Oct 21, 2003 09:54 PM
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(Updated Oct 21, 2003 09:54 PM)
They say when you start earning more than enough, the government taxes you more than you could ever think of. So one has to invest in order to avoid taxes. Some invest in tax-saving bonds, some in safe debt mutual funds, some in PPF and some invest in most obvious need of life - Home.
I took a Home Loan from Standard Chartered Bank. I filled up the forms about 46 days back and little did I know then that it was the beginning of a long tormenting association.
- Why did I choose Standard Chartered
Well, for one, I had their credit card for about 4 years and thought that my past credit history with them would help me get the loan faster . it didn't make any difference.
It offered a competitive rate of interest(around 7.75%) and a low processing fee.
I was advised by the builders from whom I have purchased the house.
I was asked for a particular set of documents. I provided them the same. For one week nothing happened. I called them up several times. I was asked for a few extra documents, which I was able to provide them within another 2 days. Then I waited for another 3-4 days. Still nothing . No progress. Asked for updation. Was requested for some more set of documents. I reminded them that I was losing time as my payment day was fast approaching.
'Don't worry sir! We have done it many times. It will be done. Be assured. We have more than enough time'.
Trust was an a forced-upon virtue. I could do little. Then waited for another couple of days. Still nothing had happened. They never presented the right picture. It was only when just 10 days were left for the payment that I started getting panicky and also chased the Standard Chartered Home loan department(called as the'mortgage department') . Same old answers but this time I asked them for the manager's contact details . I got the name but not the contact no. Were they afraid? You bet they were.
After another 2-3 days, I clearly started that if it was cleared till now then please stop processing my home loan and I wanted back all my documents along with the cheque. The processing fees is collected before hand. If your loan gets rejected due to certain reasons(lack of documents etc.), they will cut a minimum amount of about 2000 and return the rest to you . But in my case my loan was not even sanctioned till then.
Another week passed by. Not a single day passed when I had not made at least 3-4 calls to their office. I was told it would be cleared in a day or two(everyday). My payment would be made. The date of payment crossed. I was given the sanction just a day before the last day for payment. I was happy. I had an instinct that my happiness was going to be short-lived because of mental torture that I had already faced in the last 38 days because of Standard Chartered employees Mr. Rajiv Singh and his manager Sheetal Kapani. After the sanction letter, there was again no word from the bank. Called them up again. Got a shock when Rajiv told me that they would not be doing my loan as the builders were not approved by the bank. The fact is that the builders had been approved by the bank long back and that is reason why I went to Standard Chartered.
I had a heated argument with Rajiv. I asked for the telephone no. of Sheetal which he refused to give. Such audacity? or Stupidity? He also said that he had already informed me that it could not be done. * Never! *. I got hold of Sheetal's no. through others in the office. She gave me a different picture. She said that my loan was through and they were waiting for some new formalities with my builders.
Such contradicting statements='Kabhie Haan, Kabhie Naa'
It may sound funny but I was under tremendous pressure. The tension was visible in my work and lifestyle. *But whose father's what goes? * The payment date had already passed and I wasn't even sure whether my loan was through or not.
At this stage I was again asked for a new set of documents. I was told that the amount will be disbursed the moment they get the documents. I provided them the same and told them that I would be traveling the next week, so better make the demand for the remaining set of docs then and there itself. *But whose father's what goes? *. Meantime, the loan agreement was signed and I was told that a copy would be sent the next day. It's been 5 days since then and I am still waiting .
Further more documents were demanded . I had to cancel my ticket. I called up Rajiv several times on his mobile and landline. He didn't care to call back. He was either busy or didn't bother to pick up the phone. So, I called Sheetal who later called me back to update that the payment orders have been sent to the builders. I called up the builders . No! they have not received any payments from the bank. Called up Sheetal on her mobile several times. Why was she going to pick up the phone. After some time. she switched off her mobile phone. that's Standard Chartered way of working!
The bank will make you sign all the documents and agreements they want but will not issue any certificate of all the documents received and will not even give any agreement with regards to the timely payment. One-way agreement?
I could go on with my trauma endlessly but my motive to write this article is to capture the attention of all the consumers. Also it is a bit painful to write the entire detail of my trauma. I can only say it has been a very harassing experience. Please don't make a mistake of taking a home loan from Standard Chartered Bank especially if it is a team whose manager is Sheetal Kapani. If you do, I am sure you will have headaches like I have been having for the past 46 days and then don't say I didn't warn you!
