[Resolved]  ICICI Bank Home Loan — Delay in disbursement of Home Loan

I would like to inform you that I had applied for a housing loan of Rs 10.290 lakhs from ICICI Bank. [Loan File No[protected]] for financing my flat which is under construction and being developed by M/s S G Construction at 20C, Dhakuria Station Lane.

The said loan was sanctioned by the bank vide their offer letter dated Sept 11, 2007 . However, since the sanctioned loan amount was wrongly mentioned as Rs 10 lakhs in the offer letter, the concerned operations department refused to disburse the first installment of Rs 4.51 lakhs.

After lot of follow-up, finally I managed to get the revised offer letter on Dec 15, 2007 with the correct loan amount and collected the cheque of Rs 4.51 lakhs towards 1st installment based on progress of work.

Interesting to note here that the bank had already started deducting the EMI, even though the disbursement was not done

I received information from the Developer, M/s S G Constructions in early May 2008 that they have completed the plastering and flooring work of my flat and requested for the payment of the 2nd installment. Accordingly, I informed the contact person on behalf of the bank, Mr Milan Das [Mob. – [protected]] (who I later learnt, was working for I-Channel, a channel partner of ICICI Bank). Mr Das came to my office and collected all the necessary documents and also obtained my signature on some blank forms, which he said was required for processing. He informed me that a technical inspection of the site will be organized and then it will take a week’s time to issue the cheque for the second installment. Accordingly, I informed the Developer about the tentative date of payment.

On subsequent follow-up with Mr Das, I was told that technical inspection was completed and cheque is under processing. This was sometime in the middle of June 2008.

When I again tried to contact Mr Das after one week, he was not picking up the phone. I spoke to another contact of ICICI Bank, Mr Gopal Das [Mob – [protected]] (who was from the Sales team and had dealt with me in the initial application stages) and informed him about the problem. He also promised to look into the matter and revert.

Two more weeks had passed. When I got no response, I tried to personally contact the bank. I was surprised to find out that the branch had shifted from S. B Road. After some querrying, I came to know that the branch had shifted to Landmark Building at AJC Bose Road.

When I made the next attempt to contact the bank, I learnt that, the customer relationship officer Mr Suman Kumar Das [Mob – [protected]] & the Sales Manager Ms Warsha Choudhary [Mob. – [protected]] (whose name was mentioned in the offer letter as the contact persons in case of any queries) were no longer dealing with my account. Some more follow-ups led me to the new customer relationship officer, Ms Pracheta Chatterjee [Mob –[protected]] whom I had to brief all over again.

After a few days, on 30th July I came to know from Ms Chatterjee that the bank had misplaced some or all of the documents which Mr Milan Das (has left I-Channel since then) had collected. They requested me to sign a fresh set of documents which was also done by me.

My developer, in the meantime had been following up with me every alternate day for the payment and finally has stopped the work at the site since last one month, which will cause further delay in getting possession.

Throughout all these agonizing days, I also tried to escalate the problem to the Customer Care Cell of ICICI bank and to the Head of Customer Service, but without any response.