[Resolved]  ICICI Bank — Huge Delay in Home Loans processing

I am writing this email after exhausting all other options of getting any level of satisfactory customer service from ICICI bank Vashi Branch.
I am an NRI customer. My husband and I have been ICICI customers for the past 8 years.I work for an Indian company and my salary account is with ICICI Bank(Mangalore). We applied for ICICI Homeloan of Rs 30 lacs in Nov 2009 for purchase of property in Navi Mumbai through the DSA Avaas Finance. Our loan branch is Vashi, Navi Mumbai and my loan application #[protected].

When we first approached the loan agent,Gaurav Birla, who then worked for Aavaas Finance, we were told that the loan processing would take about 2-3 weeks and the disbursal would happen by 20th of December 2009. As the builder's deadline was December 31, 2009.

We submitted all necessary documents before returning to the USA. Also,since additional documents were needed from us as NRI customers( credit reports etc.) These were sent to them as soon as we reached USA ( by 3rd December 2009).

After a week we had still not heared back from anyone at ICICI or Aavaas.

On checking with them in the second week of December 2009, they said the background process was going on, and it would be only another week for everything to be done and loan to get sanctioned.

A week later we called again, the background process had not yet started. And the response was the same from all 4 parties that we approached.
These were
1) Gaurav Birla ( Aavaas Finance)
2) Manoj Mundra (Aavaas Finance)
3) Kiran Jumani ( ICICI Bank,Vaashi, Credit Manager)
4) Ashok Butte ( ICICI Bank, Vaashi ,Sales Manager)

Upon constant calling Mr. Ashok Butte replied that there should be no problem with our processing as we have such good account standing and if the builder was pushing for payment, he would talk to the builder.

So now, let alone process the loan in one month, it has taken ICICI Bank one month of constant prodding from us to just start on the background check.

Somewhere along in the following weeks, Gaurav Birla quit Aavaas. Most of our documents that we had submitted back in November 2009 went missing.
WeI had to re-send almost all of our bank statement, pay-slips, credit reports - All vital confidential information again.
This is a sample of how securely this particular branch of ICIC and its associates handle confidential customer information.


I have waited for 2 months to get my application to the Sanction stage. I have gone through a harrowing experience in the process - dozens of emails, hundreds of documents provided (most of them duplicates because the DSA lost our documents) , over 50+ international calls to DSA manager (Manoj Mundra) and branch sales manager (Ashok Butte) to check on the status of my application at every stage. I have received little or no co-operation from their end. Most of these calls were made after 12:30 a.m my time as the loan officers would come to office only after 11 a.m to office.

The sanction letter mentioned a rate of 9.25% as against the earlier agreed upon 8.75%. Upon enqury it turned out that the old loan product has been discontinued. So a new one was automatically selected for us, without apprising us of the change or choices present. After half a dozen more calls and questioning, we were told that there is a new product available at 8.25% and asked if we were interested in it. This is after being in constant contact over phone and e-mail with the loan officer and DSA.

After another 2 weeks of silence, we were told that the loan papers were being sent to our Power of Attorney in India. On examining, it turned out that these were papers for change of loan product. This means our loan disbursement is still a few weeks away, at least.

In the meanwhile the builder who should have received the payment by end of December 2009 and who has patiently waited through all this delays has finally given up and slapped a Rs70,000 fine as late payment.

As this delay has been purely due to the inability of ICICI bank and its DSA in processing the loan in a timely manner, and inspite o[censored]mpteen reminders and timely submission of documents from me, I want ICICI Bank to take responsibility of this amount and any additional penalty that the builder may impose due to non-disbursal of the loan.