Beware of Lodha's bank-loan offer scam - How builders forfeit flat-buyer's token (Hindi)

The sales offices of Lodha and other developers seem to be colluding with bank employees to cheat flat-buyers and take away their token or booking amounts. This is done especially while marketing to ordinary working-class and middle-class flat-buyers, but it can happen to anybody.

The way it works is that a person claiming to be a bank employee makes calculations based on the prospective flat-buyer's stated income, and orally confirms that a loan can be approved for almost the entire cost of the flat. minus the flat's booking amount as down-payment. On this basis, the flat-buyers feel encouraged to sign the application form in Lodha's sales office and swipe their card for a large token amount -- of a lakh rupees or more.

Later on, when the flat-buyers goes to the bank for actual loan approval, they realize that the loan amount will not be so large. Then they request the Lodha sales office to cancel, and find out that for cancellation, Lodha will forfeit the entire amount paid as token or booking amount, or a large chunk of it in any case.

People are not sure whether a salesman of Lodha pretends to be be a bank employee, or whether the person orally approving the loan is an actual bank employee. But this kind of organized crime is happening with alarming regularity, both at Lodha sales offices and elsewhere also.

ISSUED IN PUBLIC INTEREST BY
Krishnaraj Rao
9821588114 and 8169471229
krish.kkphoto@gmail.com

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