ICICI Home Loans
Loan Sactioned without Customer Approval

Hi,

I am Satish Sadasivam, an NRI living in UK. I planned to buy a flat in Chennai when I visited Chennai two years back. I got introduced to a ICICI representative by bank and he came to my home. I initially thought it is very good service and handed over a cheque for processiong fee. Then I came back to UK and have been looking for flats in Chennai. After two months, I came to know that my cheque has been executed for a loan amount of 25 Laks. I was shocked to realise that, without my knowlegde loan was sacntioned. I phoned up Bank (with around 25 different international calls) and asked why was loan sanctioned without me, even finalising the property. All that I was told is dolgy response, "Sorry loan is sanctioned and can't be refunded". This is really a bad business mode and I was really shocked to see Bank's response.

So in my view, even though our National banks like SBI, Canara, Indian lack in online and IT facility, they are far more better that so called h-itech banks. Atleast you can speak to one person, you know.

So friends, dont just go behind a attrative ads, choose some thing that suits for you. Also never plan big things in your short trip of two to three weeks to India.

Thanks