[Resolved]  ICICI Bank — Housing Loan foreclosure

Hi,

Closing a Housing Loan with ICICI Bank has been a really bad experience. My housing loan is being taken over by Punjab National Bank. I will list down the problems I have faced -
1. I called the ICICI customer center and you asked for foreclosure letter, statement of accounts and List of Documents. They assured me that the documents sent/emailed within X amt of days. When I did not receive one of the documents I called them up and they told me that they had emailed and the mail has bounced. VERY STRANGE!
2. The manager of the Punjab National Bank went with me to ICICI Bank. He asked them to acknowledge the housing loan takeover and the property document be given to him. ICICI bank manager first told us that their housing loan mumbai server is down so she cannot check anything. Also, it's against the rules to acknowledge any letter and the document will only be handed over to me only. THIS IS A GREAT DETERRENT FOR OTHER BANKS TO TAKE-OVER LOAN FROM ICICI BANK AS THEY CANNOT BE ASSURED THAT THE THEY WILL GET THE PROPERTY DOCUMENTS.
3. Finally, I payed a Demand Draft and Cheque for the foreclosure of the loan. The branch, where I submitted these instruments, did not give me any letter of clsoure etc. Instead I just got 2 counterfoils for the submission. The cheque and DD got cleared on Mar12, but still I have been told by the ICICI call center guys that the closing of loan will take atleast a week. I am not yet sure if I have to pay any interest on that. If they do charge me then I will have to pursue this matter with concerned authorities.

I urge all the people to stay clear from ICICI Bank for Housing Loans. I have badly suffered in the past 4 years at the hands of ICICI. Can you imagine that in the past 4 year I have paid nearly 12 lakhs as interest and only 1 lakh as principal. Effective to close the loan I paid ICICI the same amount I took from 4 years back after paying nearly 13lakhs (2% foreclosure charges).

I just hope that my loan is closed without causing me anymore pain. I urge ICICI bank officials to close my loan and release my documents so that I can hand it over to the PNB who has really done me a big favour by giving me a loan without any assurance of getting property documents.