I booked a flat from one of the promoters in Bangalore. The promoter encouraged me to take a housing loan from ICICI Home Finance on the pretext that they have a tie up and loan processing is very smooth. On the pretext of facilitating documentation, the promoter also obtained all loan documents from me. I was told by the promoter that the loan amount will be disbursed only after verification from Bank and only to the extent of work completion at site. To my horror I realized that ICICI Home Finance has disbursed 85% of the loan amount, even though the project has not been completed even to the extent of 60%. I have complained to ICICI Home Finance and followed it up with 10 reminders so far, but they not even acknowledge the same. I have decided to welcome Chanda Kochar as CEO with my complaint.
Actually the ICICI Home Finance does not ralise that a scam is in the happening. Promoter and the Branch officials are conniving to siphon off money from the Bank for projects that show little or no progress for months on end. For the same project State Bank of India is refusing to fund beyond 60% of the loan amount. ICICI Home Finance is refusing to show me the engineer/ valuer certificate about the status of the project at the time of disbursal; tough take cover under the guise that I have signed disbursal papers. What are they are not conceding I did not ask them disburse for unfinished work.
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