Hi All,
ICICI SUCKS BIG TIME !!!! I wish to warn all of you from taking any home loans from ICICI. I had applied for a home loan with ICICI. I have never seen anyone trapping the customer in a cheaper way than this. I had already done the registration of my property and hence I was already having all the property papers. Also my income was sufficient to get me a loan that I wanted. I had applied for a Loan of 10 lakhs and an amount no lesser than this was acceptable to me. I had made this fact clear to the ICICI agent. He asked me to hand over all the documents to him(The property as well as the income documents). He said that he would get back to me in a weeks time and would tell me how much amount of loan I would be getting. After a weeks time he came back saying that I will get a loan of 10 lakhs. I asked him specifically whether the loan amount he was talking about is a sanction amount or a disbursement amount(Sanction amount is the max amount u can get while disbursement amount is the actual amount that will be issued to you). He said positively that it was a disbursement amount.
My financial position was such that I couldnt have done without a loan amount of 10 lakhs, and since I had already registered the property by paying an amount, the builder was hurrying me to pay up the rest of it for which I was totally dependant on the loan. My aggreement value was of 8 lakhs while a seperate extra amenities document was of 3 lakhs, while the registration costed me 35,000 rs. Hence the total value was 11,35,000 rs. All these documents were given to the agent beforehand. Since he commited me for a loan of 10 lakhs, I asked him to process my papers. After a weeks time, he came back to me with a sanction letter which also quoted the same amount. So i signed it and he gave me the blank loan agreement to read and asked me to sign it and return within a day or so.
While going through the document, I had some doubts and happened to call up the guy for clarifications. I casually asked him that when will be the cheque of 10 lakhjs be released and he plainly said that I will not get a loan of 10 lakhs, but only of 8.50 lakhs!!! What a big cheat this company is !!! By this time my account was already charged for Rs.5621 of processing fees and since my money was stuck with them, it was very comfortable for them to say what they wanted to ...
The silly reason that he told me was that it is not in the company rules to fund the extra amenities at 100%. He said that its the companies policy to fund only 20% of that amount. Now what the f**k was he doing when the papers were given to him in advance? Didnt he go thru them and see what was his "COMPANies POlicy???" . Since that amount was not sufficient for me, I had to run around looking for another bank and had to go thru the entire process all over again. This not only caused delay in paying up the builder, due to which he threatened me to cancell the agreement, but I also lost the processing fees of Rs.5621.
From that time I am running around the Branch Managers and the foolish ICICI officers who admit that there is a mistake on their part; but not before aruging endlessly that nothing can be done. I have also raised a compalint with customer.care@icicibank.com (Compalint Number: SR1026158569) but nothing has happened in the past 2 months only endless series of one sided mails.......
I piece of advice for all of u ..... buying a home is a critical issue ... and so is ur hard earned money ..... DO NOT ..... I REPEAT DO NOT EVER HAND IT OVER TO IRRESPONSIBLE PEOPLE LIKE ICICI... THEY ARE CHEATS ... COMPLETE CHEATS ......
NEVER GO FOR A HOME LOAN WITH ICICI....... HUM HAIN NA ...(AAPKA PAISA LOOTNE KE LIYE !!!!) .. THAT IS WHAT THEY BELIEVE INpi....
ALL QUERIES AND SIMILAR INCIDENCES ARE WELCOME AT reachpranab@yahoo.co.uk or Pranab.Ghosh@barclaycard.co.uk
I am planning to file a case against them and preparing the files for the same..... thats all I can do now ....
Thanks,
Pranab.
ICICI SUCKS BIG TIME !!!! I wish to warn all of you from taking any home loans from ICICI. I had applied for a home loan with ICICI. I have never seen anyone trapping the customer in a cheaper way than this. I had already done the registration of my property and hence I was already having all the property papers. Also my income was sufficient to get me a loan that I wanted. I had applied for a Loan of 10 lakhs and an amount no lesser than this was acceptable to me. I had made this fact clear to the ICICI agent. He asked me to hand over all the documents to him(The property as well as the income documents). He said that he would get back to me in a weeks time and would tell me how much amount of loan I would be getting. After a weeks time he came back saying that I will get a loan of 10 lakhs. I asked him specifically whether the loan amount he was talking about is a sanction amount or a disbursement amount(Sanction amount is the max amount u can get while disbursement amount is the actual amount that will be issued to you). He said positively that it was a disbursement amount.
