Life Insurance Corporation of India [LIC]

[Resolved] Lichfl — Pathetic experience with LIC Housing Finance

sachin3112

from Delhi, Delhi

Address:

Gurgaon, Haryana

Hi All,

Here I am sharing you my experience with LIC Housing Finance.

I have applied for a home loan from LIC housing Finance in the month of Feb 2011 for my flat in lotus Zing. As LIC was offering fixed rate of interest (9.75%) at that time. They took 1 weeks more time in processing the my application from the date they have promised. Due to which I have been sanctioned the loan @ of 9.90%. As per LICHF applicable rate of interest will be whatever it would be at the time of sanction not at the time of application. Till that time I accepted their offer as it was still competitive with other banks.

Now the real pain starts, after my home loan sanctioned, I fwd them demand later from builder to my Agent on 25th March 2011, he told me it will be done in 10 days time. It took 40 days to get my first disbursement, that too when I track with my agent almost every day. This cost me 18% interest from builder. This was just due to their unprofessional behavior just like old Govt. offices.

Now the time come for my next disbursement I fwd the request on 25th March, agent again told me that this time it will be done in 10 days time as all the documents are in place now. Now I am tracking my disbursement from last 15 days, I wrote to all their senior officials, whatever mail Id’s I could get from their site. I just received one response from Mr. Rakesh Kumar Agarwal, my case has been fwd to Area Manager, When I asked any ref. no for same, I did not get any reply. My agent and branch manager both keep telling me that it is under process. On 10th May when I asked for the disbursement my agent told me there is some outstanding of interest (Rs. 400/-). I was surprised, as they have never communicated about that, I paid that amount same day. After that again I am tracking my disbursement every day and yesterday I get to know that they have misplaced my demand latter and asked to submit the same.

My observation about LICHF is …
1) They don’t have any professionalism in their working and work like Govt. dept of 70’s.
2) They don’t have any automated system in place, most of the system is manual.
3) They don’t have any issue tracking system neither manual nor automated.
4) Only contact point is Agent which is not the employee of LICHF.

Please share if any body else also face any issue with LICHF.

Regards
Sachin

Was this information helpful?

No (0)

Yes (0)

Aug 13, 2020

Complaint marked as Resolved

Related Life Insurance Corporation of India [LIC] reviews

View all 6211 Life Insurance Corporation of India [LIC] Reviews

Comments

kristeenagrover

from Delhi, Delhi

I am also facing the same problem.EXactly the same one as written above word by word. and builder BPTP has charged me interest @ 18% rate and given limit to make the balance payment by 10 May'11 else the flat booking will be forefeited.This payment is suppose to be made by LICHFL

amitsrmsb

from Noida, Uttar Pradesh

Me also facing the same problem. Its almost over 3months my loan sanctioned but still waiting for my first disbursement. :(
I booked flat with Logix Blossom Green ... Expressway Noida

Sakharkar

from Pune, Maharashtra

Me also facing the same issue in pune swargate branch, its almost 50 day to get disbursement check, when i asking to manager he told that your case is in process, not giving the proper status of case.

Rakesh Kumar Namwal

from Mumbai, Maharashtra

Me also in the same boat. Applied for a loan on 4th April 2011, got sanction letter on 1st June with a different name. They offered me 9.25% flotting and 9.9% fixed but later on they denied about fixed, stated that company has stopped the schem, now you can avail flotting at 9.9%. When got sanction letter, it was with 10.15%. Any how, I applied for disbursment of 10lac out of my limit of 14.5 lac. on 14th June. Branch manager Mr. Sharma and liC agent Mr. rajiv assured me, will get the cheque on 30th, so I postponed my dte of registration from 27th to 30th, but on 30th I did not get cheque with no reasons. They assured me, will get cheque on 2nd July but I postponed the registration date for 5th July. They hand over me a cheque of 14.5 lac on 7th. My seller started chasing for balace money and i visited 3 times in day to LIC office but result was Zero. I written complaints to Mr. rakesh agarwal & Ms. Chhavi Saxsena but did not recieved any comments on the same. Today is 11th and I am still chasing LIC people. Rakesh Kumar

praveenyadav

Me also facing the similar kind of issue. These agents are totally clueless on any information.
At the disbursement everytime they promise fast response but always fail. They never pick up your phone. It is very difficult sometimes to meet them in person. Either LICHFL has very bad rules or center head make their own rules (becos in my case, LICHFL has almost different rules when compared to other LICHFL offices). Not sure where to file complain. I have been charged of 50K + of late payment charges from builder. It is hard earned money. My LICHFL home loan center gurgaon 2 branch head is Kawaljeet Kaur. She is a big fruad. She never attends to the customer in polite manner. She always has new things/rules in her mouth. None of employee/agent working under her is true. They all are fraud. I am frustrated by their work. This is totally non-professional. If any one knows any point of contact where i can complain, pls inform me at my mail address (praveenyadavdot18atgmaildotcom). I have all proofs to proove their bad ways of working & cheating customers.