[Resolved]  Home Loan — Unsatisfied with ICICI services

Date: - 10/10/08

To,
The Customer Care Head
ICICI Bank Limited (Home Loan)

Sub:- Misguidance by ICICI Staff for Home Loan vide LAN LBPUN[protected]

Dear Sir,

I Nitin Agarwal have taken the home loan from your reputed bank at the interest of 10.75% for 300 month in FLOATING.
Since approx. last one year, I am giving the EMI @11.75 % while other customers from ICICI Bank are paying 10.75-11.25%. From last 9 months as per the market survey ICICI sanctioned new loan @10.5-11.25%. When I have enquired for the same in Chinchwad branch (Pune), they informed me that the rate of interest for this will be for two months as a introductory scheme and the same will be equal for all after 2-3 months for all.
Please Clarify the following points:-
1) But I am paying the rate of interest @11.75 as on today, I am astonished for this!!!
2) My friend has taken the loan same time from other bank @10.50 and now they
were paying upto last month @11- 11.25%!!!.
3) I am suffering for the extra rate of interest unnecessarily as I have
your old customer and have faith on a reputed bank like ICICI !!!

I have visited ICICI bank in Chinchwad Branch (Pune) for some clarifications of my Home Loan and astonished when I hear that they have increased the rate of interest to 13.25% and the tenure to 49 years without prior intimation and when I enquire about those, they just give some clarifications which are valueless. We have some discussions which are as follows:-
=> As they explains which have no link with bank policy and can not satisfy me
Financially.
=> I met Mr.Ankit who told simply that it’s our bank policy.
=> As per our discussions he explains that there are two options are there where the
ROI can be reduced from 13.25% to 12 % and the tenure will be reduced.
Opt. 1 = by paying 50, 000 INR in principle amount and 50, 000 INR has to be invested
in ICICI any plans. Conversion charges for this will be charged as 0.56% of
Principle amount.
Opt. 2 = By paying 20, 000 INR in principle amount and the conversion charges that has
to be paid to the bank @1.97% of the principle amount.

Please clarify for the above options that I have asked and which are as follows:-
 Why should i pay the amount that they have informed and the charges??? I have already invested in Life time gold for the amount of 25, 000 INR per annum and they are forcing me to take new policy from there office. When I informed that I have taken a policy from you and they simply refuse and told it should not be credited to our account and they have no link for this policy. But its same for the ICICI Bank and I understand that taking any policy from ICICI is not as individual, its goes to ICICI credit!! So please clarify that what shot of confusion they are making with the customer.

 At this moment ICICI bank is giving ROI @12% and as I am in floating and it should be applied for me also. For this I have just queried for this with them and they told that it’s our bank’s policy. It’s have no justification that to pay extra money with conversion charges to make the ROI same as in the market. Its not my fault that I have taken the loan days back (Old Customer) and you harass me for this and forcing me to give extra??

Please do some necessary action on this and suggest me to continue for this or to discontinue and transfer my loan to others who give better service and good offers? I am a simple employed person and I am not in a position neither to invest my valuable money nor time.

So, I request you to take this case personally and please inform your staffs to clarifies all the details when the customers go to the bank for which the customers will not suffer as I am, which creates a bad impression for a reputed bank like ICICI in the market.

Your earliest action on this is highly appreciated.

CC: - Reserve Bank of India

Thanks and Regards

Nitin Agarwal

The detail Contact details are as follows and update in your SAP/ERP.
Mobile No. [protected]
Email:- [protected]@rediffmail.com