Never go Citibank for home loan... Review on Citibank

I had a VERY bad experience with Citibank guys in Pune regarding home loan..

I simply expect that none of you guys (who are reading) approach Citibank for the loan.

I am a software professional who had booked a flat  in Feb 06 (to be ready possession in June 06).

Regarding that I wished to go to banks for home loans.

At this moment (April 06) , I calculated for various big banks

1. ICICI - 8.5 % Floating 9.75% Fixed with 0.5% Processing fees.

   
   




2. HDFC-8.5% and 9.5% with 0.5 % Processing fees

   
   




3. Kotak Mahindra - costly.

   
   




4. SBI, Bank of Maharastra - High rates

   
   




5. Citibank offering 9% fixed with 1250/- as processing fees.

   
   

citibank has its loan office near to FC Road.

I was approached by Citibank guys, whom I decided will go ahead.

I submitted my papers (including builders papers) on 8th of April to Citibank person, after he said ki sir do it quickly phir rate bar jaayenge.. moreover he was alluring me with low processing fees of 1250/-.  After submission of papers to Mr. Santosh (of Citibank), I asked him to quickly do the formalties and start the disbursement... He agreed...

On Monday 10th April, I recieved a call from Citibank employee, Santosh, that since the building project is not pre-approved by Citibank, I need to pay 500/- extra by cheque in favour of Citibank NA. on tuesday itself, I gave the cheque of required amount, which they encashed.

I repeatedly called them up to know the status, but they were giving idiotic reasons like

(a) Our manager is busy in the meeting since 2 days, as he comes, we shall send the sanction letter.

(b) Sir, currently I am with client, would call you once I am in the office.

(c) Sir, the process is going on, would let you know by tomorrow morning..

I was fed up with those answers and called up their manager Mr. Nitesh asking him to let me know if the loan is approved or not. It told him that If I don't receive the letter today (the date was 24th), I would simply go to other bank.

He answered my call at noon and told me it is approved and shall be sending the letter to you. The agent Santosh called me up at 6 pm telling me ki sir I have the letter, do you want it now or can I give it tomorrow.

I told that you can give it tomorrow too. .I don't have any problem but do give it tomorrow morning.. don't be late..

Next morning on 25th April, another Citibank Loan division employee Mr. Kiran came to my office at 11:00 am and handed over the so-called ''sanction letter''. That letter simply contained that I could avail the loan amount (on the basis of my salary and other loans) to some particular figure (say 10 lakh). It DID NOT contained any other thing like the interest rates, and other terms and conditions..

Moreover, Citibank agreed initially for 90% loan but in the letter only 85% was mentioned.. I was shocked to see such a ''sanction letter'' of Citibank. Does Citibank considers every citizen as a fool ??

Finally I asked him is it the sanction letter ?? He told me politely that this is the only letter we give..

I talked to Santosh about the loan disbursement, he told me sir I would let u know within a day or two. After 2 days today on 27th April, I ranged him about the status, he told me he didn't know about it and probably our ''credit branch'' people have gone to the builder.  I talked to the builder if they had approached, he told me that they had never visited the project recently.. I was amazed. I ranged Nitesh (manager of Santosh) about the status, but he too lied that he didn't know and asked me to call his RelationShip manager Mr. Vikrant.

I called up vikrant and he told me that his ''credit guys'' had visited the project and foudn the builder was not of repute..  I told him that nobody from Citibank had visited the project but he was firm in himself.  I tried to explain him.. but he was in no mood to listen.. He repeatedly said ''Talk to Santosh''. Is this the way Citibank should deal with customers ??

In spite of me explaining him that you took 2 weeks to simply write that this guy salary is in limit, he did't want to lend me his ears.

I have strongly decided never to approach Citibank for ''anything'' and request you to avoid Citibank as far as possible. They never made a call to let me know about the loan status.. Always I have to enquire about the status.. that too everybody was lying... This was not the way I (or any other human being) expected..

Now the choice of bank depends on you .....

Thanks for reading a looooong story

Regards

Adhir