This review is on ICICI home loans from Bangalore divison and 101 reasons why I and my friends changed the home loan to a different bank:
Pros:
1)They provide the lowest housing interest rate as of today compared to HDFC(.25% less than HDFC) and some other institutions.
Cons:
Let me start:
1)They willl ask you for all the proof’s and cerificates on earth except the proof to show that you are still alive.
2) REams and reams of pages of agreement containing all f clauses that you don’t understand , it is as if you are mortgaging yourself and not the house).
3) The call center will never be able to help you in anything, but just confuse you more and alleviate your problems.
4)Whatever the agent told you and has not given in written saying he is there is all wrong. The agent will disappear as soon as you sign the loan agreement.
5) The whole housing loan division in manned by 5 people. 3 of them are clueless on how to calculate the Pre-Emi given the interest rate.
6) They (every time different officer)keep calling you a million times asking you for money which you have already paid.IT would be a better option to change your mobile number once you take your home loan from ICICI.
7) If there is a problem, the only place to go is Raheja Towers and wait for almost half a day to find anything (refer to problem 4)
8) There are 6 entities within the bank who don’t interact with each other. So, you end up running piller to post for any problem/issue. (You don’t belive this, the list of 6 agencies are
a) The agent who gets the application,
b) An account manager associated with the agency,
c) The silly call center,
d) The collection department
e) The Raheja office,
f)The Kormangala office and not to forget the Bombay office.
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9)Every damn silly thing will be referred to Mumbai office, and they take ages to revert back.
9)There are big talks of e-enabled services and executives will even promise you prompt swift response , but send them an e-mail , it draws a blank response inspite of hazaar reminders.
10)Try getting any officer on a telephone you will be put on hold forever and you are forced to hear music, their promtional messages except the executive you want to talk.
This is just for starters. If the list doesn’t convince you let me know I will give you another 20-30 reasons .