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[Resolved]  LIC Housing Finance, Bangalore — Mis-selling of the loan and No proper communication

From: [protected] <[protected]>
Subject: Loan A/c 61038251 of Sunil Jacob: Atrocious Operations/Process Failure
To: [protected]
Cc: [protected], [protected], [protected]
Date: Friday, June 19, 2009, 8:03 PM


I have a grievance which I am raising to you for your redressal – failing which I shall approach the consumer court for compensation.

The compensation I would seek would be twice the full cost of the property at market value – for mental agony and financial loss. Please go ahead and make necessary provisions in your books of account for the same.

I am an NRI who has gone in for a housing loan from your dubai office for the concorde manhattans project at electronic city. I was told at the time of taking the loan that the EMI would only start after the full loan amount is disbursed.

I have now received the following email from you after much follow up.

You have not informed us of your change in policy and subsequent decision to not release the payment to the builder.

The builder had demanded payment of the next tranche and we had accordingly authorized you to release of the next tranche of payment.

I am shocked to learn today that the payment to the builder has not yet been released.

I am attaching the email notice from my builder threatening cancellation of the sale agreement as a result of non-payment. This was sent couple of months ago – following which we got in touch with you and asked you to proceed with the payment.

Even at that time you failed to inform us of your policy change, instead you accepted the post dated cheques towards servicing of interest in advance and agreeing to release the payment. You have been adviced thrice so far to go ahead and release the payment and on all occassions you have agreed to do so, but failed.

I do not trust your systems to be able to maintain my loan with integrity and your ability to manage my loan account.

I demand an explanation for your atrocious neglect of duty and your confused state of process and operations and immediate release of the next tranche to the builder.

I would like you to correspond with me through this email id and also if you are to send any notices/letters please send them to the following address.

Sunil Jacob

Senior Manager Projects,
PO 2923

I am also informing you that my POA is now out of Bangalore and hence you are required to correspond with me directly. My POA would continue to represent me for all documentation or court appearances we would need to be present in.

Very frustrated customer of LIC Housing Finance

Sunil Jacob Loan account[protected] please check the loan number ( it was provided by yourselves - it could be wrong )

Enclosed : Mail from the builder :

Concorde Manhattan - Urgent Confirmation - - Search Results - Yahoo! MailYahoo!

Flag this messageConcorde Manhattan - Urgent Confirmation -Tuesday, April
28, 2009 6:00 PM

From: "vijay gv" <[protected]>Add sender to ContactsTo:
[protected]@yahoo.comCc: [protected]

Dear Mr.Sunil,

Please read the mail carefully

This mail is regarding the payments due from your end from a very long
time. We have sent you couple of mails, made couple of calls, sent demand
notes to your address and Banker (if bank Financed) but you have failed in
making the payment in spite of all this. Every time we get to hear a new
reason for delaying the payments. If you have any problem, please discuss
it with us.

We are planning to complete the project by next year April 2010. As you
all know very well, we are facing severe financial crunch and in this hour
of need we expect your support by making the payments in time. We have
been very liberal and also extended the time for making the payments. But
still the end result is you have not made the payment till date.

We are paying a monthly interest of Rs. 90, 00, 000/- (rupees Ninety Lakhs)
only towards interest on the project loan borrowed from a reputed
financial institution.

Apart from this we are also liable to make the payments to our contractors
and subcontractors in time so that our constructional activities don’t get

We agree that there is severe financial problem everywhere to every
individual. But we as a company cannot keep giving reasons for the delay
in construction, delay in making payment to our contractors, buying of
required raw materials etc, the list is endless.

In this crucial difficult times we definitely expect your full cooperation
without which we will not be able to deliver the project as agreed in the
latest meeting held on 11.04.2009.

Even if you ignore this mail, as per the agreement terms we will be forced
to terminate the mutually agreed contract and put the apartment on sale.
And as per the clauses of the agreement, we will deduct 20% of the total
amount paid plus collect the interest component on the outstanding amount
and refund the amount back to you once entire sale process is completed.

Your Total Outstanding is – Rs 343689

You can come to our office and have a discussion with us for any of
your queries related to your apartment or payments. Once again we request
you to read this mail fully and acknowledge the same.

For further details do feel free to call
Vijay G.V.
Team Leader - Marketing
[protected] / [protected]
Concorde Group
# 46 /A, 1st Main Road,
Sarakki Industrial Layout,
JP Nagar, 3rd Phase,
Near Mini Forest, Next to Park View Hotel,
Bangalore - 560076
Karnataka State
India Country.

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Aug 14, 2020
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