Ganesh_Shinde
KF Expert
Subject: Guidance Needed on ICICI HFC Grievance – Delay in Document Release, Refund Process, and Compensation Framework
Dear Community Members,
I’m reaching out to seek your guidance and learn from your experiences regarding an ongoing grievance with ICICI Home Finance Company (ICICI HFC) that has raised serious concerns for me.
Background:
I had availed a home loan from ICICI HFC, during which they also opened a secondary loan account without my explicit consent to finance an ICICI Prudential insurance policy. My primary home loan was successfully closed in February 2025.
However, I declined to repay the insurance-linked loan, as I considered it was opened without my knowledge. After five months of rigorous follow-ups—including complaints to IRDAI, CPGRAMS, and the Consumer Court, along with invoking relevant IRDAI circulars—ICICI Prudential eventually processed a refund in June 2025, which equals the principal of that policy-linked loan.
Current Concerns:
Dear Community Members,
I’m reaching out to seek your guidance and learn from your experiences regarding an ongoing grievance with ICICI Home Finance Company (ICICI HFC) that has raised serious concerns for me.
Background:I had availed a home loan from ICICI HFC, during which they also opened a secondary loan account without my explicit consent to finance an ICICI Prudential insurance policy. My primary home loan was successfully closed in February 2025.
However, I declined to repay the insurance-linked loan, as I considered it was opened without my knowledge. After five months of rigorous follow-ups—including complaints to IRDAI, CPGRAMS, and the Consumer Court, along with invoking relevant IRDAI circulars—ICICI Prudential eventually processed a refund in June 2025, which equals the principal of that policy-linked loan.
Current Concerns:- Delayed Handover of Property Documents
Despite the main loan being closed over 150 days ago, ICICI HFC has still not returned my original property documents.
I’m exploring the feasibility of claiming ₹5,000 per day as compensation for this delay (as permitted under RBI’s Fair Practices Code).
Has any member here successfully claimed similar compensation for delay in document return post loan closure? - Next-Level Escalation if Compensation is Denied
If ICICI HFC rejects my claim, I would like to know:
Is NHB (National Housing Bank) a viable next step for such complaints?
How efficient and borrower-friendly has NHB been in your experience, especially for cases involving procedural lapses and customer service failures? - Anticipated Position from ICICI HFC
I’ve already approached their Nodal Officer, and I suspect their defense will hinge on the insurance loan being closed in July 2025—despite my main loan being closed long before that. I consider this argument misaligned with the actual timeline of events. - Seeking Contacts for Further Escalation
If anyone has alternative escalation routes—such as effective grievance officers, regional managers, or ombudsman contacts for ICICI HFC—I would deeply appreciate it if you could share them. - I reviewed the circular from RBI, however this situation is not covered in the circular.