The Regional Manager 31st March’08
LIC Housing Finance
Re: Loan A/C No. 26507774
In reference to the above subject, I would like to bring to your kind notice the following:
1. I had applied for home loan from LIC HFL, Lucknow and it is needless to mention that I was lured by one of your agents (Sanjay) to take the loan. The benefits explained to me at the time of application were manifold. Finally I was convinced to take the loan for tax saving purpose.
2. A loan of Rs.13 lacs was sanctioned and first disbursement was made on 02nd Aug’2007 for amount Rs. 9.35 lac only.
3. After 2nd disbursement of Rs. 1.14 lac I was refused further disbursement of remaining Rs. 2.51 Lac (i.e Rs. 13lac-Rs.9.35 lac- Rs.1.14 lac) was not disbursed. On pursuing the matter I was disbursed for Rs. 1 lac only in the month of Sept. 2007. I feel sorry to state that reality didn’t turnout to what was promised by the agent & other officials at the time of applying for the loan. Also I found some discrepancies in terms & conditions explained to me.
4. I wrote a letter to your manager (Mr. Tripathi) seeking clarifications, but he refused to accept it saying that we can sit and discuss over the issue (Letter attached). He solved few queries but most of them remain unsolved and ultimately I decided to apply for the transfer of the loan to other institution. I would like to mention here that it was a tough time for me as I was under immense pressure to pay Rs 5 lacs to the previous owner of the house. I had also discussed the rules and regulation of balance transfer with Mr. Tripathi.
5. I approached one of the financial institution and was assured a higher amount of home loan. I approached LIC HFL for the loan closure quotation. In the quotation the outstanding loan amount was shown as Rs. 1142514.36 (quotation attached).
6. However at the time of depositing the cheque for the same amount, the cheque was refused on the ground that the closing quotation is much higher than that mentioned in the quotation. The discrepancy in the amount could not be justified by the concerned staff & Mr. Ramnarain. They also forgot the ethics of customer service and behaved rudely.
7. Finally the loan was taken over by some other institution who sanctioned and disbursed the loan much higher than yours against the same property.
It’s disgusting to state that in this competitive scenario, your institution is behaving in an unprofessional and unethical manner. When other institutions could give a higher amount of loan on the same property why can’t yours.
I am putting up this matter now as I was under impression that this could have delayed the proceeding involved in taking over of the loan by some other institution.
I would request you to please look into the matter and solve the issue at the earliest. I am bearing the burnt of that mistake which I have never committed. I want refund of amount paid as EMI due to higher interest rate, processing fee due to non disbursement of sanctioned of loan amount and compensation of mental and financial harassment.