[Resolved] ICICI Bank Home Loan — ICICI Bank Home Loan Preclosure Process in Plundering to Consumers | |
Hello, I am an NRI and I took an ICICI home loan for Rs 18 Lakh back in 2004 at 8% Fixed Interest Rate for 10 years period (Loan A/c No. LBDEL[protected]). That meant I had to pay Total Interest of Rs 820676 over & above the Principal amount of Rs 18 Lakh. I was interseted in Pre-closing the loan and therefore I recently contacted ICICI's NRI services number ([protected]) for clarity on my Outstanding Principal (On which Pre-Closure Penalty of 2.21% would be applied by ICICI Bank). To my utmost shock, I was informed that my Outstanding Principal Amount (in case of Pre-closure) after having paid 55 out of 120 Instalments (i.e., 46% of EMI's) was still going to be Rs 11,48,849 (i.e., 64%). That meant that despite paying 46% of EMI's my Principal Payment is considered as Only 36%. Rest is adjusted towards Interest. In other words, clearly they WILL NOT RE-CALCULATE OUTSTANDING PRINCIPAL in case of a Pre-closure of the Loan. i.e., They will charge me MUCH MORE IN INTEREST THAN IS LEGAL BASED ON THE REVISED TIME PERIOD OF LOAN due to Pre-closure. I would request you to kindly help take this matter up with ICICI Bank or let me know the Consumer Forum where my representative can physically take this up through the right process. Regards, Vijay Kumar Watwani Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 5 Comments | |
Comments
ICICI Home Loan — ICICI Home Loan Preclosure Process is Plundering to Cosnumers
Hello,I am an NRI and I took an ICICI home loan for Rs 18 Lakh back in 2004 at 8% Fixed Interest Rate for 10 years period (Loan A/c No. LBDEL[protected]). That meant I had to pay Total Interest of Rs 820676 over & above the Principal amount of Rs 18 Lakh.
I was interseted in Pre-closing the loan and therefore I recently contacted ICICI's NRI services number ([protected]) for clarity on my Outstanding Principal (On which Pre-Closure Penalty of 2.21% would be applied by ICICI Bank).
To my utmost shock, I was informed that my Outstanding Principal Amount (in case of Pre-closure) after having paid 55 out of 120 Instalments (i.e., 46% of EMI's) was still going to be Rs 11,48,849 (i.e., 64%). That meant that despite paying 46% of EMI's my Principal Payment is considered as Only 36%. Rest is adjusted towards Interest.
In other words, clearly they WILL NOT RE-CALCULATE OUTSTANDING PRINCIPAL in case of a Pre-closure of the Loan. i.e., They will charge me MUCH MORE IN INTEREST THAN IS LEGAL BASED ON THE REVISED TIME PERIOD OF LOAN due to Pre-closure.
I would request you to kindly help take this matter up with ICICI Bank or let me know the Consumer Forum where my representative can physically take this up through the right process.
Regards,
Vijay Kumar Watwani
Sir, I applied housing loan in the month of Mar'11 but sorry to say that till date i have not received any satisfactory answer from your green park (Delhi) branch.I am contacting Mr.Vivek, Mr.Abhishek & Mr.Ashutosh Tandon but every time they are creating new query.
You are requested to please look into the same on priority basis and resolve it at the earliest.Please note that i am your faithful customer since 2003 which you can confirm thru my following loan accounts - LBDEL[protected].
Poonam
You are requested to please look into the same on priority basis and resolve it at the earliest.Please note that i am your faithful customer since 2003 which you can confirm thru my following loan accounts - LBDEL[protected].
Poonam
Customer satisfaction rating Customer satisfaction rating is a complex algorithm that helps our users determine how good
a company is at responding and resolving complaints by granting from 1 to 5 stars for each
complaint and then ultimately combining them all for an overall score.
Read more
Read more
65%
Complaints
23615
Pending
2041
Resolved
14252
+91 22 2653 1414
ICICI Bank Towers, Bandra-Kurla Complex, Mumbai, Maharashtra, India - 400051
View all ICICI Bank contact information
ICICI Bank Home Loan — No clarity in ICICI bank home loan
Dear sir,I am an ICICI back customer using its creditcard, taken home loan, got SB account and demat.. when we check the details of home load at internet banking we don't find complete details.. like howmuch we paid extra amount due to hike in intrests however we can find the EMI payments.. Please check it..
Thanks,
Sudhakar