Housing Loan from ICICI Home Finance

Housing Loan from ICICI Home Finance

Complaint against ICICI Home Finance I am a Project Manager in a leading software company in Bangalore. I have taken a loan of INR 15 lakhs from ICICI. In multiple installments, a major part of this amount has been disbursed. I made a request for disbursement of this amount on the 4th of May, 2005. I was planning to get my apartment registered on the 21st of May. My builder had informed me that the entire payment had to be complete by 14th of May. I was promised a disbursement by 10th of May by the ICICI Home Loan representative at the banking counter in Infosys campus, Electronics City, Bangalore. A week down the line, my builder demanded the same amount from me saying that ICICI had not made any payments. I paid the amount and completed the registration. ICICI Bank already is in possession of my sales deed. I enquired with ICICI regarding the same on the 30th of May. They apologized for the mix-up and promised a speedy disbursement. They also took a cheque for INR 9309.00 against pre-EMI for the month of May. I have a receipt as a proof for the same. I got another e-mail from ICICI on 6th of June demanding pre-EMI for month of May. I was told that the cheque I gave for the month of April had bounced and the cheque I gave on the 30th of May was accounted against April. I was shocked that I was not informed of a bounced cheque – NOT EVEN when I went to make a payment for May. I completed off all these payments and interest charged for late payment (in spite of the fact that I could not be held responsible for it) On 13th of June, I again got a mail from ICICI stating that there is a due amount of INR 19,000.00 and I have to pay it to enable ICICI to make the final disbursement. I knew that there was no such amount due. On my pointing out this mistake, they apologized and sent me an e-mail saying "We have already processed your disbursement request." It is 29th of June today and the disbursement is not done yet!! I had escalated the issue to a regional head of ICICI yesterday. She promised to get back to me in half an hour. Its more than 24 hours and I am still waiting for her call. This whole incident shows a total lack of respect for other people's time and money. Just making an advertisement saying "Hum hai na" is not enough. The people who bank with ICICI needs to feel the same way too. This is not even the first time that ICICI is missing a disbursement. I still have, in my possession, an earlier disbursement letter and the cheques I gave which was returned to me with an apology when I enquired why the payment was not made!! I hold a salary account in ICICI, a credit card, a demat account and a home loan. I have been an ICICI account holder for almost 7 years now. My word of advice: "DO NOT BANK WITH ICICI" Regards,

Rekha Click this link to e-mail the message author: Email User

Comment On This

It's no exaggeration. ICICI is a looter. I don't understand why RBI is not taking it serious. They do not adhere to RBI policies. Eg: they charge foreclosure charges which RBI has waived long back