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I have tried with the icici team for a misinformation provided by them and not ready to take responsibility of the same.
I had applied for a home loan through bank bazaar.com on july 27th 2018 which was approved by icici for 35000000 on august 3rd 2018.
I have been in constant touch with representative ashok from icici home loan branch kondhwa who was clearly informed that the property that we intent to buy is under loan with icici which has pending due and needs to be cleared (Lbpun[protected]) and i was informed he had outstanding due for 42000000 and was made to believe by ashok on all steps that i need to arrange only 6-7 lakhs and they will internally transfer the loan to my name for now. He initially promised me an interest rate of 8.55% for women and then said is not possible and closed the deal at 8.60%.
I set the same expectations to my buyer as per the information given by your representative and he planned to close his loan after his 10th august emi and not pay more interest.
Our deal closed on 78 lakhs and our loan was conditionally approved on the fact that my husband closes his personal loan with icici and i close my personal loan with indiabulls dhani which we agreed. We have already closed our personal loan with icici and were in process of closing the india bulls loan when this happened. Our stamp duty is already going to 6 lakhs as ready reckoner is for 88, 00000 against our expected 4, 50, 000.
We took insurance on our loans as an option too.
We had very clearly informed ashok that we are selling our current flat to pay the remaining amount fo the new house and our buyer is leaving for haz and will not return before 5th september.
He told us that we need to get the documents of our seller to disburse the cheque.
We met up with our seller on 17th august 2018 and asked him his documents and contacted ashok and to our surprise we were told that we need to clear the remaining amount first made a deed sale and then they will release the loan amount.
This is pure mis selling. We informed him that this was never explained to us and he said he expected us to know this. How convenient?
Currently due to this i am in a phase where my seller has lost trust on us and is expecting us to pay all his interest as we were not able to fulfill our promise of paying of the loan on his name and interest accruing which is close to 30-35, 000. I am currently going to be homeless as my current house is sold and new house deal is going to be called off due to icici.
I met up his manager - anand kasture (Regional head sales mortgages) on august 20th in the icici kondhwa branch and explained him that as a first time consumer we were supposed to be informed all things and not being fooled around like this. He agreed it to be the agents mistake but was of no help of the loss we are going to bear. He said there is no option apart for me arranging the remaining 42, 00000 to the seller and they will disburse the cheque but not physically handover the money and seller has to pay interest and he will waive of the broken period interest for me.
I am an expecting woman in my 9th month due to deliver in a weeks time and all i am doing right now is running around banks and seller to save my dream house that i planned for my coming kid.
What do i expect?
1. I need bank to release the 35 lakhs loan amount promised to the seller immediately and i will pay the remaining amount of his outstanding loan to the seller.
2. I am ready to pay the interest from disbursement date with no demands of waiving of interest.
3. I can provide icici bank in writing my plans to pay the seller the remaining amount.
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