[Resolved] ICICI Home Loan — Increase of Interest rates and tenure and non cooperation and intimation | |||
I took home loan of around 21,00,000 at 10.25% in Apr 2008. By July 2008 its increased to 11.25% and by Aug 2008 again increased to 12%. After that as RBI gave standard instructions to all the banks to reduce its come down to 10.5% in July 2009. All these months from Aug 2008 till Aug 2009 it was at 12% and there is no intimation around the same. Post which the 10.5% continued till July 2010, increased to 11% in Sep 2010, inceared to 11.5% in Jan 2011, again increased to 11.75 in Feb 2011, again increased to 12.25% in Apr. In the month of May I realised something wrong and went to the bank people in person to check on the same. They told me to pay additional ~Rs 10000 to get the interest rate to revise from 12.25% to 10.5%, so I have paid the same and also paid Rs40,000 towards prepayment in May 2011. Post which it was at 10% only for 2 months and again banker revised the interest to 10.75%. Now after paying additional also there is no benefit as well. With this really bad experience that I am facing from one of the largest home loan issuer bank ICICI. Please awaiting for your kind action/reply on the same. Mallik [protected] mallikarjun.[protected]@rediffmail.com Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
 3 Comments | |||
Comments
Hi,
We are sorry to hear about your experience. We have made a note of your mobile number. We'll contact you and work to address your issue at the earliest.
Regards,
ICICI Bank Customer Service Team
We are sorry to hear about your experience. We have made a note of your mobile number. We'll contact you and work to address your issue at the earliest.
Regards,
ICICI Bank Customer Service Team
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ICICI — ever increaseing intrest and tenure
I was approched by a icici bank agent for bank loan with many promises like bank rate is going down and EMI will come down in future ( he himself suggested to go for floting rate). I considering the past name of the bank and non responsive attitude of public sector banks i opted for a ICICI home loan of approx 550000 at floting rate of 7.45% for a 20 year tenure in the year 2006.But since then Intrest rate as well as loan tenure is endlessly going up often without any information to me.Thoue I have een faithfully paying what ever EMI they required of me, now i feel I have been cheated by such a reputed bank.As per information i received today ie 4/3/2010 after paying Rs 225000, still principle amount of Rs541818 is still to be paid to the bank.
Please guide me what is there in the loan agrement that can increase the tenure or term of the loan and what clause bank is using to increase the intrest rate and not bringing it down when they are openly propogating that ICICI is offering 8%at floting rate through advertising while they are at present charging 11.45% from me. Please guide me at [protected]@yahoo.com.