A friend of mine had advised to approach LIC Housing Finance for plot loan & I did from their Indiranagar branch, Bangalore in the year 2002 for an amount of Rs.5 lakhs but believe me from the day one, LIC troubled me like anything till I pre-closed the loan account.
1.When I was applied for the loan there was an offer to waive the processing fees, they said it is not applicable for plot loan and I could not get that offer.
2.The house loan rate advertised on your website was different from the actual rate.
3.After I paid 1% of the loan amount as processing fees the branch manager said there is no floating rate for plot loan, I offered to withdraw my application then. The manager there said he will talk to the regional manager & get it approved, I had to delay the registration of the plot. I got that approval after talking to the regional manager & other couple of people that took a week.
4.I made it clear to your Indiranagar office Branch manager that I was very unhappy with LIC Housing Finance and also told him that I would pre-close the loan account within 2 years and asked him to at least waive off the pre-closure charges. Since I was working with Stratify software India(P) Ltd, a reputed US based company, at the time of availing the loan(Since Dec 22nd 2003 I joined another US based Software Company called InnovaTeam Software(P) Ltd) he promised that this offer would be considered. But, that did not happen when I went to your Regional office in Bangalore today to make the final payment.
5.The branch made a mistake in the repayment term as 15 years instead of 10 years, I realized that later & brought to the branch manager?s notice, he said that was mistake & I should have looked into it much earlier when the document was made & he also said that he is helpless at that time. What a sick excuse!