This is bring to the public notice, LIC housing finance is in a bad condition. They will say the loan process will finish in 1wk duration. People will believe and submit all tha papers for work. Because of their word, people will make agrements for the house sellers for less than 1 month. After 1wk if you enquire about your loan processing status, they will say that it iscoming in next day and tomarrow. It will be delayed for 3wk and buyer will be tension. And LIC will people will say that, it was delayed only in your case, and our manager has already spoken. And we will finish rest of the procedures. They will take you to the lawyer for verification of house documents and they will ask for bribe. because you are in the bad situation at time, the processing time is becoming delay, and you don't have time and this make you pay that bribe to lawyer, notary, and house checking.
If you ask the regional manager of the LIC, they will say that we can't do anyting, you have to pay bribe. At this level you are in a bad situation, you cannot go to the other finance bank companies. Because you have already make comitment with house seller to give the check in month duration. Finally you things will be dalayed and you have to processing fee and bribe for certain people.
Finally it will be more what you are paying to LIC compared to the other banks.
I personally feel don't go for LIC for housing finance. Same thing has happened to me.
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