Anshuraj wrote:even I have taken plot loan from axisbank,so far I am happy and as such not seen any hidden charges!. In 2012 I paid 1% as processing fee but later my friends are paid only 0.5%. You can bargain on that!.
Hi Anshuraj,
have you completed one year taking plot loan with Axis. If yes, are they continuing with the same interest rate or are they charging extra - if there is no construction of house within one year.
Dont relay on Axis bank as they hold first prize for providing loan for junk documents like B katha, many builders have internal tieup with this bank for providing loan and those builders tell you will get loan only from Axis bank and not frm nationalised bank..
mybdaprop wrote:Dont relay on Axis bank as they hold first prize for providing loan for junk documents like B katha, many builders have internal tieup with this bank for providing loan and those builders tell you will get loan only from Axis bank and not frm nationalised bank..
True, i came across many land developers saying they will get loan from private banks especially Axis bank, so dont think that bank loan is available so the plot has proper doucuments and its okay to purchase. Its best to get a homeloan from State bank group or any nationalised bank if you plan to construct a house within few years time.
Guys,
From my personal experience, never ever think of Axis bank for any housing loans. My relation with Axis bank started in 2011, when i purchased a plot near electronic City. The loan was a homePlot+construction loan. They disbursed the first part of the loan (HomePlot) without any hassles and i was very impressed with the way they processed the loan.
In mid 2012, i decided to start my construction and my trouble with the bank started.
(i) First of all, there is only one contact who can interact with the bank on your behalf. That is the same sales person you would have dealt during your first phase of the loan. He may not be interested in follow-ups or getting things done, because it is of no benefit to him. The loan is already approved and it would have already been added to his (Sales Persons) target in the prior year/quarter/month itself. So doing something for me was like doing some kind of charity, for him. I have actually recorded the number of calls/messages i have made to him(using a android app), and I can tell you, for every part disbursement, i would have made minimum 25-50 calls to him. I have spoken to his team lead as well, but it is of absolutely no use. They all are busy with their new targets for the year
(ii) Delays --> So far I have requested 5 part disbursements for my home construction. And the number of days they have taken to process them is given below. The bank says it takes 10 days to process the disbursements.
First Disbursement --> 9 Days
Second Disbursement --> 33 Days(not a typo, its really 33)
Third Disbursement --> 26 Days
4th Disbursement --> ~16 Days
5th Disbursement --> 10 days(After my relative who works for the bank intervened)
The people who constructs a home would know the pain of waiting for money. So i dont want to elaborate on the pain part.
(iii) Total Chaos --> I have a Axis bank saving account under the same customer relation number. All my disbursements were to that bank till last time. Last time they issued the DD to my HDFC bank and which took another 3 days to get credited. Again last time, I requested 5 Lakhs, I got the DD for 5Lakhs, but the loan history was showing 10 Lakhs. When I raised a complaint, they added another transaction to my account showing 5 Lakhs as prepayment. Now my loan is showing correct outstanding amount, but the loan disbursed is showing 100%. So I cannot get the 5 Lakhs which bank needs to give once i complete next phase of my home. I am still following up with Axis bank to get that transaction corrected so that I can request for 5 more lakhs .
I have raised the issue to Axis bank directly through the Grievance portal, i have not even heard anything back. If the same behavior was from any public section bank, I wouldn’t have written anything here. I want to let the people know about the Axis Bank service.
Anyway, please check with othe options before you go with Axis.
I had a savings account and got it closed due to their lousy service. I got better clear communications from public sector banks though the procedure is lengthy and painful but had a cost saving. Here cost is also high and service is so poor. I will never venture in to Axis bank for anything.
Is there any one taken plot loan from axis over here? please answer my query.
I recently took plot loan from axis bank and registered plot as well. Now i have received axis bank loan agreement docs. Document booklet on front page as "HOME LOAN AGREEMENT" printed, except handwritten in one place it is "plot" loan inside in one of page, no other printed section reflects its plot loan. Also i got interest certificate along with agreement booklet to claim under 80c, but i'm sure plot loan we cannot do so. So i was wondering does any other plot loan takers received similar document from axis?