My financial position was such that I couldnt have done without a loan amount of 10 lakhs, and since I had already registered the property by paying an amount, the builder was hurrying me to pay up the rest of it for which I was totally dependant on the loan. My aggreement value was of 8 lakhs while a seperate extra amenities document was of 3 lakhs, while the registration costed me 35,000 rs. Hence the total value was 11,35,000 rs. All these documents were given to the agent beforehand. Since he commited me for a loan of 10 lakhs, I asked him to process my papers. After a weeks time, he came back to me with a sanction letter which also quoted the same amount. So i signed it and he gave me the blank loan agreement to read and asked me to sign it and return within a day or so.
While going through the document, I had some doubts and happened to call up the guy for clarifications. I casually asked him that when will be the cheque of 10 lakhjs be released and he plainly said that I will not get a loan of 10 lakhs, but only of 8.50 lakhs!!! What a big cheat this company is !!! By this time my account was already charged for Rs.5621 of processing fees and since my money was stuck with them, it was very comfortable for them to say what they wanted to ...
The silly reason that he told me was that it is not in the company rules to fund the extra amenities at 100%. He said that its the companies policy to fund only 20% of that amount. Now what the f**k was he doing when the papers were given to him in advance? Didnt he go thru them and see what was his "COMPANies POlicy???" . Since that amount was not sufficient for me, I had to run around looking for another bank and had to go thru the entire process all over again. This not only caused delay in paying up the builder, due to which he threatened me to cancell the agreement, but I also lost the processing fees of Rs.5621.
From that time I am running around the Branch Managers and the foolish ICICI officers who admit that there is a mistake on their part; but not before aruging endlessly that nothing can be done. I have also raised a compalint with customer.care@icicibank.com (Compalint Number: SR1026158569) but nothing has happened in the past 2 months only endless series of one sided mails.......
I piece of advice for all of u ..... buying a home is a critical issue ... and so is ur hard earned money ..... DO NOT ..... I REPEAT DO NOT EVER HAND IT OVER TO IRRESPONSIBLE PEOPLE LIKE ICICI... THEY ARE CHEATS ... COMPLETE CHEATS ......
NEVER GO FOR A HOME LOAN WITH ICICI....... HUM HAIN NA ...(AAPKA PAISA LOOTNE KE LIYE !!!!) .. THAT IS WHAT THEY BELIEVE INpi....
ALL QUERIES AND SIMILAR INCIDENCES ARE WELCOME AT reachpranab@yahoo.co.uk or Pranab.Ghosh@barclaycard.co.uk
I am planning to file a case against them and preparing the files for the same..... thats all I can do now ....
Thanks,
Pranab.
posted by Pranab at 1:48 AM
19 Comments:
Man every word of this blog is true. I have also being through similar, or even worse experience with ICICI.
In my case they always promised me a low interest rate which was always changed first reason being its the sale person mistake that he offered me way too low interest rate then they took hell lot of time to process my loan & again they said "Market rate has gone up".
The most shity part is after the saction letter is released the first disbursement has to be done within 30 days. Failing to do it, the bank can change the interest rate mentioned on the saction letter. Interesting point here being with saction letter you get a list of documents to be submitted which can never be arranged in 30 days. This fact was even openly accepted by one of the ICICI home loan officer. So this lead to increase in my interest rate for third time.
I was going out of India due to my job so I didn't had time to look for new bank so accepted the new rate.
Now as in case of Mr. Ghosh, I was also promised a loan of Rs. 10 Lakh, even mentioned in my sanction letter. But one day my dad called me and said ICICI is saying they will only release Rs. 6.5 Lakh. The reason being our house can be constructed in 8 Lakh Rs as per their architects. Even though I have bills of construction cost over 12 Laks. Again as I was not in India there was no other option. We had to took whaterver loan we got from ICICI and managed rest of it from other sources. I will never forget about the trauma my parents back in India has to go through due to ICICI.
Guys trust me....NEVER GO TO ICICI FOR HOME LOAN....even if they are giving it to you on 0% interest rate.
Dear Pranab,
I do sympathize you for the usual behaviour of ICICI bank. It is not new for them and this is not the first instance that I have heard about. My Jiju had also been a victim of the so called Multinational bank. He had received a loan amount that was far less than he quoted....
The ICICI sales executives themselves don't know the policies, they just want to add one more feather to their cap(i mean one more innocent). They are useless....
I DO NOT TRUST THEM NEITHER FOR A SIMPLE BANK ACCOUNT.....
Regards,
Satyajit.
I have alos gone thru same situation. Despite of agreeing for 12.5 lakhs i.e 90% of property I was only disbursed 11.6 including of home isurance. The home insurance was denied without giving any reason. The 43k disbursed for Home loan insurance taken back without my consent and shown as pre payment.
