IndiaBulls — never ever (and i mean never ever) apply for a home loan here

I have refrained to complain even for the worst of the scenarios. But these guys have done it all. They are blood suckers and can be defined as modern day organised crime.

Never ever (And i mean never ever) apply for a home loan here. Once you fall into their trap your life, income and saving is pledged. You will be like a pet dog with a strap. Its such a ruthless company that it will suck the life out of you.

I am in a position to write this because i barely escaped after falling for it. They just gauge the desperation of the applicants and offer a lucrative solution which no psu bank will offer. Being an nbfc they will offer loans for properties which are unregistered, unauthorized and shady. This ensures that once you have fallen into their trap, there is no [censored]ing way out of it. You will either pay the loan for rest of your lifetime and probably your future generations will also have to bear the brunt.

I applied for a home loan through the online portal and that is where the ordeal started. I was then connected to an agent who barely spoke properly. I was asked to share endless documents. I did them patiently. It was promised that it would be an e-application and that i wont have to keep running around. But it was exactly the opposite. Along with the documents, i was asked to share a cheque of rs.12500 towards loan processing charges. It was all done within half a day. Thereafter the guy dissapeared and stopped communicating. It was me following up for a month which included, sending proof of my salary slip for the current month as a proof of my job. Also the documents shared earlier seemed irrelevant to them as i had to submit latest copies aas days passed by. Post which i had to get my official e-mail id verified by replying to their e-mail from that id. After this my office office address was verified along with my tangible assets. Inspite of this being an online process vising their branch numerous numerous number off times.

Thankfully and since they must have had mercy on me or lets just say i was an easy target, after a struggle for 2 long months i had the payment disbursed. Just after 1 month of disbursement i was notified about the interest rate hike of 20 basis points and thereby increasing my liability by 20 months.

This is where i lost my confidence and decided to switch over my loan to a public sector bank. Thereafter getting the foreclosure statement and list of documents (Lod) took multiple visits to their branch. Finally after a giving me tough time for 2 months, i had the required documents for balance transfer and thankfully got out of this scam.

I consider my self lucky and blessed as in the 3rd month of the loan itself the interest rate jumped to 12.45% and it was barely 3 months as i had signed up for 8.9% initially. I had my near and dear ones as co-applicants and i wonder what might have happened in case i had defaulted even once. This is because they will send goons to your verified office and residence address and abuse the [censored] out of you.

Please beware and dont buy a property with indiabulls as your partner as you and your life both will be [censored]ed big time!!