I applied for a home loan from Standard Chartered Bank, attracted by their promise of a low interest rate. After signing the agreement with a July 30th deadline, I submitted all documents on June 25th. However, instead of processing the loan, the bank started pressuring me to buy insurance and savings accounts. When I escalated the issue to the CEO, they made changes, but just before the deadline, they undervalued my property. They refused to accept the BMC-approved plan for valuation, citing an internal bank policy. This forced me to cover the difference of ₹17 lakh to the developer on the last day.

Apni Law
Apni Law
Law Forum › Category: Banking / Finance › I applied for a home loan from Standard Chartered Bank, attracted by their promise of a low interest rate. After signing the agreement with a July 30th deadline, I submitted all documents on June 25th. However, instead of processing the loan, the bank started pressuring me to buy insurance and savings accounts. When I escalated the issue to the CEO, they made changes, but just before the deadline, they undervalued my property. They refused to accept the BMC-approved plan for valuation, citing an internal bank policy. This forced me to cover the difference of ₹17 lakh to the developer on the last day.
Vote Up
117
Vote Down
Apni Law Staff asked 7 months ago

I applied for a home loan from Standard Chartered Bank, attracted by their promise of a low interest rate. After signing the agreement with a July 30th deadline, I submitted all documents on June 25th. However, instead of processing the loan, the bank started pressuring me to buy insurance and savings accounts. When I escalated the issue to the CEO, they made changes, but just before the deadline, they undervalued my property. They refused to accept the BMC-approved plan for valuation, citing an internal bank policy. This forced me to cover the difference of ₹17 lakh to the developer on the last day.

1 Answers
Vote Up
6
Vote Down

Best Answer

Apni Law Staff answered 7 months ago

Based on Indian laws, Standard Chartered Bank’s actions appear to be unfair and potentially illegal. Pressuring you into buying products unrelated to your loan application and undervaluing your property without justifiable reason are actionable offenses. You can file a complaint with the Banking Ombudsman and the Reserve Bank of India.

You Might Also Like

I took a loan of ₹55,000 from Bajaj Finance at 25.49% interest. My monthly EMI is ₹2,650, which I’ve been paying on time. However, after 9 months, Bajaj Finance is asking for ₹51,000 to close my loan. I thought EMI includes principal and interest. Could you clarify this for me?

My daughter took a student loan from Bank of India in August 2014 to study abroad. Now, the bank is asking me to pay stamp duty and a penalty. I never received any notice about this penalty before it was imposed. What should I do?

I accidentally sent ₹55,000 through IMPS to a wrong account using the incorrect IFSC code. Unfortunately, there’s another account with the same number but a different bank. The payee was confirmed, and the money went to an unknown, dormant account. My bank initially promised to help, but it’s been over two weeks with no action. Can I legally pressure the bank to get my money back, especially since the beneficiary’s name doesn’t match? What are my options to resolve this quickly and get my money back? Any advice would be greatly appreciated.

Hello! I’m Shashi Prakash from South Delhi, working at Bhikaji Cama Place. Last December 30th, I entrusted a housekeeping staff member with my debit card and PIN to withdraw ₹2,500 for me. After withdrawing the money, he didn’t return my card, and the next day, he withdrew ₹27,000 from my account. Now he’s missing from work. How can I get my money back? I’m willing to spend up to ₹5,000 to resolve this. Please guide me.

We took an education loan from SBI a year ago for ₹4 lakhs. We’ve been struggling financially and couldn’t repay the loan. We did manage to pay ₹30,000 in interest towards the loan. However, without any notice, SBI deducted ₹50,000 directly from our personal savings account, which is not connected to the education loan account. How can this happen? Is there any legal recourse for us to get this amount back?

Share This Article
Previous Article Why are railway recruitment exams barring candidates who are awaiting results from other exams?
Next Article Dear Sir/Madam, I’ve created a website with a truly innovative concept, featuring functionalities not found anywhere else. I’m wondering if I should copyright the entire website or just patent the unique code (around 10,000 lines) that powers these special features? Your guidance would be greatly appreciated.

Follow US

Find US on Social Medias
Popular News
- Advertisement -
- Advertisement -
Ad imageAd image

📢 Stay Connected!

Join our community on Telegram and WhatsApp for instant updates, news, and exclusive offers.