[Resolved]  Lic Housing / Home Loan — Deficiency of duties

Loan File # 305480

This is to inform you that I Sushil Kumar Aggrawal & my wife Anju Aggrawal had applied for a home loan through your franchisee/agent/dealer Mr. R S Chauhan resident of Sector-31, Gurgaon-122001. His mobile phone numbers are +[protected].I would say it was the most miserable experience with any company I had in my Life.

I would like you to interfere in the matter to help me get a justice. I have tried to sort it out with him & he said he has absolutely not in any sort of mistake. I would like you to go through the entire episode. He also claims to have recordings of all my conversation That I had with him. He claims that I had asked him to cancel my loan.



I had contacted your franchisee / dealer / agent for a home loan for purchase of a Home (E-7, First floor, Ardee city sector-52, Gurgaon-122001). The first contact was made in presence of my property dealer Mr. Yogender partner with Hindustan Properties in second week of August2007.



Brief of this meeting.



1 Mr. Chauhan had inquired my personal & financial details

2 He explained the basic application process.

3 He said the required time to process the loan was 7 working days

4 He told me the first set of Documents

5 The details of the property was told to Him

6 He made us understand that this property was an approved project by LIC housing finance limited

7 He told us that this property was only financed by LIC housing finance limited



I & Mr. Yogender left his residence & the mentioned documents were submitted to him by early third week of August -07. This can be confirmed as the cheque that was given

By me was debited from my account on 29/08/07.

I did not have any further conversation with Mr. Chauhan for almost 10 days. I had tried to call him up on 4-5 occasion to check the status of my loan. He did not answer my call. I then asked my wife to visit his residence to check the status of Loan. He then informed my wife that the loan has been approved. This was around 18 of September 07.

Point to note; He did not handover the approval letter to my wife neither he had sent the same by post / courier.



He then contacted me around 23rd of September 07 to inform the approval status also saying that he had informed the same to my wife a couple of days earlier. I had acknowledged the same. I inquired with him on the time that would require for the disbursement & he indicated it would take 2-3 days maximum but I should keep one or two days to be safe. I agree that I should have done this with him then & there I was not able to do so as my daughter was suffering from Typhoid. The medical report

& doctor’s advice may be submitted on demand. The same was informed to Mr. Chauhan also. He said not to worry & I should take care of my daughter.



I was pretty pleased with his gesture at this point. I then asked him on 29th October’07 for the documents & he said he would need the receipts of payments made to Ardee infrastructures & a copy of NOC from their office. The seller was residing in UK hence it took me some time to procure the receipts from them & the same was submitted to him directly by Mr. Yogender at his office. I asked Mr. Chauhan on 2nd morning for any other documents than he said he would let me know. I here requested him to do it on the same day. He then visited with some other forms to my residence. He gave me an ECS form to be filled & verified by the bank & asked for a cheque of Rs.10112/- in favor of LIC housing finance limited towards processing fee. He insisted on cash but I denied the same. He hereby explained me that he would get a waiver for me for the balance amount.

He also took an application from me for the same which is duly signed by me & my wife.



This entire process was completed on 7th morning itself this may be verified from the cheque that was issued in favor of LIC housing Finance limited. I had checked with him then on 9th for the loan disbursement status on 9th & he said I would receive a cheque in a day or two. I had requested him to get the same latest by Thursday as I had to travel on Friday to Mumbai for some official work. He said not to worry. He than called me up on Wednesday around 11 am to check the loan status than he said that the regional manager is not available & the cheque might get delayed. He said if I want to hurry up than I need to pay the processing fee as mentioned in my approval letter.

He then again called me up to inform around at 4pm that the cheque can only be delivered on Friday.

He said that would be absolutely fine with him & he will ask LIC to send their representative with the cheque. I kept on calling him through the afternoon till 2 pm to know the status. He called up at 4 pm saying that he needs other letter declaring that the possession amount would be cleared by the seller before transferring the properties & he needed it immediately. I was at that moment in my office & asked him to get the document collected. He expressed his inability. I requested him for a fax number & then made an effort to send the same. The letter was finally sent him through mail & faxes both. I then called him around 7 pm for the status of loan he then said that he would require a guarantor for the same. I lost my cool here & said him that this is completely unacceptable.



He then expressed his inability to help me with the disbursement unless I provide a guarantor. I than spoke to Mr. Yogender regarding the same, he was kind enough to become a guarantor. Mr. Chauhan than reached Yogender’s house to complete guarantee formalities & the same were completed on 11Th night around 10pm. Mr. Chauhan after this convinced us (Mr. Yogender on the same day & I on Next day morning) that the disbursement would be done on 12th afternoon between 12.00 to 1.30 pm.

I would like to bring it your notice that the cheque was not delivered till 3pm after a minute to minute follow up with Mr. Chauhan.The seller left the Ardee office after 3pm informing us that they will not sell the property to us & would not return the advance as per the agreement.

Critical Issue & points

1 Did I had any problem in my financial credibility for such loan

2 Why should I suffer losses because of negligence from your representative’s end?

3 I will have to pay extra 2-3 Lakhs for a similar property

4 I would request that are your agent not suppose to be penalized for such failure

5 I would like to understand that if an EMI cheque or ECS is turned back you charge couple of penalty

6 Who is responsible for my losses????????????????

I want you to get me the property in the rates quoted in agreement.

My financial losses incurred.