Taking housing loan -- Beware of hidden terms. Review on Taking a Home Loan

Every person has different experience while dealing with the bank. I am talking about ICICI Home loan division here. I had worse experience with them. I had decided to buy flat in Mumbai, and so got the sanction done for home loan from ICICI(Mumbai - Thane branch). While taking the sanction  for home loan, I made them aware of property, which I was intending to buy.ICICI bank offered me sanction letter, took all relevant papers and indicated this sanction is valid only for 6 months.

They also took the administration fees and some+ XYZ charges; cost me around 5000/- Rs. At the time of disbursement of loan, I had been informed by bank that I have to submit my all papers again, as bank has lost my few papers(though it was their liability). I did that whole exercise again, but this time it was “more painful”. As I had already made payment to bank, so no representative was available to me, for collecting papers and doing the clerical work.At the last moment; bank informed me that they cannot disbursed the loan, as property I am buying is not approved by current senior committee of ICICI home loan department.

I was helpless, as I already made part payment to builder, and was relaxed after having sanction letter from the bank. >>> Had impression for the rest amount, gr8 ICICI bank is with me.  <<< I WAS FOOLIn the end; bank told me that bank is not going to disburse the loan for me; as property, I have chosen is not reliable for them.(Here I got F_CKED UP). Builder gave me warnings/instructions for releasing balance payment. In the end, I was penalized for the late payment as well, which was^around Rs. 4000/-After having all this pain for 2 months with ICICI; I opted IDBI bank. And I was quite surprised and happy with the response, which I received from IDBI bank.

My loan was sanctioned and the amount was disbursed to me JUST IN 5 WORKING DAYS.Now, I am living in this so called HISTORICAL flat for last 2 years. But want to share, the terrible time I had with ICICI. And will never recommend any one ICICI bank for home loan. As ICICI bank cheated me for 9000/- Rs. Plus gave me solid pain and tension for 2 months.“Do not take home loan from ICICI Bank. “ If you have to; read following and think on it before you proceed:1) Which property you are planning to buy? Who is the builder?2)

Is for the same property(complex/project); said bank has financed before?3) Release payment to bank, only after you are very sure about bank's promise on "loan disbursement"4) Don't ever blindly trust, on any bank representative. If they give you any promises, make them to get it on the bank letter.5) Ask bank  explicitly, about the hidden cost?6) Find out all interest calculation factor –(for eg. Interest is calculated on balance principal amount day wise/ month wise /quarter wise or annually.)

I believe if you really THINK ON above, you don’t have to regret.