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ICICI Bank / home loan - false promises, unprofessional attitude

1 India Review updated:

Here is the interesting story.

- I applied for housing loan (Fixed interest rate) and got an approval for 7.75% (Year 2004). Bank asked me to send the documents that I did. ICICI guy delayed sending the form (that I was suppose to fill for disbursement).
- Bank said as there is already 31 days between approval and disbursal so you need to renegotiate the loan. New interest rate: 8.25%.
- I got the first disbursal (against construction) on 8.25%
- time came for second disbursal and I wanted an additional loan for 2 lacs. I asked the marketing guy whether you can increase the amount. He said yes he can and would be approved on the same interest rate (8.25%)
- Forget the additional amount when I got the disbursement of second installment (Remember fixed interest rate and not the floating); I got a letter from ICICI that new amount is disbursed at 9.5%
- When I called Marketing Guy; he passed my call to their operations guy and he just refused that Fixed rates are on fixed interest rate and did show any inclination of honoring commitment given by his marketing guy.
- My Experience: Last time I tried Corporation bank for my Car loan. Considering my experience I can safely say; Public sector banks are most under rated banks and are not that bad as we think. Private banks: I am not sure about others but ICICI - Sucks- Most aggressive, unreliable, no-commitment bank in India. Their "Hum Hain Na" advertising campaign looks joke to me.
- My Resolution: Close all the relationship I have with ICICI - ASAP.

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Comments

  • Sh
      6th of Feb, 2007
    0 Votes

    I applied for Housing loan.They have taken processing fees without accessing whether they can finance the identified property & they promised that they will finance that.

    But at the end of the time they have decided that they will not finanace & even they never intimated me & kept me in dark. When I contacted them they simply told me that they will not finance & reason was not satisfactory.

    Consequences : I lost my processing fees of Rs 5612 & the advance payment that i paid in advance to purchase it.

    Apart from that now the loan will cost me .50% on 9 lakh rupees.

    Stay away from ICICI Bank!

  • Kh
      7th of Mar, 2007
    0 Votes

    I had taken loan of Rs 8 lac in june 2002. After 2 years additional amount of Rs 6241 added in principal amount. Till today matter is not resolved. All emi i had paid no late fee or late payment or cheque bounced.

  • Ko
      8th of Apr, 2007
    0 Votes

    Sub: Dubious motives in retail banking

    Beware when applying for loans from ICICI Bank. The sales agents do not tell you that the monthly debit cycle will hit your account on the 1st of the month. More often than not as in 99% private companies, the salaries are credited only after the 1st. So not only does ICICI make money on cheque bounce backs, but also ensure they spoil your credit history. If you take this issue up with them, the bank certainly has its pet lawyers and solicitors who promptly send you a court notice forcing you to pay up immediately.

    Pathetic- Mr Kamath talks about a global corporation but cant fix these bugs in the home system.

  • Ga
      23rd of May, 2007
    0 Votes

    I definitely understand your pain because I have been through the same. However my colleague suggested me to try citibank, you would not believe my loan was sanctioned without any hassle and at the rate we
    decided.

  • Vi
      23rd of May, 2007
    0 Votes

    I availed Rs.7.2 lacs home loan from ICICI during 2005 on fixed interest worked out as 8.16%. My Loan agreement No. is LBBNG00000696229. I requested ICICI for the statement of EMI details for Income Tax purpose. I came to know that ICICI had already sent the statement of final income tax for the financial year and provisional income tax statement for the year 2007-2008. But, in my case nothing has been sent to me and i am still looking forward for the statement.

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