Bad experince with Indiabulls Home Loans, where to complain about it?

POSTED BY Surabhi Rajan ON November 17, 2010 2:26 pm COMMENTS (35)

Dear Forum Members,

I’m writting this on behalf of my Friend-Colleague, Ravikumar GovindaNaik, who had a very Bad experience with Indiabulls Home Loan division.

Application Ref no with IndiaBulls – 150625
Name: Ravikumar Lamani GovindaNaik

In August 2010, he iniated the process to buy a 30×40 site near Hosur road, Bangalore. Since the property had only B-Khatha and loan amount was only 10 Lakh, most the major bank representatives denied his enquirie.

Then one Mr. Sivakumar ( from IndiaBulls Home Loans have appeared as life saver to him an agreed to get him the loan amount approved, with the whatever B-Khatha he have. Every now and then he asked for somany documents copies and it went for almost for a month. In between my friend got an SMS from indiabulls informing that his loan got approved. When he asked about this to Sivakumar he told, Loan is approved by Finance Division but Legal team still have to approve. Also he asked my friend to pay Rs. 5,000/- so that lawyer from Legal division would approve the loan amont. My friend disagreed to pay and asked the contact details of the Lawyer to talk. He refused to gave and tried to divert our attention.

When there was only few days to expire the sale agreement with the Land owner, Sivakumar again appeared and told Loan in COMPLETELY approved and shown photocopy of the cheque favoured the Land Owner. Later Land owner had some dispute on the registration amount and canceled the Land deal.  

On October 05, 2010 My friend send a mail to Sivakumar and Indiabulls to cancel the Loan, since he no longer needs it. Nobody responded to mails and phone calls even after repeated attempts, and my friend was scared about the blank cheques he have given.

As he feared, on 13-Oct-10 Rs. 2,216/- was withdrawn from his bank account using the cheque claiming as Pre-EMI, eventhough the Loan Amount cheque was never delivered to him. Immediately my friend contacted Sivakumar(9986197307) and his Manager Praveen (9986038252) enquiring about this, but they suggested to contact customer care. Whe he contacted the customer care they told him to contact Praveen, The MANAGER. Many e-mail written to Sivakumar, praveen and customer care fell into deaf ears.

On top of that, again on 8-Nov-10  Rs. 20,275/- got withdrawn from my friends bank account using another blank cheque claiming as EMI of the Loan Amount, when the loan amount was never disbursed. Now they have stopped answering my friends calls.

Do the Financial Institute have the rights to do like this? What should my friend do now? Anybody knows a Higher official in Indiabulls, who could help? Or writting to RBI about this would help?

Please Help, Thanks, Surabhi R


35 replies on this article “Bad experince with Indiabulls Home Loans, where to complain about it?”

  1. Mera naam nitin kshetriya h.maine indian bulls se home loan k liye apply kiya 28 march abhi tak loan pass nahi huya h.joki indiabulls k santosh verma case dekh rahi h.mujhe se kaha jaraha h ki bank marj ho rha h.aaj 2 june h or aaj bola ja raha h ki bank loan pass nhi kar rahi h.maine agrrement karne k paise diye.mera case solve kare nhi to ghar ki ragestri or paise vapas kare.

    1. Jagoinvestor says:

      Hi Nitin

      There is no compulsion for bank to pass the loan. Why have you done the payments for loan registry ? Its not related to bank !

  2. Venugopal says:

    On an unfortunate day, I decided to get loan through Indiabulls. From day 1, false information, delayed processing is the entire story of association with Indiabulls. On the day of loan disbursement, I received a call from them, stating it is mandatory to buy an insurance policy (which I later got to know is not a Government norm). Since I committed to plot seller that I will pay on that day, I was not left with another option but to surrender to this official blackmail. They offered me an insurance policy, at a premium of Rs.37000, valid for 3 years. I was told that insurance policy will give me a cover for entire loan period of 12 years by their agent. After coming to know about the false promise, I approached their customer care and asked them to invalidate insurance and return me the money. This insurance was of no use to me, if I have to shell out premium every year after 3 years. They asked me to pay another Rs. 8000 to change the policy for a tenure of 12 years, which I did. This is the second mistake I made in trusting them. It has been 3 months since loan amount got disbursed. Entire money of Rs. 46000 is stuck with Indiabulls. They wouldn’t return me the money not do they issue an insurance. I have been writing emails, calling their customer care since then. As I write this post, I didnot receive either money or insurance. Stay away from Indiabulls and stay in peace. Waste of time, money and energy following up this thick skinned organization who don’t really care beyond milking money, even though it means cheating customers.


