| Name of Complainant | |
| Date of Complaint | June 12, 2023 |
| Name(s) of companies complained against | |
| Category of complaint | Banking |
| Permanent link of complaint | Right click to copy link |
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I am writing to express my deep concern and seek resolution regarding my DHFL plot loan, which has now been transferred to New Piramal Bank. Owning a home has always been my dream, and I took the initiative in 2017 to approach DHFL bank with the intention of purchasing land.
During my interaction with DHFL bank, I was informed that they provide loans exclusively for land purchases, offering a low-interest rate. Excited by this opportunity, I decided to avail a DHFL plot loan, as constructing a house immediately was not financially viable for me due to my disadvantaged background. I clearly communicated my intention to the bank, explaining that I needed the loan to acquire land and that building a house would be a future endeavor. The bank assured me that there was no urgency to construct a house and that my loan request for land purchase was acceptable.
However, upon reviewing the details of my loan recently, I discovered significant discrepancies in the calculation of my monthly EMIs. For example, the EMI for January 2018 consisted of a principal amount of Rs. 1408 and an interest amount of Rs. 4579. However, the same EMI on 31 May 2023 consisted of a principal amount of only Rs. 990 and an interest amount of Rs. 4997. Such inconsistencies in the calculation of EMIs raise serious concerns about the transparency and fairness of the loan agreement.
Furthermore, I have noticed that the interest rate applied to my loan is 11.9200%. This rate is significantly higher than the 9% interest rate initially discussed and agreed upon. The substantial increase in the interest rate has added to my financial burden and is adversely affecting my ability to manage the loan repayments.
In addition to these concerns, I recently received a letter from the Piramal office requesting the submission of a construction completion certificate. This is confusing and contradictory to the initial understanding that the loan was for land purchase only, and there was no requirement for immediate construction. I would appreciate clarification on why such a certificate is being requested and how it affects my loan agreement.
Considering my current financial situation, with an outstanding loan of 5 lakhs that needs to be settled, in addition to another gold loan, and the discrepancies in the loan terms and requirements, I am facing significant challenges in managing the loan and achieving the goal of constructing a house.
I kindly request a thorough investigation into my case, addressing the discrepancies in the EMI calculation, the higher interest rate, and the requirement for a construction completion certificate. Additionally, I would greatly appreciate any guidance or support you can offer in finding a feasible resolution to these issues, given my financial circumstances.
I anticipate a prompt response within [mention a specific time frame] to address my concerns and alleviate the financial burden I am currently facing. ROI for new customers is very low😆
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