A Rs. 25,000 fine has been imposed on ICICI Home Finance for failing to execute a loan application for three years.

NAMAKKAL: A man has been ordered by the Namakkal District Consumer Disputes Redressal Commission (NCDRC) to receive Rs 25,000 from ICICI Home Finance for the three years that the company neglected to execute his loan application.

In January 2019, R Murugesan, 46, a resident of Kothur near VG Patty in the district and a worker at ICICI Home Finance’s Mysuru branch, approached the company in search of a house loan. The processing cost of Rs 3,540 was paid by Murugesan. I sent in the necessary paperwork.

Citing the new housing loan policy, the finance company denied his application in April 2019. “Murugesan once again approached the bank requesting that it repay the processing fee and the documents,” stated a spokesperson for the NCDRC.

In July 2022, Murugesan received a letter from the Mumbai head office of the firm explaining why they could not return the documents and fee.

In 2022, Murugesan filed a petition against ICICI Home Finance with the NCDRC.

The loan company was instructed by Commission members R Ramola and V Ramaraj to pay Rs 25,000 within four weeks.

“The commission president said the financial firm ought to accept the application after collecting the processing fee,” according to the official.

Additionally, the commission ordered the company to reimburse Murugesan for Rs 2,000 from the processing cost.