    1. Hey Venugopal

      Thanks for sharing your experience with all of us. It was a great learning.


  3. Dear All
    would like to share the chauvinistic way of INDIABULLS

    i found it really bad experience to opt a facility of home loan from indiabulls. there are no standards of working seems like to suck the money with xyz comitment and once after availing the facility you have no values for this organisation.
    i am a client who took a loan for 31 lakhs against a property in indirapuram ghaziabad . being a first timer for availing loan facility i was not aware about the crook system
    and i suggest never give them the blank cheques for any reason coz they will use that with their own wish like me i have given them the cheques whereas they have banked my first cheque in next 12 days for rs 8073 /- after the disbursement received to me which being later confirmed for the interest charge of 10 days started from the month i complaint to them then they agreed to refund me according to the days i used which is yet to received post mail commitment received as of now still chasing for same
    at the same time when i opted the interest rate was 9.45% and communicated to me by the executive who was dealing that will be changed according to the market and now in a month with sudden impact ROI reduced to 9.15% and they are again asking me a charge of 10,000 against this to revise .i have a clear understanding which has been stated to them in case the ROI increase would they be doing same asking anything or to just give intimation to the customer
    surely they just inform and yes being a customer can easily understand
    but its really unfair when reduced they are trying to suck charges
    never suggest anyone to go with INDIA BULLS even i am trying to get rid off

    no level of compliance authenticity and satisfaction from them

    i must say all never to go with indiabulls

    1. Thanks for your comment deepak sharma

  4. shyam says:


    Good morning….
    I m planing to transfer my existing home loan(existing bank Canfin Homes) to Indiabull bank
    Please suggest me

    1. Yes, you can do that .. there is no issue

  5. JATIN says:

    Indiabulls employee are not trained and are not educated. They are simply giving false commitments to login the file and they cheated a people i feel shame on alwar employees they are feel doing government job all are new in this branch.

    1. Thanks for your comment JATIN

    2. truely said jatin

      me too support ur voice

  6. Arpita says:

    Hi guys,

    I have been cheated by Indiabulls. I bought a 1162 sq ft plot in Doddaballapur, Bangalore from Royal Meenakshi Infra Projects in March 2014 and took a loan of Rs 7,94,664 (including insurance) from Indiabulls, Malleshwaram branch. My loan number is: HHLMAL00181024.

    The plot that I bought was under litigation when I bought it in March 2014 and I was unaware of this. The case (OS 371/2013) was filed in August 2013 and the bank must have known about this while checking the papers. However, they just approved the project and sanctioned my loan. When I got to know about this litigation problem in 2015, I approached the bank manager Ramesh S. (+91080-30181030) (he had approved my loan) and he simply told me that we do check papers for about 15 years, but this litigation problem did not come up when they checked the papers and that they are not responsible. How is this possible? This case was just 8-10 months old when I purchased the plot and they would have easily known about this.

    I think they must have taken bribe from the builders. I am still paying my EMI and I dont know what to do. Please help!

    1. Hi Arpita

      A good lawyer should be contacted in this case.

  7. amit says:


    I have 3 loan accounts with Indiabuls and now for more than 45 days i have been following with them to provide me list of documents and outstanding amount so that I can BT this with some more professional Bank. All my follow ups and calls have been useless as no one bothers to solve them. Customercare asks me to contact branch and branch asks me to contact customercare.

