[Resolved]  ICICI Home Finance — Loan repayment

Address:

West Bengal

Dear Sir/Madam,

I had taken a Home loan from ICICI bank of Rs. 5,90,000/- for which the EMI started from 01/07/2004. The ineterest rate was 7.5% floating. The loan was for a tenure of 20 years (240 months). The EMI was for Rs. 4753/- which continued till July 2006. Then the emi was increased to 5709 with 10% inetrest rate. Then it was again increased to Rs. 6243/- from May 2007 with 12.5% ineterest rate. Then it was again increased to Rs. 6538/- from November 2008 with 14% ineterest rate. Then it was decreased to Rs. 6132/- from August 2009 with 12.5 % ineterest rate which is still continuing. The amount paid by me to ICICI Home Finance till date is Rs. 384769/-. Every time the new interest rate was applied my loan was taken as a new loan and the tenure was revised. Hence due to this the total outstanding till now is Rs. 548876/- and the pending months are 261 months which is 22 years. This means I have only repayed Rs. 41,124/- from my principle amount. Attached please find my ammortization list for your reference. I have never failed any emi till date. Please let me know is this the right thing ICICI has been doing on my loan. Or they have been fooling me.

Thanking you
Ranabir Pal
Cell: [protected]
Kolkata