Always authenticate Loan interest rates and schedule of charges before processing any Kind of loan
Loan agent of icici,has visited at home regarding home loan process approval.During his visit clear discussion has been done regarding the nature of loan which is required( home loan due to tax benifit) and rate ( as per ICICI representative it was 9.1 to 9.5 ). ICICI representative told that a loan against my existing property can be utilised for home loan and it will be given as a home loan on which tax benifit is also.Since i wasn’t aware about this we have given him requisite details such as land registry papers ,PAN ,Adhar ,Bank statement etc for processing loan amount .After that ICICI representative told that he will need some amount (3540 Rs) for processing the loan application i have paid that amount for the sake of processing. After some day i have received a call from him stating some more money will be required to proceed with evaluation of our current home again i have provided the same.After all these process concluded he visited at my home collected required documents including the original registry papers of my home ( We were not aware that LAP is mortgage loan not a home loan and it doesn’t have any tax benefit so we provided documents as he said ).
In further events i have received a call from ICICI home finance office stating that your loan is being processed as Mortgage loan ,it doesn’t have tax benefit same as home loan and interest rates are also on higher side .After knowing the fact ,i have called Mr Anurag to stop the process if it is a loan against property.Same day he confirmed in front of my parents that he will process it as the home loan only .We were assured that now after confirmation our loan is being processed as Home loan .
He again asked that insurance and processing fee of 2% + GST of sanctioned amount will be required to proceed further for loan,we again paid the same as 35400.Meanwhile he has taken signature on blank application form where not much details were filled (Scan copy of application form we received from him where no details regarding emi and interest rates were filled ),on asking he told that I will fill these details correctly in the branch office . Despite of asking he didn’t informed us about the interest rate of sanctioned amount niether EMI amount was known to us .
On 26 Dec the amount of 15 lakhs has been processed on my account and recieved hard copy of my repayment schedule alongwith application form on which details were filled later and alterations in signed documents done by Mr ******* without our knowledge( Altered document what we received later by post )
On receipt of repayment schedule we got to know that we are paying interest rate of 15.5 % ( Repayment schedule copy attached)and the processed loan is Loan against property.
Since then we are calling to the branch office and executive but they are lieing on my face stating that I was the one who told them to proceed with Loan against property and agreed for whatever interest rates are applicable.They are telling that if I want I can close the loan with one month interest on amount but why would I suffer the loss of 55000 which i have invested in processing of the loan and again pay the interest of one month due to any fraudulents mistake .
This was one of my personal bad experience although i have to close my loan due to this but i didn’t want any one else to face such kind of sitiuation so i wanted to share with everyone that always authenticate Loan interest rates and schedule of charges before processing any Kind of loan with any bank, don’t do any hasty movements. Relax, enquire and check out every details like from which person you are currently dealing with. Always double cross check the person’s identity before handing over any of your personal.
Please remember these above-mentioned precautions otherwise you will feel trapped and nowhere to go.Trapped you have to visit bank countless times to just tell your issue but trust me, no one gives damn about your problems. SometimeSometime these agents are being set by bank branch manager itself.All in all remember getting a loan is very easy now a days but after disbursement things will turn drastically.
Be safe,
let’s make this world a better place by sharing our experiences to aware everyone.
Thank you all.
