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Think twice before switching to AXIS Bank Home Loan

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Think twice before switching to AXIS Bank Home Loan

Last updated: April 29 2013
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  • Think twice before switching to AXIS Bank Home Loan

    I have transferred my loan from IDBI Bank to AXIS Bank, Jayanagar, Bangalore Home Loan branch during Feb'2013 as AXIS Bank was giving lesser/attractive interest rate.But everything has changed after switching my Home Loan to AXIS Bank. I have a very horrifying experience and Bank has made my life more problematic. Instead of saving of money, I have lost around Rs.50,000 and lot of inconvenience caused.
    I have listed below few of my concerns and advice for you to think twice before taking Loan from AXIS Bank.

    - The entire transfer process took 70 days. It was promised me that I will get it in 3
    weeks.
    - AXIS Bank dishonored my Home Insurance made from IDBI Federal Life Insurance Company and forced me to take from AIG. So, I was forced to close my old Insurance and open a new one.

    - No online facility for operating Home loan account. Online is available which you can see only account number and balance.

    - For part payment Customer has to visit the Branch i.e. available at Jayanagar, Bangalore

    - They will not accept online payment. The option of making part/prepayment payment is only cheque along with hand written application.

    - Only way of contact is to send email loans@axisbank.com. No phone calls entertain. They are very slow (takes 2 working day minimum) in replying the emails.

    - Currently if you are not residing at your base location branch than you are in a real trouble. You need to appoint somebody to perform all the Bank formalities except your regular EMIs.

    For the first time Home owner, you can take loan from them as you will not have the experience of luxury of online access. Trust me, I had visited only once to my previous home loan bank in span of 3 years and that was because I need Sale Deed attested copy to transfer electricity bill to my name.

    Please feel free to let me know if you have any suggestions or if you feel I have mentioned anything incorrect.

    You can reach me at biresh_patel@yahoo.com

    Regards,
    Biresh Patel
  • #2

    #2

    Re : Think twice before switching to AXIS Bank Home Loan

    I think online prepayment facility is cancelled by lot of lenders including HDFC as account statement is required with prepayment.

    Originally posted by bireshpatel View Post
    I have transferred my loan from IDBI Bank to AXIS Bank, Jayanagar, Bangalore Home Loan branch during Feb'2013 as AXIS Bank was giving lesser/attractive interest rate.But everything has changed after switching my Home Loan to AXIS Bank. I have a very horrifying experience and Bank has made my life more problematic. Instead of saving of money, I have lost around Rs.50,000 and lot of inconvenience caused.
    I have listed below few of my concerns and advice for you to think twice before taking Loan from AXIS Bank.

    - The entire transfer process took 70 days. It was promised me that I will get it in 3
    weeks.
    - AXIS Bank dishonored my Home Insurance made from IDBI Federal Life Insurance Company and forced me to take from AIG. So, I was forced to close my old Insurance and open a new one.

    - No online facility for operating Home loan account. Online is available which you can see only account number and balance.

    - For part payment Customer has to visit the Branch i.e. available at Jayanagar, Bangalore

    - They will not accept online payment. The option of making part/prepayment payment is only cheque along with hand written application.

    - Only way of contact is to send email loans@axisbank.com. No phone calls entertain. They are very slow (takes 2 working day minimum) in replying the emails.

    - Currently if you are not residing at your base location branch than you are in a real trouble. You need to appoint somebody to perform all the Bank formalities except your regular EMIs.

    For the first time Home owner, you can take loan from them as you will not have the experience of luxury of online access. Trust me, I had visited only once to my previous home loan bank in span of 3 years and that was because I need Sale Deed attested copy to transfer electricity bill to my name.

    Please feel free to let me know if you have any suggestions or if you feel I have mentioned anything incorrect.

    You can reach me at biresh_patel@yahoo.com

    Regards,
    Biresh Patel

    Comment

    • #3

      #3

      Re : Think twice before switching to AXIS Bank Home Loan

      I have recently took a loan from Axis and I have signed application for online access of my account as well @loan agreement signing time. So I think they do have online facility where you can check balances and transaction details not sure of other options since I have not recieved online access yet (they say it will take around 15 days after disbursment).

      Comment

      • #4

        #4

        Re : Think twice before switching to AXIS Bank Home Loan

        Having a good DSA in between is the key for Axis bank I guess, which worked wonders in my case, as everything was pretty smooth and clear.
        Last edited April 29 2013, 03:12 PM.

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