Hi,
I had applied for IDBI Home Loans as they offered me 85% LTV ( which was more than 80% LTV from other bank, from where i got the sanction letter). I submitted my documents and asked them to check for my eligibility if i would get 85% of LTV or not, if not than i'll go with my existing sanction letter from other bank. They persuaded me that it will be through and i should also give processing fee cheque of 0.5% in advance ( Rs 16800), so that they could login my file. I categorically mentioned that first let me know my eligibility and then i'll ask you to process it. I gave a PDC for a date 6 days hence.

In spite of my repeated follow up with them i never got any call from them and then i found that they had deposited my cheque without informing me. There was insufficient fund in my account and it was dishonored. When i inquired about it they said since NO ONE CALLED UP FROM IDBI BANK SO IT IS UNDERSTOOD that you are going to get loan and hence they put the cheque. Even though it was a case of false promise from IDBI I quickly transferd the fund and asked them to represent the cheque and sent them a request letter explaining the same, they rejected my loan stating cheque bounce.

Now the other bank from which I have got sanction letter denied to disburse loan as i had a cheque bounce in latest statement. I never had any cheque bounce and clean banking transaction in last 5 years, my CIBIL record is positive, have worked with multinational banks and companies, but because of this incident with IDBI Bank, I'm not getting home loan from any other bank. I have to wait for 6 months for clean banking records to avail housing loan. I would strongly recommend don't deal with IDBI bank as when at the beginning of any relationship if they can fool you than in future it would be more painful to deal with them.