Hi All,
Here I am sharing you my experience with LIC Housing Finance.
I have applied for a home loan from LIC housing Finance in the month of Feb for my flat in lotus Zing. As LIC was offering fixed rate of interest (9.75%) at that time. They took 1 weeks more time in processing the my application from the date they have promised. Due to which I have been sanctioned the loan @ of 9.90%. As per LICHF applicable rate of interest will be whatever it would be at the time of sanction not at the time of application. Till that time I accepted their offer as it was still competitive with other banks.
Now the real pain starts, after my home loan sanctioned, I fwd them demand later from builder to my Agent on 25th March he told me it will be done in 10 days time. It took 40 days to get my first disbursement, that too when I track with my agent almost every day. This cost me 18% interest from builder. This was just due to their unprofessional behavior just like old Govt. offices.
Now the time come for my next disbursement I fwd the request on 25th March, agent again told me that this time it will be done in 10 days time as all the documents are in place now. Now I am tracking my disbursement from last 15 days, I wrote to all their senior officials, whatever mail Id’s I could get from their site. I just received one response from Mr. Rakesh Kumar Agarwal, my case has been fwd to Area Manager, When I asked any ref. no for same, I did not get any reply. My agent and branch manager both keep telling me that it is under process. On 10th May when I asked for the disbursement my agent told me there is some outstanding of interest (Rs. 400/-). I was surprised, as they have never communicated about that, I paid that amount same day. After that again I am tracking my disbursement every day and yesterday I get to know that they have misplaced my demand latter and asked to submit the same.
My observation about LICHF is …
1) They don’t have any professionalism in their working and work like Govt. dept of 70’s.
2) They don’t have any automated system in place, most of the system is manual.
3) They don’t have any issue tracking system neither manual nor automated.
4) Only contact point is Agent which is not the employee of LICHF.
Please share if any body else also face any issue with LICHF.
Regards
Sachin
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