I’ve been a loyal and a long time ICICI Bank customer (started my first savings account in 1999).
I had also availed of their Home Loan a long time ago and had a fantastic experience on the initial paperwork / disbursement and even the entire repayment cycle.
Going by that, I decided to go with them again when I was buying another house.
It was to be one of the worst decisions in my life so far.
Everything, from timelines to incomplete paperwork, gross miscommunications with me and even internally within their department brought out the shambles their internal processes are in.
While the loan manager assigned to me would call me and keep me updated, the gaps in process were too many and too big for him to cover.
Funnily, all these ads of Amitabh opening account online etc. flopped completely. After 30 mins to fill the form and other details on the tablet he brought, it couldn’t be submitted due to some server problem.
Then I had to print reams and reams of paperwork for the technical & leal verification. I understand that they’d need the originals eventually, is it so far fetched for them to accept scanned copies for the initial verification?
Then came the guy to insure the borrower against any eventuality. Inspite of both my eligibility and the property’s assessed value being much higher than the loan I was taking, the insurance seems to get funded from within the loan amount requested.
Fortunately, due to all the earlier hiccups, I had the urge to ask the disbursement details and came to know that the whole deal would have been in jeopardy because the amount being paid to the seller would have been lessened by the amount this insurance would have taken off.
I then asked them to chuck out all insurance and disburse amounts as earlier requested without any changes and was assured of the same.
Not one to let go of their grand messy process and execution, the final disbursal was short by a mighty sum of INR 1/-. For this, I had to get the agreement rewritten and pay INR 1/- to the seller separately.Till date there is no explanation on where this 1 rupee was deducted and why.
Now, even a month after the disbursement and registration, the copies of all the original docs collected by ICICI Bank are yet to be provided to me. This was supposed to have reached me in 2 weeks.
Looks like once most promising bank has taken a definite turn for the worse.