    Then I received call and was told that they have reduced my interest rate to 9.55% a they dont me to do BT.

    All my follows ups in last 1 one month for the change on this interest rate in system, letter to that effect and list of documents is still unanswered. Now I am asked to 105% interest…

    1. Thanks for sharing your experience with us

  8. Sandip says:

    I got my home loan sanctioned from Indiabulls but the executive was not willling to give me the sanctioned letter. When I went for disbursement at Ultadanga Branch, Kolkata, the executive tried to dupe me and asked me to sign the disbursement documents. The loan letter didn’t show any clear amount for home loan and the huge amount of insurance was included in it. As it was already agreed that I will not take any insurance, the executive forced me to sign the documents. Even I was asked to sign three blank stamp papers of Rs 10/- each which I didn’t do. The executive was totally unprofessional using slang and showing wrong attitude. He even said that he will cancell the sanctioned loan amount. It was disgusting and full of harrassment along with waste of time. Very high processing charge was also shown. Indiabulls is trying to take the advantage of people who want a home loan as the property gets pledged and the customer doesn’t have the time to go into litigation process.
    I am looking for the e-mail address of Mr Gagan Banga as I will directly speak to him who wants to show the huge profit in companys books on wrong dealings and fraud. It was a feel of extortion and not satisfaction visiting Indiabulls. Please avoid taking loans from Indiabulls. The employees are totally uneducated and it was a feel of chit fund.

  9. Dhananjay Singh says:

    I had availed personal loans from India Bulls.
    I repaid entire amount.
    But India Bulls didn’t update it in system.
    Still showing outstanding.
    My PAN No.AMHPS7229N.

  10. Prakash says:

    Very bad experience with India bulls for home loan application with application no. 482989, as I have submitted document with the same agency at 19th May 15 along with Property Chain and at 25th May 15, i have received sms that your loan amount has been approved, and now at 19th June 15, they are asking that the same property under Lal Dora, i can’t under-stand what they were doing with document from last one month, and who will pay the same compensation for one month time wastage.

    All the employee ignoring to pick-up the call even, very un-educated staff along with very bad process with them

    1. Sandip says:

      Indiabulls employee are not trained and are not educated. They are simply giving false commitments to login the file and charging huge insurance amount after disbursal.

      1. sekhar says:

        I agree. first they have to train their staff.

  11. manasi says:

    we also get cheted by indiabulls home loan,we gave all the documents including medical history reports with processing fees cheque,after some days a lady name aanchal agarwal come to our office for pd,we had a general talk ,she is asking about why we didnt purchased anything before ,did we have any other property & all we talked about health also at that time,she told that we get informed soon , after two days we were called for another pd at there elphiston office ,they uselessly make us to sit for long time,after enquired on reception for couple of time mr ashok chaudhary & one of his couleage, they start asking the same questions,told to go they will inform us about progress after discussion with their trainee credit manager,we are in pressure when they will give us all clear signal for our home loan .
    we called couple of time as we are under pressure of our clent from whum we are purchasing a flat, after a month time they are telling they cant proceed for our homeloan due the health issue we are shoked,as we already submited all reports before only ,that means they had not gone through it ,waiting for cheque to clear.
    we told we can fix apointment with dr for them they can tell to them beter about my health ,if i have major problem as per this bank ppl tell how can i drive from miraroad to elephiston.
    i here needed guidance for get refund of my money they took on name of processing fees ,we thing this ppl run there office by collecting money like this.

    Thanks & Regards

  12. vivek verma says:

    i m planning to take home from dhfl. is it safe and trustworthy to go with dhfl?
    please advise me.

    1. Yes Vivek

      A lot of people go with DHFL , but that does not mean its the best option. If you cant get loans from HDFC, SBI , LIC etc, then you can surely go with DHFL , but make sure you read the policy document !


  13. Dear All,

    Apologies for the late reply, I was away from for a 3-day vacation and didn’t have access to internet.

