This complaint was first sent vide my letter dated 9th November a copy of that letter was also sent to the Head Office of LIC Housing Finance Limited (the Company), Bombay Life Building, 2nd Floor, 45/47, Veer Nariman Road, Mumbai, Maharashtra
400001. However, till today there is no response. This shows the lethargic behavior and avoidance of consumer grievance at all levels of the Company.
Below is the mention of facts of my case for which I have all relevant proofs to prove my case in court / consumer forum.
1. During a search of housing loan options, I found the Company branch office address and mobile number of branch manager (Mr. VIshal Joshi) on internet and contacted him on his cell on 28th March and after getting appointment, I visited the branch at Jogeshwari the same day and met him for an urgent enquiry of housing loan;
2. I was looking for a housing loan urgently as I had finalized the property, signed an MoU and paid token money of Rs. 50, 000/-. The validity of MoU was only up to 30th April means I had to finish all documentation and disbursement of entire consideration on or before 30th April.
3. During our discussion on 28th March I told the branch manager the urgency of my requirement and the branch manager specifically assured that I would get the sanction letter within maximum 7 (seven) days of submission of all documents relating to my income;
4. As the matter was urgent, I was carrying with me all documents relating to income and property.
5. As I was carrying copies of all documents, income/salary proofs, Passport, Driving License, property sale deed, sanctioned plans etc, which I submitted immediately along with a form filled up by me in your office;
6. The same day (28th March), I submitted a cheque no. 602754 for an amount of Rs. 5515/- drawn on HDFC Bank towards processing fee as required from the branch manager's side as I wanted immediate sanction of housing loan.
7. I submitted these documents only on the basis of assurance that I would be getting my sanction letter or final feedback within seven days of the said submission.
8. After 9 days of submission of all basic documents, I received a list of additional documents required by LIC Housing Finance on 6th April and I immediately arranged and submitted further documents on 13th April;
9. I clarified certain concerns raised by Ms. Ritika Jhangiani, the Advocate appointed by LIC Housing Finance for doing due diligence of the property vide my email dated 22nd April; However, there was no response to my email on that.
10. I further clarified in my email dated 24th April addressed to you that one flat in the same building in which I proposed to buy property had been financed by LIC Housing Finance and raised my concern that why Legal Team of LIC Housing Finance is having double standards to two different customers buying property in the same building. But to my surprise, and as usual the branch manager ignored that email and didn’t bother to reply at all.
11. I kept on trying on the branch manager's mobile, office landline, through emails (have all relevant emails) to get feedback on my application. However, nobody bothered to reply at all;
12. This is serious deficiency in LIC Housing Finance' services and gross negligence on its part for which I had to pay price in terms of following:
a. I paid a cash amount of Rs. 50, 000/- to the landlord towards extension of MoU, which I had signed with the Owner of flat as the period allowed for execution of final agreement was 30 days (up to 30th April);
b. I lost my processing fee which I paid to LIC Housing Finance Limited;
c. I had to apply to some other banks for housing loan and in the process I end up paying high interest on my housing loan as due to paucity of time, I couldn’t apply to SBI and other nationalized bank for lower interest housing loan and for urgent processing and sanction I approached IDBI Bank which charged me 9.50% pa interest as compared to SBI’s 8% and LIC Housing Finance’s assured rate of 8.50%;
d. Due to repeated follow ups and lackadaisical attitude from the Company's side, I lost my time and peace of mind and suffered heavily in terms of loss of money, work hours, efficiency and health.
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