I had a bitter experience with ICICI Bank representative office in Dubai. I am from Andhra Pradesh and I have a plot in Bangalore. I wanted to constructed a duplex house in Bangalore and applied for a home loan through ICICI Bank representative office in DUBAI.
When I went to see them, I was not allowed to see any officers inside, instead the receptionist is handling all the customers. When I applied for the loan, he refused to acknowledge the loan documents saying it is only a representative office and not a branch.
After going through the papers, he said my loan may not get approved since the power of attorney is "not permenant resident of bangalore city". I told him that any indian resident can be the POA for anywhere in India. He started arguing and with great difficulty accepted the loan application.
After a week he called and said that my loan got rejected, no reasons were given, nothing in writing. When I insisted for the refusal in writing, he promised that they will ask their Mumbai branch to send a letter which never arrived even after a year.
I took the same papers to HDFC and got the loan approved within a week. Now I am a happy customer of HDFC.
RE:ICCI, Dubai office is also the same
by Vijay on Apr 15, 2008 01:39 PM Permalink
Dear Suresh Babu, My story is very similar to you.I had applied for housing loan on 15-12-07 & had submitted every single document before joining Dubai office.I was informed by the concerned official that we have received all documents from you & you will hear within a week.Despite my repeated follow up, several expensive ISD calls from abroad, the concerned officer kept MUM about the proposal all the time. Every time I got an answer that "it is under process, we will inform you shortly" (without telling the reason for delay). When I contacted bank through my friend, I came to know that the concerned official left the bank, his another opportunity did not work out, so he joined back with ICICI. Later my case was given to some other official, who immediately after taking over the charge, went on training programme leave.After resuming, when I asked him, what is the status of my proposal? He quitely answered I am looking after your case now, it has been transferred to another officer.With God's grace, that third officer processed my file & I got a sanction after 2 months after all legal & technical clearances.I was told to submit all originals and to sign other relevant documents for disbursement which I completed in no time to save delay. At the time of disbursement, bank official raised query we are not clear about 1 clause in the sale deed.This property may have a loan.I told clearly that all originals are in our hand & there is no loan outstanding on this property. If requi
