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ICICI Home Loans / looting money from savings account

1 India Review updated:

I am an unfortunate guy to avail a housing loan from ICICI. I am writing this letter to bring to notice of all persons who have taken a housing loan from ICICI.

ICICI housing loan department has looted money from my savings bank account three times without informing me. The demand draft what I submitted to them towards EMI Charges treated as bounce cheque and started pulling money from savings bank account.

The statement they provide to customers are all nonsense. I have taken Rs. Five lakh loan on floating interest. At the time when I took loan the interest rate was 11% for a period of 20 years (240 Installments). After that the interest reduced up to 7%.
At that time they dont reduce our EMI's They just send a statement saying your period (240 months EMI is reduced to 170 months) But We dont get any benefit. Now in their statement the period is showing as 300 Months. And over and above we got a letter saying to keep the period constant, the remaining months we have to pay extra EMI charges.



Let us storm to MR. KV Kamath's office to STOP the Nonsenses what ICICI is doing towards the customers.


Sunil menon

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  • He
      25th of Mar, 2010
    0 Votes
    Icici Home Loans - Fraudulent sanctions and wrong information
    ICICI Home Loans

    I am the seller of a property in Bangalore.

    All property documents / details had been provided to buyer before loan sanction.

    The buyer insisted that he would proceed with agreement only after he got it cleared through legal / technical team in ICICI. Valuation people came on Feb 25th or so. They apparently gave him the go ahead, after which we signed the sale agreement on March 1st.

    The buyer has given EMI cheques and everything was supposedly ready for disbursement, with registration scheduled for April 3rd.

    Now they are raising an objection due to horizontal deviation, deviation from plan and lack of setbacks

    The property in existence for nearly 10 years now
    Taxes up to date
    All construction in the area is similar
    ICICI Bank had funded the property in 2004 and loan closed only in Jan 2010.

    The loan amount approved is about Rs.20 lakhs, when purchase price is Rs.36.9 lakhs. The buyer is contributing almost 46% (Rs.16.9 lakhs). Properties in the area are sellling for Rs.40-50 lakhs. Considering that, the risk to the bank seems low.

    My parents have paid an advance for another home in RT Nagar and were supposed to sign the agreement today (25th) and move this weekend (27th and 28th)

    I spent almost $750 to get the PoA attested by the Indian Embassy. They asked for several documents at different points of time, but we gave them everything. They even asked for my PAN Card details, saying it was required for disbursement.

    After co-operating with them completely, why are they raising this issue now?

    The buyer and his wife are both employed in good companies (Fidelity and Infosys) and their down payment is quite high. Its not as if they are going to default on the loan, even if someone raises an objection later on. I am sure they will deal with it and resolve it.

    Did it take them ONE MONTH to realize that there are technical deviations?

    If deal falls through, who is going to compensate for all the expenses, incurred by me as well as the buyer?

    I fully intend to ensure that the buyer takes up this matter in Consumer Court for compensation, since I would be deducting all my expenses + penalty from the advance payment that he has made.
    Facility vide application number : 777 8309939
    Franchisee code : ADM-0047-164659
    Reference Number : 60938697

  • Ic
      30th of Mar, 2010
    0 Votes

    Dear Hema,

    We regret the inconvenience caused to you.
    We'll contact you and work to address your issue at the earliest.

    ICICI Customer Service Team.

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