[Resolved] ICICI Bank Home Finance — Misselling of Insurance policy

jettlaj

from Gajuwaka, Andhra Pradesh

Address:

Hyderabad, Andhra Pradesh

In May-2010, I purchased an insurance policy (Lombard insurance policy No: 4065/ICICI-LL/L-1950218/00/000) on existing home loan (Home loan A/c No : LBHYD[protected] ) for risk coverage and during the time of availing the policy, ICICI executive kept the information under dark about how the policy has been initiated.
Now, that my home loan is coming to an end in couple of months and got the call from customer care that my property documents will be delivered to me only if I clear the top-up loan which is linked to the home loan.
Based on further discussion with Bank official, came to my knowledge that top-up loan (Linked top-up loan A/c No : LBHYD[protected]) has been raised which is linked to the existing home loan and they have purchased an insurance policy from ICICI Lombard for the same amount which was not communicated earlier at the time of availing policy.
I have checked with one of my friend who is also an ICICI executive and also with other banks like HDFC and both have confirmed that Insurance policy will be created directly from the insurance provider and not that insurance premium will be paid from the top-up loan which is linked to the home loan.
So, I went ahead and raised a complaint (SR[protected] with ICICI Customer care and also had a discussion with customer care manager over phone and she also agreed that miss-selling had happened in insurance policy and they will get back to me with an update after processing my SR in 10 working days. On 12th day, when I wrote back to them asking for the update on the SR, they just replied back to me with the same response that I need to close the linked loan (which happens to be insurance policy) which is a top-up on home loan and then only the property documents will be sent to me.
This is the worst ever experience I had with the bank after being so called the valued customer for last 13 years and one can imagine the kind of service will be provided to the new customers. Now, I have also decided to close my salary account with ICICI and move it to other bank and fortunately my ICICI home loan also coming to an end.
I request everyone to be very careful and do pre-investigations before entering into any kind of relationship with ICICI bank through any loans as I don’t want to see anyone else to go through the same kind of worst experience that I have gone through. Be watchful!

+1 photos

Was this information helpful?

No (0)

Yes (0)

Aug 13, 2020

Complaint marked as Resolved

Related ICICI Bank reviews

View all 23617 ICICI Bank Reviews

Comments

ashoke chakrabartty

from Bhawanigarh, Punjab

icici bank home finance — non refund of excess money drawn from my bank

sir,

i have fully paid my foreclosure amount claimed by bank and i have received back my deed and noc, still they have deducted EMI for subsequent month from my bank on 7/8/08 . on chasing they said they haqve issued me a refund cheque, but till date i have not received the same . i understand they have wrongly sent to some else address which they are not taking initiative to see that i get the same
regards
ashoke chakrabartty
k-2090.
c.r.park new delhi -110019
ph. [protected]

ramamourthy

from Aluva, Kerala

ICICI Bank — worst banking policy

I have given a cheque for Rs. 19000.00 for religare securities they have deposited the cheque in the same branch where my account is working, but they debited the amount to some other customer and not to religare. i moved several times but no response and giving the statement that the id no number was wrongly entered and we will reverse the amount to religare. Now the amount was reversed to religare according to icici but there is no credit in religare account whre is the amount goes, ithink it rolled by the bank for varios purpose. they also not giving the transaction details asking us to contact the customer care mumbai for further queries. The bank staff are not giving thecorrect information.

This is the form of misusing the customer money and worse way fo banking.

Dayanand

from Mumbai, Maharashtra

ICICI Home compliant — ICICI existing Home compliant

To,
The Manager
ICICI Bank

Dear Sir,

Had taken a housing loan of Rs 500000 at Floating Rate of Interest from your Bank in JAN 2008 at an interest rate of 10.5 %.( Loan Account Number LBMUM[protected].

On June-July 2008 the rate was revised and the period readjusted as per existing FRR/PLR.

I fail to understand when your bank is lending from past many months new loans for floating rate at 10.50%-11%. Why, I am being charged 12% rate of interest?

All bank reduce rate to @10% for new loan & exiting loan than why icici only charging 12%?

This is not good ... we home loan customers are not getting our legitimate right of market based floating interest rates irrespective of being a best payer as well as a pretty business giver to ICICI. We are remarkably disappointed by this leisurely approach of ICICI with its customers like us. In the present circumstances nothing stops us as consumers to think for taking proactive steps and to shift our business to a competitor bank by switching over the existing home loans.

Such type of behavior of second biggest Bank in the country with customers like us I s making our belief of trust in you lost.

Did any know where to compliant against this banker ? at RBI ?
any consumer ?

Regards

Dayanand Tukaram Patil

A Shukla

from Pune, Maharashtra

ICICI Bank Home Finance — Harrassment OF EXISTING FLOATING RATE HOME LOAN BORROWERS BY ICICI BANK

I took loan at 7% a couple of yrs back

few months before, Bank revise it to 13%

Despite PLR Rates are down, RBI and govt has reduced the rates as low as 9.5%, still this bank is NOT budging from its shameful stand on NOT reducing the Interest rates for its existing customers which is grossly insensitive/deliberate negligence on the banks part and very painful for the customer.

This bank should be brought to justice and should be forced to cut down its excessively high interest rate by at least 2% effective from October 08. All excess money paid by borrowers in this period of October this year to December till date must be adjusted against their Outstanding principal amount. This benefit should be passed to Borrowers.

If bank does not acts as advised above, by this week. All existing borrowers should make bank foreclose their loans without penalty and can transfer their existing loan to any of the nationalised bank easily (e.g. SBI @9.5% or PNB @10% etc)

Moreover a case of cheating its customers case should be filed on ICICI HFC in the consumer courts and honourable High Courts of India for bringing these cheaters ..greedy and dishonest Kamat...to the justice. Sooner or later they will have to return money to its bororrowers...

Arvind Mohan Singh

from Ahmedabad, Gujarat

ICICI Home Loan — given insurance policy without notice

Dear Sir/Madam,

Your ICICI Home loan agents are not performing their duties well and they are misguiding customers.
I have taken home loan of Rs.1250000/- against my property. My Loan Account No. is NHMEH[protected]
I have already told him that i am not interested any kind of insurance policy from ICICI bank. Inspite of that without my consent a insurance has been added and my Loan amount now becomes Rs. 1291250/- . When i have enquired this thing from ur agent he is not able to answer properly. Further when i have received a welcome letter from ICICI bank i saw that on one of the document ur ICICI agent has signed my signature.
Is this type of service is given by ICICI bank. Yours ICICI agents are misguiding and they used to sign the customer signature.
Now i am not interested in ur insurance policy and kindly revert it back .

ICICI Bank Customer Care

from Mumbai, Maharashtra

Verified Support

Hi, sorry to hear about your experience. We will call you and work to address your issues at the earliest.