Now I ended up getting loan only 11.2 lakhs effectively.
Moreover the Uitility deposit portion of 50 k was not considered as qulified for loan.(The website icicibank.com shows taht Utility deposit will be part of the qulifying amt for loan).
I started processing for loan in the month of March-06 with approval on phone. My eligiiblity 24 lakhs I asked for 14 lakhs.
1st problem after one month --they realised that I cannot get part fixed part floating loan with approval over phone.
I rushed with all the documents within 2 days. The document went missing --was received by Icici Bank Kalyan Maharashtra staff but not kept in file. days lost 10.
Meanwhile I was in Bangalore the loan was getting processed at Kalyan. Phone bills increasing. Builder doing followup.
One more month goes without progress. Suddenly I see that 2nd time interest rates are going up. I speak to them they realise my contribution is less of 35 k they ask me produce receipt within 3 days otherwise new rates. You can imagine my situtation--Propert in pune, Bank in kalyan and Me and family in Bangalore.
Somehow i produce the receipt, but I get a disbursent of only 60% amt. Day one onwards I am asking for 100% disbursement.
Now again followup starts--interest hike announced.I write mails the guys in kalayn do not answer. Phone is not being picked up. Then I wrote to customer care (so called) then people woke up. Start asking about my loan status and all basic details. I recieve some forms in 2 packets---one funny form asking 3YRS.turnover of my comany (IBM). After I call to branch somebody tells that I have received wrong packet,he is sending correct forms.
After sending form 8 days no communication. I receive 2nd disbursement but to my surprise Fixed (so called) rate component is also given at incresed rate so I end up with effective fix rate of 10.35% and Flexible of 9.25. And I started proposal when fixed rate was 9-9.25% and flexible- 8.5%.
Now another problem 43k disbursed for home loan ins.is take back as prepayment. No info about rejection of home loan insurance. Now I have a loss in terms fixed (Fixed for whole tenure of loan)--I have lost by 1% due to delays, Moreover this 43k has resulted in increasing my fixed rate as 2nd installment of 2lakh is (inclusive of 43k) is at higher interest rate(11%). so calculationwise i loose= 4.3 at 10% + 2at 11%= effectveli 6.3 at 10.3%.
Now reduce 43k from 2 lakh i.e= 4.3 at 10% + 1.57at 11== 5.77 at 10.26% EFFECTIVE LOSS IS 0.04% FOR 25 YEARS(MINUS HOME LOAN INSURANCE)+ 1.5 LAKHS Borrowed at 13% to PAY THE BUILDER.
HAVE I BENEFITED BY STICKING TO ICICI===MY SAVING/SALARY A/C 7 YRS,CR.CARD=6 YRS, DEMAT/DIRECT.COM=4YRS.
Viajy Deshpande
Thanks that u posted a info in Blog .
MAny ppl suffered from such a incidence but no one is ready to share or file a complaint .
Plz file a complaint aginst ICICI.
Why dont you try putting your complaint on www.core.nic.in. Its a Cosumer protection forum lauched Indian government.
Check it out.
I have also tried putting it on core.nic.in .. no reply as yet ,.. but I am hopeful, Also friends you all will be happy to knowe that I have sent the mail to the marketing heads of all leading banks in India and marked a copy to India TV .. to let them know what their competitor's market reputation is .. friends I urge you to find out more and more ways to defame ICICI and get these messy people out of the loan market ....
they are utter craps ... useless and very very unprofessional ...
I have ben getting hundreds of mails now a days of people with similar experiences ... i will be putting them on the forum shortly .. do keep a watch and circulate it to ur friends...
Thanks and Regards,
Pranab.
This comment has been removed by the author.
I have purchased property at Pune, I want to fly for South Africa on 18th night, I have applied one month before, they have given me sanctioned letter one month before of amt 11,29,100/-. I have submitted all the documents, The these stupid guise are committing me every day new date, because of these bastards I have to cancel my Ticket, I want to take legal action on them I want to launch a 420 case, I went to do complaint at consumer court but they suggested me to go by law.
