[Resolved]  ICICI Home Loan — Home Loan rejected on "NO Landmark" basis

I applied for preapproved home loan last year (Oct-Nov 2009). In Nov 2009. I was sanctioned loan for Rs 4,11,000. They did it within week time...I appreciated it through my email to them.

In February 2010, I finalized deal for plot located in Saaligrampura, Jaipur. Saaligrampura is JDA (Jaipur Development Authority) approved colony. JDA launched this scheme in 1997.

I submitted deal agreement and other documents that ICICI asked for on 11th February 2010. I was told, that reimbursement process will take atmost 4-5 days. I waited for their call but didn't receive any for more than a week. I then contact ICICI and told bt official that there is no demarcation on plot. I explained that two sided boundary and plot number marking is already done by JDA. All other banks are offering loans in same scenario. After having few days discussion, I agreed to construct boundary on remaining two sides. When construction gets over, I intimated about same to ICICI on March 11, 2010.

PLEASE NOTE: I never got calls from ICICI officials. Every time I was making call. I even went to their office after taking appointment but found no one to entertain me. Frustrated !!!

On March 16, 2010, I again visited their office. Then ridiculous thing happen...ICICI loan officer said that we can't approve loan. I asked Why? They explained that we don't find any landmark near plot location. I argued that this colony is JDA approved, I submitted all documents, there is no dispute on property and it is clean (ICICI panel of registrars approved that)....then how can you reject? But they sticked to their saying that there is no landmark near plot.

Funny fact is that JDA map plan was with them, even they not able to locate plot....isn't this funny?

I simply ask them to hand over rejection letter to me and mention reason within it. But they don't even bother to do this. They handed rejection letter mentioning that loan is been rejected as technical norms not met. No other details provided. I urged to mention details but they keep saying that this letter is only what they can hand over to me. Don't know what's could be the reason....

They said that my application processing fee will be refunded to me. I was told to submit application to refund application fees.

My question is why this reason given to me so late after ONE month I submitted property related documents? Why ICICI emphasized on boundary wall construction when there was already no landmark there? Were they thinking that landmark will appear itself after demarcation? Why this decision came after I spend money on construction? Why???

Now, I am verge of losing this deal just because of all this delays and irresponsible actions. I may get my application processing fee back but what about time I lost? What about financial loss I will face if this deal breaks....

Poor customer care demonstration was shown up their officials and even more bad they have no value for time.

Based upon my experience, I strongly recommend NEVER approach "ICICI Home Loan".

LOAN A/C: [protected]
Manish Arora