Do you have complaints against home loan provider? Were you cheated? Find out what are your options when you want to file a complaint.
How financial lenders cheat you?
As per IndianMoney dot com, a new generation of scammers has come up with innovative ideas to con people.
- Mis-selling products by banks: Usually, when you avail a loan from banks, the terms and conditions are recorded in the loan application. In the loan sanction letter, the bank writes or prints the mutually agreed rates. However, banks may deviate from mutually agreed rates and place new rates.
- Not informing the customer on the lock-in period:There is a certain lock-in period on loans. Sometimes, banks or NBFCs do not inform customers on the same. Many banks do not offer pre-payment facility on home loans.
- Pushing for other investments:Loan agents try to push other products like ULIPs and endowment policies. These products have high premiums and offer low mortality cover. The agents push for these products, just to pocket commissions.
- Not disclosing important terms and conditions:The terms and conditions of loans vary across banks. You may not notice banks including hidden charges or fees in the loan agreement.
How to Address Complaints against Home Loan Companies?
As per Indian Money review, home loans can lead you into trouble with lots of issues like charges levied, breach of trust or any other issue.
You may have complaints against the home loan company or the financial institute. What do you do?
According to IndianMoney.com Bangalore, for any type of complaint, you can approach the Complaints Redressal Cell of the National Housing Bank. This is the address of NHB.
National Housing Bank Department of Regulation and Supervision,
Core 5A, India Habitat Centre,Lodhi Road, New Delhi- 110 003.
You can also send an email stating your problem. You can send the email to firstname.lastname@example.org.
NHB will check if the provisions of the National Housing Bank have been violated and take action against the company. The NHB also takes up loan related complaints. However, it must be noted that the NHB may not intervene in terms of interest rates charged, prepayment of home loans and charges vis-a-vis loan recovery.