ICICI homeloan 3 checks each with one...

ICICI homeloan 3 checks each with one third loan amount?

Posted in the ICICI Bank Forum

Durgesh Sanagaram

San Mateo, CA

#1 Aug 27, 2010
My home loan agent is asking for three checks each with one third loan amount (20lakhs if 60 lakhs is the loan). He claims that other banks like HDFC also do it. He also says that it will be given to ICICI bank.
Is it true? I submitted all the other paper work and this is the only thing I am not willing to do.
He says the these checks will be dated and used if there is 1 year defaults in EMI payments.
KKK

UK

#2 May 28, 2011
These are security cheques that need to be given to the bank and are a part of the disbursement process. Without submitting these you will not be able to get your home loan disbursed.
These security cheques are only used by the bank in the event of default by the borrower, otherwise are returned back once the loan is claered off.
I have been an ex-employee with the bank.

Since: May 11

Mohali, India

#3 Jun 15, 2011
ya KKK is right that these security cheques are to be given to the bank...every bank has the same criteria.

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