Team-BHP - View Single Post - ICICI charges interest on amount which was never disbursed

rkg · 5th December 2007, 10:49

one of my friend took home loan from ICICI in may 2005. he took a flat in south city bangalore. he opted for full disbursement of loan even though the flat is going to be completed a year later. accordingly ICICI told him they have send full amount to L&T. now when the flat is ready i.e after 2 1/2 years L&T says 4 lakhs is due.

then my friend contacted ICICI. ICICI is saying that they have sent the check but builder has not encashed it. it is not their fault. they will send it again now.

now the question is

all these two and half years ICICI is charging interest on this 4 lakhs.

why should my friend pay interest on this 4 lakhs which was never disbursed?
ICICI should have definitely known that 4 lakhs is not disbursed even if one accepts their version, their accounts should have shown this 4 lakh's. isn't it?

in such a case it should have informed the customer. this does not happen for 2 1/2 years. it came to light only when the customer asked it.
all these years it is simply collecting interest on the amount which was never disbursed
can you guys please advise me ,what to be done in this case

5th December 2007, 10:49	#1 (permalink)
rkg BHPian Join Date: Apr 2005 Location: bangalore Posts: 348	ICICI charges interest on amount which was never disbursed one of my friend took home loan from ICICI in may 2005. he took a flat in south city bangalore. he opted for full disbursement of loan even though the flat is going to be completed a year later. accordingly ICICI told him they have send full amount to L&T. now when the flat is ready i.e after 2 1/2 years L&T says 4 lakhs is due. then my friend contacted ICICI. ICICI is saying that they have sent the check but builder has not encashed it. it is not their fault. they will send it again now. now the question is all these two and half years ICICI is charging interest on this 4 lakhs. why should my friend pay interest on this 4 lakhs which was never disbursed? ICICI should have definitely known that 4 lakhs is not disbursed even if one accepts their version, their accounts should have shown this 4 lakh's. isn't it? in such a case it should have informed the customer. this does not happen for 2 1/2 years. it came to light only when the customer asked it. all these years it is simply collecting interest on the amount which was never disbursed can you guys please advise me ,what to be done in this case