake.
since then till now, I have been fighting with Tata Capital senoir excutives to get the rate of intrest changed.
The Issue or Mistake done by Tata Capital :
My Home Loan tenure was incorrectly calculated since day one, all documents and their system are showing different tenure and EMI structure.
Sanction letter shows 264 on the front page whereas annexure shows 300 on the second page
Welcome letter shows 264 on the front page whereas attached annexure shows 357 month EMI Repayment schedule
Website customer login shows 264 as tenure, however, remaining tenure shows 268 - after paying 9 EMI's.
When I raised this their sales manager and the sales executive both said that it is alright and I will only have to pay for 264 months, rest are just general illustrations as general. The home loan registration that I did between myself and Tata Capita also say 264 months
The offer made to me by Tata capital excuitves does not give me any benifit interms of tenure reduction becuase they are calcuating it based on 357 months as tenure, WHY shoudl I pay for mistake that is done by Tata Capital.
Tata Capital in the month of August has change my EMI amonut and tenure to their prefered calculation. They did not seek my consent nor did they inform me.
In fact I have comunicated them in writing that no changes to be made to my account untill the dispute is settled, and not to consider any of my emails as my agreement/YES/GOAHED for any change to the home loan.
I am frustated, stressed and tired of fighting with them.
My ask is very simple.
Please reduce my rate of intrest from 9.40% to current 8.35% and reduce my tenure from 264 months (17 months EMI's already paid so its 247 months pending) to whatever months I am entitled to get benifite of due to rate of intreset reduction. I belive it should at least reduce 3-5 years of my tenure considering its just start of my Home Loan.
Please guide me a way to get this conclusion.
Thank you,
Dharmesh Shah
