Home Loan – something to groan

About a year back, LIC Housing Finance Limited (LICHFL) slapped a cheque bounce notice on me. It was a simple hitch in the elaborate red-tape that binds banking policies that caused my EMI to miss the bus. Otherwise, I assure my readers that I am not a member of payment defaulters fellowship (PDF).

I sorted out the problem with LICHFL. Something in my face convinced them that I was as solid a citizen as they could find in the country. They assured me that henceforth, they would send me a SMS alert a few days before my cheque would be presented to the bank. This would warn me and i could then keep the funds ready accordingly in the account. And so we parted over a cup of tea – that nationally recognised symbol of bonhomie and friendship. (Now that should convince you that LICHFL had forgiven me my crime!)

LICHFL stayed true to their promise and kept the SMS alerts on. They would arrive a few days before the bank would receive my cheque and in turn I would ensure the funds were parked accordingly. Over a period of time, I would actually beat the SMS alert and make the deposit a clean week ahead of the alert! This worked fine till September 2009.

On September 1 (Tuesday) I deposited a cheque for the required amount into my account for LICHFL to clear on September 8th (Tuesday).  And then, on September 2nd, the tragic death of YSR was announced. How it affected the bank transfer I have no clue because on September 9th, I got a message from LICHFL that my cheque had bounced and that I was to pay the EMI for the month along with the fine at the nearest LICHFL office before 10th.

And here began the groaning matter.

On the morning of 10th September, I trooped into the nearest LICHFL office. “Sorry, sir. But we can only accept cheque here for the late payment,” informed the executive in the office. I told them that I had left the cheque book in the house and had the cash ready. Moreover, once the cheque bounced, did it not make sense to take cash? “I don’t know sir – those are the rules. If you want to pay cash, you must go to the head office.” The head office is a clean 10 km – about 1 hour’s drive in the chaotic and crazy traffic of Hyderabad.

Starting to groan,  I drove back home and got the cheque book and made out the cheque. “Thank you, sir, ” said the executive. I coughed politely and asked him if a receipt was due to me or not. “Oh, we cannot issue the receipt in this office, sir. You can go to the head office and get the receipt.” The logic for this contoured mode of action is a unique masterpiece of Indian red tapism.

“We cannot issue the receipt now – just in case the cheque bounces again.”

Gnnnnnnnnnaaaaaaaaaaaaaaaaaah! Grin and bear grin and bear grin and bear…. I said to myself.