ICICI Home Loanunprofessional approach delayed property acquisition

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a verified customer
Verified customer

I have applied for a home loan through ICICI Bank during Nov'06. I was contacted by one Mr.subramanian for processing my application (he's working for I power - one of ICICI's franchise). He took all the documents including a cheque for a sum of Rs.4590/- towards further processing. And he gave a sanction letter for Rs.8 Lac after 15 day's of receipt of the same.

And the scrutinizing work progressed for more than 45 days and also I was confirmed of the registration process. One fine morning, a week ago I got a call from Mr. SasiKumar (who introduced himself as Credit Manger) with regard to some clarification. I thought it was a final call before registration. To my surprise, that person was opening my file for the first time and asking for all clarification from beginning. Then, he wanted a Title Document for my identified property for 13 years, which was not available. I told him that, then he immediately replied (furiously) me that it is very difficult to process my application further. (I really do not want to narrate the way he spoke to me..it was really embracing for any human).

Having waited for more than 45 days, I got a worst treatment from your bank official saying all this junk. If it was intimated to me much earlier, I.e preliminary documents required for applying loan, I would not have come across all this hurdles. Now, I am running short of time, as I have given only 45 days of time to acquire the property, as I have entered an agreement with the landlord by giving an advance.

This is the second harassment I am facing from ICICI Bank after my personal loan issue (Attached for your info.)

Above all, that particular representative took a cash from me for Notarization etc, he's not returned the same. When I ask for the same he's not even responding. And also I was informed that my processing fee cheque will not be returned to me for the simple fact that I got a written sanction letter, which cost for rs. 4590/-.

I am terribly traumatized by all these. So everyone beware of ICICI Home Loan!


  • Sp
    spicylife Sep 01, 2011

    This complaint was posted in Jan 2007. And I had similar experience with ICICI bank in Aug 2011. I guess nothing has changed in ICICI. They tell you there is no fee for application processing. And after all document verification, which took 2 months, they are asking me to pay Rs. 33, 000, which is 0.5% of Rs. 60 lac loan amount. But I have not even decided whether to get a loan or not. And if I had decided to buy a property for Rs 30 lacs only, then I still would have paid Rs 33, 000. If you want peace of mind, DON'T GET LOAN FROM ICICI.

    0 Votes
  • Ma
    ManishG Jun 26, 2010

    ICICI bank Customer Support,

    Stop writing template reply to all users.

    Do something great that you haven't done before.

    Try to set your great benchmark - create healthy relationship with costumers. We all can take to you on top but all above complain are just loosing confidence on you. Simple I won't much trust over loan product. And won't apply for any loan and even not suggest to other as well


    0 Votes
  • Ma
    ManishG Jun 26, 2010

    ICICI Bank,

    List of above complain/issues force me to think twice-thrice and even many more before taking any loan from ICICI bank.

    Thanks you all guys who have publish their complain against this bank.


    0 Votes
  • He
    hemablr Mar 25, 2010

    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 : [protected]
    Franchisee code : ADM-[protected]
    Reference Number : [protected]

    0 Votes
  • Dk
    D.K.Bhattacharya Mar 02, 2010

    kind attn.- Manager, ICICI Bank Noida, Sec-50

    Dear Sir,
    I agree with the above complaints . I had also paid full & final amount on 9.2.10
    ( home loan a/c no. LBDEL00000366485) and I was assured and promised by the concerned
    official that within 4-5 days letter will come for handing over original documents . But almost a month is going to be over no letter has come .
    Why ICICI is so unreliable when it has to return or pay to others their due? and very efficient to recover or charge money from the customer?
    Will anybody listen to my complaint and take quick action before I am forced to go to media?

    D.K.Bhattacharya, 4/178 Chiranjiv Vihar, Ghaziabad
    Phone : [protected]

    0 Votes
  • Ra
    radha krishan sharma Nov 11, 2009

    Dear sir/mam
    I have home loan with icici before 3 year my loan no. lbygr00001407151 in the name of Radha Krishan sharma s/o Sh Satpal sharma. the rate of int. in my home loan is now charging at 12% but actual rate of int. in that time accroding to bank is 8.75% so give me the reason that why you are charging 12% on my loan.please give the reason my contact no. is [protected] as soon as possible

    0 Votes
  • Ma
    manoj bhandari Oct 08, 2008
    This comment was posted by
    a verified customer
    Verified customer

    i have home loan with icici.before seven month, they took last 7 pdc for my loan.Now suddenely they r saying that i more emi is pending.How can a remaining loan amount of 30, 000 add another EMI due to interest hike.Pls beware of this ONE MORE idea from this bank.

    0 Votes
  • Gu
    Gurpeet Singh Sep 25, 2008
    This comment was posted by
    a verified customer
    Verified customer


    0 Votes
  • Ra
    Raj Jan 16, 2007
    This comment was posted by
    a verified customer
    Verified customer

    ICICI is especially famous (!!!) for making promises of quick processing and collecting cheques for processing fees. These are then encashed before processing even begins...

    Recommend that one issue a stop payment on the cheques provided towards and fees and issue fresh ones if the bank keeps to its commitment on time!! The bank cannot blame you if the cheques are returned as the commitments are usually not kept from their side. You can always make the payment again on satisfactory receipt of services.


    0 Votes
  • Ka
    Karthik Jan 02, 2007
    This comment was posted by
    a verified customer
    Verified customer

    Yes Its true...Please don't bank with ICICI

    0 Votes

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