I have a sanctioned home loan from LIC of 30Lacs and first installment is already disbursed (5.11 Lacs). Last 2 requests have been put on hold by them for some unknown reason and they say that my builder is not complying with some authority rules. Surpizingly, all other banks including govt banks are easily disbursing the loan.
The fact is that my loan was sanctioned at a much lower rate than current market rate (@9.25%) and is fixed for first 5 years. They cannot change the interest rates and hence do not want to disburse the loan.
Never ever try to take a loan from these guys...
Shalabh Srivastava
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