Loan A/c - LBCHE 0000 139 2648 Since 31-08-2006

Kind Attn:
Mr Rajiv Sabharwal
COO
ICICI Home Finance Company Ltd

Sub: Penalised for the mistake of your Collection Agency
Ref: My Loan A/c LBCHE 0000 139 2648 Since 31-08-2006

Dear Rajiv,

All of us have a dream .. and one of the biggest is to own a home. I too had taken a loan from ICICI for an upcoming property being developed in Chennai where ICICI is the partner bank.

Allow me to put the things in clear perspective:

Part - 1
a) I took a loan of approx 15 L (sanctioned 40 Lkhs)
b) Bank only advised me to pay interest (not principle.. ????)
c) The bank increased interest all through the early part of this year (2007) with intimation of the same coming in at the bank's convenience.
d) The bank did not deem fit to make a payment statement, so that I could structure my payouts.
f) The Collection agents land up at their whim & fancy and demand money for the current month, previous month and future months (as if we have a tree full of money).
g) One such event in June. I had to scrape money from relatives as they asked me money for previous month, June month and also took cheques for the next 5 months.

Part - II
a) Burdened by the Loan.. I had a meeting with my auditor, a bank representative (from a bank nominated agency and not bank direct), and aimed to restructure my loan.
b) It took a while before the agency came back with the suggestion.
c) The loan was restructured.. I rounded off my earlier loan to 20 L, and agreed to make balance payment required by the builder from my reserves.
d) The bank lost my Aug EMP Chq.. did not deem fit to inform me.
e) The bank submitted by Sept EMI cheque without date.. again causing non -payment.
f) After chasing the bank officials concerned everyday (as the builder was demanding release of the money everyday lest I be slapped with interest).. your bank advised that they will deduct the Aug-Sept EMI amount from my new disbursement and I have to pay that money to builder direct (but I will charged Interest + Principle pay out on full 20 L).
g) After much deliberation I got the Sept EMI cleared, paid an amount by Cash towards Aug EMI and interest on the delay.. so that the money could be disbursed.

My contention is that as your bank becomes bigger.. like all things bigger.. it seems to be getting away from the very customers who made it big.. There seems to be no more "Hum Hain Na"..

The way your officials and collection agency people behave leaves a lot to be desired.

I do hope, pray and request that you please look into the matters and ensure that the bank also stands for Customer services... and not just size.

regards,
Gitesh Agarwal