LIC Housing Finance Limitedhorrifying experience lic housing finance limited


You might have heard or seen many positive and good reviews about LIC Housing Finance Limited. But I don’t want to talk about how genuine those reviews are. Whether it’s been written by LIC Housing Finance Limited officials themselves or it’s really by the LIC Housing Finance Limited customers. I am here to share my horrifying experience and the bank has made my life more problematic, especially the LIC Bank Manager of the LIC Housing Finance Limited Koramangala Branch. His name is Vijay and he is acting like a very helpful person if you want to get a loan. Let me brief what exactly is happening at this branch, and the branch manager.
I have purchased a flat near Koramangala. We are almost 16 of us who have purchased in this project. We are few of us who applied for a home loan with the LIC, Koramangala Branch which has bought us a great disappointment amongst ourselves. I feel I am trapped by the builder and the bank. I do not wish to disclose my flat/builders name. Our home loans were approved.
After 3 months the Corporate Town Planning Officer came and asked me for the sanction plans, but as I do not have any such documents, I approached my builder for the same. They instructed us that it is with the LIC Housing Finance Limited. When we went to LIC Housing Finance Limited, they weren’t able to give me a satisfactory answer to us. After so much of struggle we finally managed to get hold of Mr. Vijay, LIC Housing Finance Limited Bank Manager of the Koramangala Branch. We threatened him in all possible ways to give us all the details. Obviously he didn’t help us at all.
When we tracked about his previous sanctioned home loans for other customers, we found out that he has illegally processed and approved home loans for more than 20 of them. By looking at the fake documents from the builders, he has gone ahead and taken bribe money of Rs. 1 Lakh from the builders and still went ahead and approved the home loans for them. As I mentioned before we have noticed that the same thing has happened for 16 of us till now and I am sure there are many others who would bring the same experience to light very soon. I really believed LIC Housing Finance Limited from many ages and never expected this pathetic service from a Government Institution like them. We have even planned to file a case with the police. I am taking time and writing this review, just not to ruin his career or anything, but I don’t want other customers to go through the same horror experience as us. I would be sending a copy of this email even to Mr. Vijay. We are also planning to send this to the Deputy Commissioner of Police, Bangalore.
I request you to take this matter very seriously and you can even visit the LIC Housing Finance Limited, Koramangala Branch yourself and have a look at the current issues going on there. I will be in touch with you all, and would even reveal my identity in the next conversations that we would share.
Victim of LIC Housing Finance Limited,
Koramangala Branch

horrifying experience lic housing finance limited


  • Ra
    rajarao12 Jul 02, 2013

    I suffered with this company and never think of this anymore, i warn every one who prefer this..please know clealy and step in to this..

    1 Votes
  • Vi
    VIJAY4331 Jul 02, 2013

    Dear all, this true about them i have also phase the same problem with them.whenever any body will go to Koramangala branch
    they behave like this only. they said I have to go to their site to they be able to remove that annoying pop, but they never did it.

    1 Votes
  • Na
    narayan12 Jul 04, 2013

    They dont wanna serve the customers...Instead they are cheating..

    1 Votes
  • Ne
    neerag64 Jul 04, 2013

    I had very bad experience with LIC housing finance limited Koramangala branch, they are till doing same act with customer...

    1 Votes
  • Na
    nagaraj12 Jul 04, 2013

    In the LIC for house loan you give some amount of bribe also for certain people out side the LIC. This type is not seen in the other housing finances.

    1 Votes
  • Ba
    babucomment Jul 04, 2013

    Dear people I took my LIC Home loan couple of months back. .The sanction of LIC home loan amount was super fast which was unbelievable. Recently i repaid 4 lac towards my principal amount. My expectation was there will be some change in my EMI but it was not... still im paying the same EMI even after repaying towards principal it was biggest cheat which they have done to me. Then I started giving calls to LIC office they simply cut the call and never responds for it . So people be very careful with them .

    1 Votes
  • Ha
    harish23 Jul 05, 2013

    The Public opinion about LIC HOUSING FINANCE LTD, is having lot of paper works, formalities and take hell of time to process home loans. It is a wrong concept and I strongly recommend to all especially the NRIs to go with govt sector firms

    1 Votes
  • Pr
    praneeth14 Jul 08, 2013

    Be careful with the false promises made by agents. I am not in a position to comment about other aspects of the organization but the agents (face that deals with customers) are fraud and would lie to any extent to lure you.

    1 Votes
  • Vi
    vikramkhanna Jul 09, 2013

    ’m a trapped borrower who is deeply harassed and financially depleted (Penalty to Builder has been standing at INR 33000 as on date) and i see no sign of Improvement with LIC.
    Request you to pay a little extra, but go to Banks/NBFCs which understand the Customer /Loan Applicants requirements and concerns. What you intend to save over ROI will be leaked in the Penalties you will end up paying.

    LIC HFL..Wake up Please !!!

    0 Votes
  • Ke
    keethi1222 Jul 10, 2013

    I was made to buy 2 different life policies one amounting to 21k and other 11k..Agent had clearly communicated that the policies can be stopped at any point and a refund is liable. however i shall get maximum benefit if i apply for a refund post 3 years.

    I tried to get a refund before 3 years and i was told by max insurance that they cant refund the money. The only option i had was to pay the premium for lapsed time and apply for a refund post 3 years ie in 2014.

    Till date i ve emailed 4-5 times to LIC customer services to get an explanation on policy calculations post 3 years however there is no explanation provided. One rep said it will be calculated like - Total premium paid minus first premium * 30% which amounts to disgraceful an unbelievable amount. That would make me look like a fool !!!

    They feel no need to clarify the calculations ! Only chase me for premiums ! Claim that my number is unreachable whereas everyone else can easily reach me! No information on refund policy !

    Do not buy from LIC AT ALL. they do not care to respond once the policy is bought that too providing fake / misleading information.

    0 Votes

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