Tata Capital Housing Finance Limited Services Review

Tata Capital Housing Finance Limited Services Review

Hey Guys.  If you are planning to take a home loan or already have a home loan in TATA capital you must read this article.

In this article, I would like to share a bad experience I had while closing the home loan, you will get to see the whole loan closing procedure and the difficulties you will face when you are going to close the home loan

I am not sure about the other “non-banking financial companies” but this TATA capital will squeeze your blood like anything. literally, you will cry when you are extra amounts and extra charges when you are closing the loan.

1. They have charged 15K as a processing fee for applying Aavas Yojana Plan, I have heard that banks won’t charge for applying Pradhan Mantri Awas Yojana scheme

2. The immediate rise in the interest rate, I know it is a floating interest rate, but how fair it is, increasing interest rate in the 2nd month after paying your 1st EMI. In the 1st month, it was 9% and after one month it went up to 9.3%

3. About loan closing charges. I have applied for a home loan of 24L, out of that they have released 18.3L initially. In the 4th month, they have released the remaining amount 5.7L, I have decided to close the loan in the 6th month, the total amount I have paid in 6 months is 1,72,214. In the 6th month when I am closing my housing the loan the outstanding amount is 24,39,701. I have expected that the outstanding amount should be less than the sanctioned loan amount as I have paid 1.7L for six months.

4. Next one is unexpected, After I sold my property, I have applied for loan Balance Transfer to the buyer, Bank has done the process. Buyer has applied home loan of 35L, TATA capital has released cheques for clearing my home loan outstanding amount 24.39L and one more cheque with the remaining amount 8L. They have released cheques on 1st June, For the buyer, the bank has started charging interest for the buyer. we have completed the registration on 7th June. When I went to the bank for collecting cheques they have given shocking news. The bank was charging interest from both the buyer and the seller. For a single amount, they are charging interest from both parties. For suppose, there is a rule, unless I submit the registration paper, the bank has allowed charging the interest from me, why they have not paid me the interest for the excess amount. What kind of rule it is.

5. They have charged 40K for insurance, no information about the insurance plan. They have not provided the bond, I don’t even know the name of the insurer, I have asked the sales manager Srinivas, he said, he doesn’t know.

6. They have calculated the outstanding and interest amount till 31st May and prepared a cheque when I went to clear the loan on 7th June, they have charged 4900 INR for 7 days. When I asked them about the EMI paid on 5th June – the front executive guy,  name Shyam, said it won’t refundable. I checked with the manager, he said that they will refund the amount. The executives do not have proper knowledge, I don’t know what kind of training they got.

7. It is horrible. On the cheques they have written as TC instead of TATA Capital, at the cash counter, the cashier rejected to deposit the cheques. So again closing loan account process got delayed, the bank has charged the interest amount, just because of their mistake I have paid the extra amount.

8. After closing my loan, in the statement of account, the Outstanding principal mentioned as -27,693. But I have received 18,160 only.

 At Panjagutta branch, in the bank, there is no one is helping me out and answering this query.

My rating about the TATA Capital’s Service/Support is zero.

NOTE: After sending so many emails, TATA Capital support team has provided my insurance policy details. But not helped in clarifying the difference in the refund amount.