I went to a much publicised Home Loans fair organised by ICICI in a Hotel...The ad mentioned loads and loads of benefit during this promo period-free house insurance, lowest EMI, etc
I walk into the lobby of the hotel and look around for someone to help me...there is no one...Finally I bump into the Chief of the Home Loans business who asked someone to service me....So far so good
I give all my papers and documents and the check for processing charges(.5%)...Another customer sitting by my side pointed out that there is a banner outside saying ’’0% processing fees’’...I asked this guy who was doing my loan and he said this is not processing charge...It is administrative charge of .5%(usually we charge 1%)...I was not happy by all this...After all when you take a loan you enter into a long term relationship and if the start is like this what can you expect in the future...
I asked them to give me phone numbers of the Banks senior officials but they declined...The sales guys were rude and curt...Their reaction was ’’Complain to whomsoever you want to anytime...We dont give a damn’’
I would advise all to not be lured by the ads of ICICI saying lowest EMIs...Look for hidden things...administrative charges, processing fees, Check out interest rates if they are daily reducing or monthly reducing, do they allow prepayment without any penalty and conditions,
Try other banks like StanChart, IDBI for home loans...they are better