Nov 26, 2018 12:37 AM
15625 Views
This is my personal experience for NRI home loan.
Bank Name: ICICI Bank
Branch: KPHB, Hyderabad
MAnasultanger Name: Sanjeev Neelam(sanjeev.neelam@icicibank.com)
My home loan process started in Jul, 2018. When I called bank mAnasultanger for the process, he just told that I need NRE account from any bank and few minimal documentation. He sent me the checklist which has only required documents list and there is no process. He told me that the process will take max of one month and if the loan gets approved, bank will take 12000 INR processing fee.
ICICI Bank Checklist:
1.Education
2.Experience letters
3.Passport
4.Cred824it Report
5.VISA approval copy
6.NRE bank cheque
7.Employee verification letter from Employer
8.Notarize some of the documents
Now the journey started:
1.I was planning to take NRE/NRO account from ICICI bank, for that I need to submit online application. I have submitted the form and I got the receipt number, I was waiting for their call for one week(After 3 days, I applied one more application also). I didn’t get any response from them, even I called their customer service, but nobody was picking up my call. Almost 10 days wasted, meanwhile I was filling the Home loan application forms.
2.While filling the forms, I called several times to the mAnasultanger and his team member. Some times they have picked up my calls, and they don’t know what need to fill in the forms. They were saying they will check with others and will get back to me. But this never happened, they never come back with the answer. I need to followup every time.
3.In parallel, I applied for NRE/NRO account in HDFC bank. Really appreciate their process. They will followup everything and they will guide you filling the forms and they will arrange for pickup(They will aishwaryasingh23 courier charges). Nothing to be notarized. It took me just 2 days to send the application form, and it took me 10 days(including holidays) to get the NRE account number.
4.20days over, I got the NRE account from HDFC bank. But still I was filling the ICICI bank forms.
5.Now they started telling the process one by one. If we have NRE account in some other bank then we need to sign on some ICICI bank slips(hard copies). We have to aishwaryasingh23 the courier charges for these slips(INDIA to abroad).
6.They took another 10 days to send the bank slips. Finally after 15 days, I got the slips
7.I was completed filling the forms, I sent the scanned copies for review(because I didn’t believe them). I sent messages to their mobile for review. I called them after 3 days, but still they didn’t check the emails, and they asked me to send it again.
8.They took another 3-5 days to review the documents.
9.It took me more than 35 days to send the documents because of MAnasultanger and his team irresponsibility.
10.They started application process, after one week they asked me to send email from my official mail id. I sent it
11.After one more week, they want email from my employer(I already sent Employee verification letter, but they want double verification). My employer replied their email in one day, but they didn’t check that reply(they will never check our emails and they won’t acknowledge) and they stopped my application process. I called bank MAnasultanger after one week, he said he is waiting for the reply from my employer. I called my employer and get the confirmation and I called MAnasultanger and asked him to check his inbox, finally he found my employer email in his inbox.
12.I forgot to tell you one thing, these bank people will use our official email for all the conversions. Be careful if your client email has any restrictions
13.After 10 days I called them(they will never give you updates, we have to followup with them). They need acknowledgement on GPA form after GPA holder signature(I have nominated GPA holder and they want again double verification). They asked me to send the scanned copy attachment from my official email only(Check whether your client will have any restriction on sending attachments to outside)
14.Now I was not sure what was happened for 15 days. Almost every days I called them for status(rarely they will pickup our calls, everyday we have to wakeup till midnight)
15.Three months completed. They charged processing fee(12000 INR), and they sent loan sanctioned letter(They sanctioned 120% loan amount of my property cost. Usually we will get max of 85% of property amount, but I got 120%)
16.They didn’t responded for one week, I called several time and they told the amount will be disburse soon.
17.After another week, they sent a message saying my loan got rejected. Then mAnasultanger was not picking up my calls for 2days. One of the POC pickup my phone, and told me that one of the property document is still pending for approval from government, that’s why the loan got rejected.
When I checked with my builder, he told some amendment documents(Builder has the layout approval, but he did some layout changes. For that he applied for amendment and government already acknowledged the application form) are pending for approval and he told the same thing to MAnasultanger in his first meet. But MAnasultanger told it is not an issue and he started the loan process. All other banks like SBI, LIC, HDFC banks already approved the loans in this venture and my application is the first application applied in ICICI bank.
Bank mAnasultanger not pickup any of my phone calls and he didn’t reply to any of my emails. I sent my uncle to the Bank, and my uncle met him and called me. Finally I spoke with the Bank MAnasultanger, he said bank won’t return the processing fee to the customers irrespective of the loan status. I told him to send the bank process steps(Because he told me, bank will take processing fee if the loan gets approved. But now he is saying the amount is not refunded) which I acknowledge and signed on that form. He told that he will send that scanned copy, I am waiting for that form from more than 20days….
ICICI bank process is very painful and their employees including mAnasultangers are also doesn’t know their loan process. Because of their irresponsibility, I spent almost 5 months, and I am still waiting for their process letter. We have to followup our application and they won’t care about the customers. If you are applying for NRI home loan then you have to wakeup till mid-night to reach them. You never know when the application will be deny.