    Thanks a lot, you all came forward and helped my friend, IndiaBulls REFUNDED HIS MONEY and He collected the Cheque of Rs. 22491, yesterday (22nd Nov). Special thanks to Jagdees, Manish, Sucheta Dalal and Gagan Banga 🙂

    Saturday, my friend visited Koramangala IndiaBulls branch and spoke to Mr Praveen and got the response that he will sort it out on Monday. But on Sunday there was call from another Praveen (Mr. Praveen Pradhan – Location Head Bangalore) he enquired about the whole story and promptly followed up. He promised to refund the amount on monday morning. Monday he called up again and ensured that My friend collected the cheque.

    Praveeb Pradhan also promised that the cancellation documents would reach him, with in a week.

    Once again thanking you JagoInvestor Forum and Manish Chauhan for his personal effort.

    Regards, Surabhi and Ravikumar Govindanaik.

    1. It was a team effort 🙂 . Thanks everyone !

  14. I would like to update everyone that I forwarded the complaint to moneylife and they escalated the issue directly to CEO Gagan Banga , who resolved the issue in just 1 day and replied back accepting their mistakes . Here is the last message from him .

    “Firstly I would like to accept the mistake of my team and our system . We have already apologised to the customer for the inconvenience caused and handed over the refund cheques towards PEMI & EMI today. The remaining PDCs & loan cancellation letter are being disptached today and should reach him in a day or two. Once again thanks for bringing this to my attention, such feedback will surely help us in improving our processes. Regards, Gagan”

    Thanks to Surabhi rajan to bring this to notice of jagoinvestor. Thanks for Jagadees for suggestion of escalating the issue to moneylife . Also big thanks to sucheta Dalal from moneylife to escalate it to CEO directly and solving this issue in no time 🙂

    It was a team effort !


    1. Sandip says:

      Please help me with th e-mail address of Mr Gagan Banga as I need to escalate the issue.

  15. Jagadees says:

    I feel you can also contact editor – . this magazine’s editors takes active interest in consumer and investor related issues.
    Do share your further progress in this regard for the benefit of this Jagoinvestor community.

    1. Jagadees

      Yea .. Even I agree . Let me forward it to editor !


  16. Ashish says:

    HI All,

    Little known fact is – even if a customer has signed the documents for auto debit – and in some scenario he wishes to stop it – the bank/company cannot enforce it.
    I am not sure where I read it (probably at Deepak Shenoy’s blog). In this case a stop payment on those chequs is a must and then the banking ombudsman is the way to go.


  17. The representative was from Indiabulls that we confirmed, called up the customer care, they also have the application reference number.

    The cheque’s were in favor of Indiabulls Housing Finance Ltd., only the amount was unfilled. They told that cheques are required for security and to initiate EMI-ECS facility.

    After the second incident of cash withdrawal, my friend used the “stop payment” facility of his bank.

    When I searched in Google, I could find lots of complaints against Indiabulls Loan services. In this case they have looted the money on top the processing charge Rs. 5,000, charged earlier.

    Yesterday, my friend spoke to the representative Sivakumar again and threaten to send the details to RBI and would file a case, he was least bothered. He just told “Do it!”


  18. Dominic Prakash says:

    Giving blank cheque was a big mistake. Why didnt you try to execute a “stop payment” on those cheque numbers?

  19. Putting a comment from Vinayak Kanvinde on this


    there was an article in the newspapers two days ago on the case of Orange Properties, Bangalore. How they defrauded ppl two years ago. If you had followed their case; they had 2/3 years ago done lot of print ads, radio ads etc promising villas with Helicoptor and a BMW free. After a few crorepatis wanted this dream come true and paid. They vanish. This is just like that. If it is too good to be true; it probably is. Investors/ppl should stop chasing a mirage.


  20. What I can suggest is to lodge a complaint for this with police as a fraud case and also intimate Indibulls about this , have you guys went to IndiaBulls office and presented the case there ?

    Also was this person an authorised person from IndiaBulls ? Did you guys check his badge or anything to make sure he is from Indiabull ? I am not sure if any housing loan company asks for blank cheques like this ?


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