Fatal: foreclosure rule misstated to win a balance transfer, cover pushed as a condition

A balance-transfer campaign call built on a rule that was removed in 2019. The RM told the customer his existing bank would charge 2% to foreclose a floating-rate home loan in his own name and quantified it at Rs 63,000 — the correct figure is nil. When the customer said a friend had told him there was no charge, she overrode him and told him his own bank would confirm her version. She then presented a Rs 1,12,000 loan protection cover as the condition for the 8.85% rate, with a 25 bps penalty for refusing, and when the customer said he already had a 50-lakh term plan she told him it was a different thing. The call closed with a 30 September deadline pushed at a customer who had just said he needed to think.

“Existing loan Rs 31,40,000 at 9.35% floating with another bank · Ravvio offer 8.85% floating · officer states the existing bank will charge "2% foreclosure, about 63,000" on a floating-rate individual home loan · loan protection cover Rs 1,12,000 presented as required for the rate”