It has been a very pathetic experience since I have applied for a home loan from the ICICI home loan department. I have no idea if a customer has any value to your officials and whether they even bother to listen to them.
Being a NRI loan applicant, I got my loan amount sanctioned before I leave for India for a month long vacation, but I was not aware the consequences I will have to face for making that stupid mistake of choosing ICICI bank for home loan banker.
I was initially told that the disbursement process will take about 7 days (when I applied the loan from USA) and I do not require a co-applicant if I can provide you certain documents of my NRI Guarantor. But when I reached India and contacted my Credit Manager Mr. Tuhin Chakraborty, the story was completely different. He asked me to make a co-applicant mandatory (else I will have to provide financial details of my NRI guarantor except those which I provided earlier) and the disbursement process would take maximum 15 days (double the time that was earlier promised to me).
Here begins the story, the bank officials started asking for all sort of documents (much more than that was supplied in their booklet) from me and my builder. We have provided them all documents that they have asked. They wanted us to complete the initial agreement as without which the disbursement process can not be started, I finished the agreement and provided them the original documents (agreement and money receipt) without any written receipt from the bank (it seems they do not provide any official receipt while accepting those documents) which means if those documents are lost/misplaced by bank I have no right to ask those documents from them.
It was very unfortunate that even after all formalities are done bank official and specially my Credit Manager are denying me any written date when the loan can be disbursed. MOST PATHETIC SITUATION IS THAT MR. TUHIN CHAKRABORTY HAS STOPPED RESPONDING MY PHONE CALLS AND HE SENDS ME SMS (which is never an official mode of communication). They are telling me since last 8 days that it should be ready by tomorrow. I am not sure when that tomorrow will become today.
After 21 days of disbursement process I am still awaiting a definitive response from your esteemed department management.
What I have noticed so far: 1. No customer support 2. Inexperienced management methodologies 3. Lack of communication among the bank officials 4. None (including the Credit Manager) has clear idea about the whole process. Officials harass customers with documentation process without any idea about the usage and requirement of those documents. 5. OFFICALS DO NOT GIVE CONTACT DETAILS INCLUDING EMAIL AND PHONE OF SENIOR BANK OFFICIALS. I HAVE BEEN REQUESTING THE CONTACT DETAILS OF SENIOR MANAGER BUT UNFORTUNATELY NO ONE IN THE OFFICE PROVIDED ME ANY DETAILS. 6. There is no way of escalation of an issue to higher authorities.
I do not know if this letter has any value for your kind consideration, but the service I have received so far is completely unacceptable and unethical. Due to your fault I might have to loose whole agreement amount of Rs. 400000/- because I can not extend my leave any more. You people just ruined my vacation and my commitments to my family.
Can I expect some action from your part or can you please forward this to your higher officials?
I had just heard...But now experiencing myself abt poor services for home loan...
I had to sign same docs around 4 times...Insisted upon by representatives for blank filling..with 3 times rate revision and almost a delay of 2 months seeking disbursement (which normally they advertise to be done in a weeks span)..
All is too frustating...Better to go to some other bank in case if one wants to avail home loan.
I had a bitter experience with ICICI Bank representative office in Dubai. I am from Andhra Pradesh and I have a plot in Bangalore. I wanted to constructed a duplex house in Bangalore and applied for a home loan through ICICI Bank representative office in DUBAI.
When I went to see them, I was not allowed to see any officers inside, instead the receptionist is handling all the customers. When I applied for the loan, he refused to acknowledge the loan documents saying it is only a representative office and not a branch.
After going through the papers, he said my loan may not get approved since the power of attorney is "not permenant resident of bangalore city". I told him that any indian resident can be the POA for anywhere in India. He started arguing and with great difficulty accepted the loan application.
After a week he called and said that my loan got rejected, no reasons were given, nothing in writing. When I insisted for the refusal in writing, he promised that they will ask their Mumbai branch to send a letter which never arrived even after a year.
I took the same papers to HDFC and got the loan approved within a week. Now I am a happy customer of HDFC.
RE:ICCI, Dubai office is also the same
by Vijay on Apr 15, 2008 01:39 PM
Dear Suresh Babu, My story is very similar to you.I had applied for housing loan on 15-12-07 & had submitted every single document before joining Dubai office.I was informed by the concerned official that we have received all documents from you & you will hear within a week.Despite my repeated follow up, several expensive ISD calls from abroad, the concerned officer kept MUM about the proposal all the time. Every time I got an answer that "it is under process, we will inform you shortly" (without telling the reason for delay). When I contacted bank through my friend, I came to know that the concerned official left the bank, his another opportunity did not work out, so he joined back with ICICI. Later my case was given to some other official, who immediately after taking over the charge, went on training programme leave.After resuming, when I asked him, what is the status of my proposal? He quitely answered I am looking after your case now, it has been transferred to another officer.With God's grace, that third officer processed my file & I got a sanction after 2 months after all legal & technical clearances.I was told to submit all originals and to sign other relevant documents for disbursement which I completed in no time to save delay. At the time of disbursement, bank official raised query we are not clear about 1 clause in the sale deed.This property may have a loan.I told clearly that all originals are in our hand & there is no loan outstanding on this property. If requi
ICICI is the worst source for home loans. They say one thing and do quite another. Their service is horrendous. If your EMI cheque bounces for whatever reason, you have had it. You will be hit from all sides, top and bottom in the name of fine, penal interest etc. etc. All in all, I find PSU banks a lot better than these private players. HDFC though, is a lot more professional and transparent in their dealings. If you want to take a home loan from a private company I advise you to go for HDFC.
sub-false commitment and charges taken twise i have applied home ioan with icici bank in nov 2004 were the bank has taken the cheque of processing fees for which i have already inform bank that i am buying two properties,bank gave me the sanction letter,but letter on bank representatives told me that to give me loan on the second property bank will charge me the processing fees again and for giving me that ioan also they harresed me like a donkey,and demanded iots of papers there is no proper system with the icici bank and the manager who disburse the ioan they treat customers in icici bank as a beggers
Yeah, The same is the story with me when last year I was looking for a loan at Faridabad. The irony is that no DSA was involved but direct marketing employee of ICICI Faridabd.
I was kept in delima for more than 25 days and I was about to loose my deal when I got a helping hand from HDFC.
Finally could manage Just in Time. From that day onward I never made any contact with ICICI bank for any product.
I hope the seniors in ICICI Bank must give a thought into such small incidents. This will atleast save there image which they had achieved.
The more the hight you gain the more the vulnerable you become. Better start now.
