My experiance with LICHFL Residency Road, Bangalore since Mar 2005
Loan Processing and Approval
I applied loan through a LIC certified agent. My application was processed as god-speed since it was end of financial year. On the registration day, the check was supposedly given in presence of LICHFL employed Lawyer but Lawyer did not come. Reason he was expecting money for his service. We complained to the Branch Manager, eventually after two hour waiting the check was released . guarented by the agent.
On the whole it just took one month time between application submission and releasing of loan.
Since then
there have been no communication from LICHFL regarding changes in interest rate, annual statement, change in department telephone lines etc.
Telephone Customer Service is aweful. Its only 50% change that service depart will answer the call
On visit to branch office, 50% chance that concern staff is avaiable in seat and for any complain they would blame the server
I have to visit branch office for anything and everything be it annual statements or prepayment or receipts or interest rate notification or emi changes or know your outstanding
Worst of all, some time you receive sms notification of default(only communcation they do) on monthly emi, inspite being detected . reason server error!
If they say we will sent by post . it mean "collect when you visit next time"
No tranparency in interest rate. I guess the same case for all Housing finance limited. RBI guideline seems only apply for banks.
my initial interest rate was 7.5 now it is at 10.25 and went as high as 11.25. Interest rate wary for customer to customer even if you take at same time and for same amount.
one end I upset with interest rate and other end am tired of running to branch office.
I need to retreat.