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UHello respected members of the community.
I’m 26M and I took a P+C home loan of INR 80 lakhs back in 2023, 2 years back in February from a housing finance bank. Out of the 80 lakh, the value of the plot is 25 lakhs and the rest is for the construction of the house. Initially 57 Lakh was disbursed at the time of registration and I’ve been paying all my EMIs on time since then. If it’s relevant, I’ve never been a defaulter and my credit score is 800.
Now in October 2024, I received an autogenerated email from the bank stating that since I’ve not requested for further disbursements in the last 18 months, it looks like I’m not looking to construct my house. They also mentioned that in order to keep the loan I had to get some amount disbursed or else this loan would converted into a plot loan with higher interest rates.
I reached out to the branch initially and they did not respond at all, not even picking up my calls most of the time. So I reached out to the customer care and they registered my complaint – leaving me with a automated acknowledgment of my conversation via email and assured that the issue will be resolved in 4-5 days. 3 days later they sent me a mail stating that the disbursement request has been processed. I thought my issue was resolved and further disbursement was processed.
However I later found out that it wasn’t the case. Upon contacting them again they said that the building permissions they received from the coloniser have expired in 2017 that’s why they can’t disburse further. However when I contacted the builder they told me that the same permission doc was shared at the time of loan disbursement – and they sanctioned the loan and disbursed the amount initially. I’ve also noticed that they’ve attached a fake inflated estimate of the cost of construction to disburse more loan – having no signatures of mine, but are claiming that it was submitted by me. Which is not, I’m pretty sure about that.
I’ve tried reaching out to nodal officer as well but it’s really so unfortunate that they just keep copy pasting and sending the same response over mail. I’ve just not approached NHB for the same yet.
Taking this loan at 24 was a very difficult decision for me and I had my doubts. But I’ve always valued this so much because I was finally able to give my family a lifestyle they deserve.
Some people suggest that I should move it to another bank and some suggest that I should file a complaint with NHB. I’m just not sure what can be done in such cases.
Requesting the community to please guide me on what can be done. 🙏
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