Good Morning,
I’m mani from kovilpatti, recently I applied for mortgage loan against my property for principle amount of Rs.7, 00, 000. The aptus employee who came to visit our property said that the interest for this loan will be 16%. eventhough at first we feel that the interest is high, we proceeded for the loan process.
1. A Demand Draft was taken for Rs.8050 on “Aptus Value Housing Finance” on
The process takes more time than usual which was initiated by mid of december 2016 that it makes us to cancel our my official programs.
2. We(Me & wife) went for document verification on 27/02/2017 and signed the application forms and they asked to submit our original property documents.
There was no agents or staffs of aptus were there while we we signed the documents, Only the receptionist girl was guiding us.
4.When we asked several questions on the document signing process, she couldn’t explain that. After completed signing the application form she printed the sanction letter from the email and asked us to sign.
When we checked that it was mentioned that the principle amount is Rs.700000, Rate of Interest is 21%, Emi: Rs.15969 and term of 84 months.
Till we look at the sanction letter we were sure that the rate of interest is 16% per annum.
So, As it was mentioned 21% on the sanction letter we asked the receptionist girl regarding this and she don’t know to answer about this and we were in arguement with that girl.
Then she called the aptus agent who was incharge of this process, he was just standing somewhere near that aptus building.
when we asked him about the ROI, he said that it was printing mistake that it was typed 21% instead of 16%, we argued and he gave an explanation by fooling us. The explanation is as follows,
Principle Amount: Rs.700000
Emi: Rs.15969
Term: 84 Months
Total amount to be paid for 84 months will be Rs.13, 41, 396 (Thirteen Lakhs Forty One Thousand Three Hundred and Ninety Six)
Total Amount – Principle Amount = Rs.641, 396
Total Interest to be paid is Rs.641, 396
Interest Amount/Term = 641, 396/84 = Rs.7, 635
Rs.7, 635 which is just 1.1% of your principle amount.
Why we should pay the same Rs.7635 for 84 months????
He completely fooled us and said that the sanction letter was printed mistakely as 21%.
3. The Aptus staff who said that the document charges will be around Rs.7000, but the actual amount we spent for documentation on 07/03/2017 is Rs.16150.
4.Finally they given us the check on yesterday evening (07/03/2017) of Rs. 6, 90, 972 (Processing fee Excluded). The check was dated on 28/02/2017.(They gave the check after 10days)
5.We recieved check yesterday(07/03/2017) and Aptus tells us to pay our first due on day after tomorrow (10/03/2017).
We are completely frustated that we have been cheated by aptus by saying ROI as 16% and convincing us to sign for 21%. We even asked aptus staff to give us some time, but he said “No” by telling that it is important to sign the document today itself.
Processing Fee Rs.8000(DD)+Rs.9028(Deducted from loan amount+ Documentation Charge(Rs.16, 150) = Rs.31, 178 (Total Amount Spent)
We are under stress and unhappy on recieving check from aptus after these many fourgeries.
We are going to tell this to all our friends and relatives for their awarness.
Please do reduce the ROI to 16% from 21%.