I am writing this complaint after having failed to close my loan for the past 7 months. There are innumerous issues with tata capital housing finance services which are neither legal nor ethical of doing business, Code of conduct, Banking regulations. I am assuring you nothing has been followed.
I have been trying to get my loan account close but they are denying to accept the payment.
They give Excuses ranging from blackout period to migration activity without any proper intimation to customers.
I am running huge losses because of the greedy & irresponsible behaviour of tata capital housing finance.
There are 100's of times that I have called up tata capital customer care and visited a branch to migrate this loan or to close, but they give various excuses every time & I am feeling hopeless & coursing myself why I opted to get the loan from them.
Latest today they rejected/denied my payment stating that the services are not operational from 4th of Feb to 14th of Feb 2021, However, in the foreclosure letter they mentioned the validity is till 5th of Feb.
As I am writing this I must assure you that not adhering to their words or writing is business as usual for tata capital and this time I have ensured that everything gets recorded so that authority can take appropriate action against them. Please note I am not the only one, we can check their public reviews around service ratings on google.
The process of closure of loans is so trivial that a customer would lose his business/job trying to visit their branch, forget about the long queue and the monopoly in time to visit the branch.
They also have a black-out period from 23rd to 2nd of every subsequent month wherein they do not accept the payment but they would charge interest from customers for their inability to accept the payment.
Let me try to explain the process of loan closure.
1.In order to get the loan close a customer needs to be physically present in their branch at a remote location to request a foreclosure letter then they take a month for releasing the foreclosure letter.
2.Customer needs to collect the foreclosure letter from the branch. They don't give the excuses of covid, family. They want you to come down 20 km far & there is a greedy reason behind that, which is they just want to run the loan for a longer and longer duration.
3.They would release the letter on the 25th of the month every time so that the customer cant make a payment on the same day or for at least 10 days. As they say, they have a black-out period from 23rd to 2nd of the month. I am sure the government can pull out records of these unethical practices.
4.When you visit on the next 4th of the month asI visited today then they will say we are not operational for 10 days due to the migration.
Attaching a written acceptance for the same.
I Have sent a written complaint to Tata capital housing finance and a separate complaint is for complaining against them which I am going to send by post to the Finance Ministry? Banking Ombudsman Mumbai/RBI.
I have also stated that I am going to sue Tata Capital housing finance for the trouble and inconvenience they have caused to me & my family.
Your intervention is very much required to look into these unethical practices.
Note that I have a recording stating that they have not informed any customer about their inability to close the loan or accept payment nor have they published this information at an online portal or via email or publications.
They are also involved in charging hefty amounts of interest against the loan and they increase the interest rate without informing the customer and when you wish to exit this is what happens.
They are also involved in charging unethical foreclosure charges which are not there in the terms and conditions of customer sanction letter or agreement. when you ask them why they have charged then they would manually correct it. Additionally Rs 500+ for foreclosure requests and 6000 for document retrieval charges.
Attached reference for the same: the amount asked for closure is more than the loan a customer has taken in 2018.
They have literally made my life miserable.
I am running financial losses because of their unethical practices.
