Post Your Complaints On IndianMoney - Home Loan Fraud

A market survey reveals there are a lot of fake companies, online aggregators and financial lenders who continue to rob people of hard earned money by mis-selling or providing fake loan products. Earlier, scammers used to operate by hacking people’s accounts, sitting at home or in a garage. Today, scamming takes place in a more organized manner. There are syndicates all over the World who use modern methods to defraud people of hard earned money.

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Post Complaint On IndianMoney If You Are Cheated By Home Loan

What is a home loan?

A home loan is availed by borrowers from a bank at a certain rate of interest and must be repaid within a fixed tenure. Home loan is repaid in EMIs. The property is taken as collateral for the home loan. When the borrower cannot pay the dues, the lender possesses all the legal rights to recover the outstanding loan amounts by sale of the property in question.

Types of Home Loan frauds by financial lenders

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.

Through calling: You may receive calls from banks on home loans or credit cards. Do not opt for any product without knowing details.

SEE ALSO:Review By IndianMoney On Getting Money Back From Online Fraud

Home loan complaints:

The RBI has made it mandatory for all NBFCs to have a grievance redressal officer, whose name and contact details have to be mandatorily displayed in the premises of the NBFCs. There are easy ways to lodge a complaint against the finance providers or the NBFCs. You can do the same by following the below mentioned methods:

Step 1:  Contact the customer service department of the NBFCs. You can lodge complaint using any of the following methods:

• Call the customer care
• Send SMS
• Send complaint through e-mail
• Send letter
• Visit the official website and register your complaint.

Step 2: If you do not receive a reply within 6 weeks of the complaint or in case you are not satisfied with the reply, then write an e-mail to the grievance redressal officer or GRO (of the NBFC) with a copy of the grievance and reply received.

Step 3: if you are not satisfied with the reply sent by the GRO then follow the below method:

• Post complaint with Complaint Redressal Cell
• Approach National Housing Bank (regulator for NBFCs)

How to Address Complaints against Home Loan Companies?

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?

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 [email protected]

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-à-vis loan recovery.

SEE ALSO:Post your complaints on Indianmoney.com if you are cheated by personal loan

Don't get cheated by online fraudsters:

There are certain steps that can be taken to remain safe and stop getting cheated by online scammers. The steps are mentioned below:

• Check the site: There are a number of online loan aggregators who offer home loans. Make sure to check the URL on the site of the loan aggregator. While applying for a loan online, confirm that you are on an encrypted page. Look for a padlock to the left of your pages URL, which should start with “https,” indicating a secure site. If you don’t see this, the site you are on may not be legitimate.
• Check ratings: If you have picked an established site, opt for product assurance services. If you don’t wish to get cheated by the loan companies, make sure to go through buyer reviews and ratings on the seller to check his reputation. Look if the finance provider addresses customer grievances or neglects them. 
• Secure payment: Opt for online wallets or payment services like PaisaPay in eBay, which ensures that the lender is not paid by the site till the loan is sanctioned and you receive the amount borrowed in your account. This helps in safeguarding money against online scammers. Do not pay via electronic bank transfers, as it is difficult to retrieve money. Opt for payment via credit cards that have a low credit limit and are used exclusively for online payments.

SEE ALSO:Post Complaints On IndianMoney If You Are Cheated By Insurers

Post your review on IndianMoney.com

If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.

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