I went to ICICI Bund Garden Bank, to meet Home Loan Manager, Icici bank officer named Shital/Sambhaji seating g at window number 18, redirected me to (I never wish to go through private agent but I didn’t knew when I was fall in IQUEST hand) IQUEST, Shree Sadashiv Apt, Opp Police Parade Ground, FC Road, Pune 411016
Name of the ICICI bank Relationship Officer Yogesh Katre (IQUEST)
Name of Executive is Rajendra(Pun221)
If you want to suggest me the proper way you can write me gulshanc@cyabge.com
By end of the story I just want to complaint about the Worn Commitment these guise are doing with customer,
If you are taking the loan don’t pay processing fee in advance, and don’t go in IQUEST
Hi Gulshan,
I know that going directly to consumer courts is a tedious task .. but that s certainly one of the good options. Also I would say that you can go ahead in a similar way where you can draft your entire story and post in in this blog as well as in a mail and send it accross to everyone you know. You can make use of this blog and paste this link as this one is already popular.
After doing this wait for some days but dont stop circulating mails.. the icici guys might respond. Mark every mail to customer.care@icicibank.com
They may make us lose a few thousands.. but we can certainly make them lose crores !!
And at last to all friends reading this blog .. NEVER AND NEVER EVEN APPLY FOR A HOME LOAN WITH ICICI....
Some good options are IDBI,UTI,HDFC...
Thanks,
Pranab.
Guys its really disheartening to see that such a huge Indian bank is doing such petty things just to extract few thousands from the inncent janta. Is it their casual behaviour or a thought ful strategy to get few thousands (amount) from few thousand (people) and make crores.... wow!! good strategy indeed.. now we know what to do when u have a big name..spend crores to advertise and gain them back by such pety and cheap ways... i completely backup u guys..we need to do something about these people. if we wont then who will.just imagine what they must be doing to illeterate or senior citizens..who are not very much aware of such cheats..We need to teach these ICICI guys a leasson on behalf of our society!!
Friends,
Thanks for putting down your thoughts... I went thru a similar incident but did not find time to do all this.... these people must be taught a lesson and I am glad that you all are doing it... !!
Hi Friends ,
I am the author of this blog and am glad to inform you all that ICICI has refunded my money after i wrote to CNBC AWAAZ about this issue. I was shocked to find that there is no refund policy in ICICI, but they gave the moneyback to me because their image was at stake... guys if u face a similar problem, then write to pehredar@moneycontrol.com .. They will help u get ur money back ..
At last thanks a lot for your efforts !!
Hi, Definately everything here is true and thats what i believe happened with everyone infact i have something to add.
I had taken homeloan from ICICI bank at a rate of 10.75% last year and with good market condition the rate increased upto 12.75% (floating). I understand its a floating rate, so why is it not coming down in comparison to the market its 11.5% now and the market is below the level when i had taken the loan. I spoke to their customer service but they cant help. I was also troubled a lot when taking the loan, they delayed it and I had to visit their branch 5 times which is 3 station away, although I was told by the agent he will take care but nothing was done to ease the trouble. Truly this bank is a liar. We as a middle class people cannot afford a house easily and again getting into this is something we cannot go through. I feel this bank is a cheater. My advise to people as a victim is please do not get into any business with ICICI they dont care for you and your money. I cant explain my frustration with this bank, but if i was told to hit a stone on this organization, i'd protect the stone.
ICICI Bank is the worst bank to bank with. Let us all sign this petition against the bank. Together, we change
http://www.petitiononline.com/bagla27/petition.html
Please help to spread awareness about this petition through your blogs
This comment has been removed by a blog administrator.
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I really like when people are expressing their opinion and thought. So I like the way you are writing
I didn't understand the concluding part of your article, could you please explain it more?
i happened to read some of the complaints. They are all true. In the name of being projected as the 4th generation bank with all latest ameneties they are really taking customers for a royal ride.
Let me narrate what happened to just now. I took a housing loan for 32.10 lakhs and by God's grace i managed to pay the entire amount by Dec 09. Since last week of Dec 09 i would have called ICICI HOME LOAN BANKING division more than 5 times and till date i have not been handed over my original document. Not only that the saddest part is they unduly debited my account Rs.15000 odd over and above the total loan amount. when i went to their bank in end Dec 09 they promised me they will credit the money back to my account within 15 working days and my original docs in 21 working days. Nothing has happened. Now they are giving some cock and bull story that i have to pay a old overdue of Rs.922 which became due in 2007. I said ok for this also and asked them to debit my account and return my balance money and the docs - but till now the mara mari and the fight is going on!!! NO ACTION FROM THEIR END.
I am writing this specifically to all the viewers PLEASE FOR HEAVENS SAKE NEVER APPROACH ICICI BANK FOR ANY DAMN LOAN. Their customer service is the worst of the lot and they give you immense torture.
Even if you have to run couple of more times to another bank especially the scheduled banks they are 1000 times better as you can go and talk to a particular person for all your complaints everytime.
JUST IGNORE ICICI - Their fame is spreading very quickly !!!
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