[Resolved]  ICICI Home Loan — Malpractise against existing customers

Venkat,

I'm also a "victim" of ICICI home loan. I signed up for home loan 3 years ago and interest rate was increased just 3 months after i signed up, and it has never looked back.

I feel extremely strong about the bank offering lower interest rates to new customers
Maybe we should form an online club or association and appeal to RBI to disallow the disparity of interest rates for new and exisiting customers

I took a home loan from Reliance and they too are doing the same. We need to something may be use consumer forum...

Absolutely... at one hand banks like Bank of Baroda are charging 9.5% to customers currently and we are paying at 13.5% ... this is really duping the customers in the name of floating rates... I'm in process to change my loan bank... 2.25% penalty is very tough but dont have a way out :(

DEAR READERS,
I ALSO TOOK MY HOME LOAN FROM ICICI FOUR YEARS BACK 7.25 FLOATING INTEREST RATE. ACTUALLY I APPLIED 8.25% FIXED ALSO SPECIFICALLY I TOLD THEM I DO NOT WANT FLOATING. THEN I SIGNED THE BLANK AGREEMENT(BOOK). BUT AFTER FEW DAYS THEY RETURNED MY COPY OF THE AGREEMENT. WHEN I OPENED THE AGREEMENT BOOK THEY R ADDED FLOATING RATE INSTEAD OF FIXED RATE. THEN I INFORMED THEM ABOUT THIS. THE STUPID FELLOS TOLD I HAVE TO PAY 2.5% CHARGE FOR CHANGING THE RATE FOR THEIR MISTAKE. SO I DIDN'T PAID. NOW MY EMI IS INCREASED 6000 TO 8300 AND
240 MONTHS TO 400 MONTHS.

RECENTLY WHEN RBI ANNOUNCED THE DECREASED RATES THE
SAME DAY ONE FELLO FROM ICICI CALLED ME AND TOLD YOUR
INT. RATE IS INCREASED 12.5 TO 13.25. ANYWAY I AM GOING TO
DISPOSE MY PROPERTY SOON TO CLOSE ICICI LOAN.
OTHERWISE OUR WHOLE SERVICE EARNINGS WILL EAT
THE DEVILS.

IN FUTURE PEOPLE SHOULD N'T TRAPPED WITH PRIVATE BANKS
ESPECIALLY ICICI. CONVEY TO MAXIMUM PEOPLES.


BUT ICICI INCREASED THE RATE THE SAME DAY. ONE FELLO CALLED FROM ICICI AND TOLD ME YOUR INT. RATE IS INCREASED IN BACK DATE AS 13.5%.

I have emailed icici bank asking how many months i ll have to pay more...as when i took my interest rate was 9.5% n now it has increased to 13.5%. Till now no reply...i agree this bank is a big cheater...we all must go to consumer forum

Like all other ICICI bank Home loan customers, I am also victim of the legalised fraud by ICICI Bank. Forced to pay interest @ 13.5%. It is unethical, illogical and worst than old time SAHUKAARS and MAHAJANS (Private Money Lenders) who used to recover their loan through out the life of borrower and thereafter from their children. Why ICICI is offering reduced interest rates for new customers ?? It's a trap approved by RBI and Govt. Why PM, FM and RBI are mute spectators and not doing any thing to help millions of ICICI home loan customers??? Now PSU Banks have announced new home lone interest rates and waved off Pre payment charges. Unfortunately these steps are not going to helpp existing home loan customers. These steps have been announced for new home loan applicants.Why Govt. and Banks are adopting dual standards? Why ICICI Bank has never reduced interest rates to the existing customers after 2005 (I took loan in 2005). I think we all ICICI Bank home loan customers must form a group and collectively take the matter forward. Pl. let me know if there is an existing forum/ Organisation to take forward our cause.We can approach to some NGO or prominent advocates to help us file a PIL in the court. People, nothing will happen by just writing in these columns. Let us contact all the electronic and print media seek their help in raising the issue of malpractice by ICICI Bank and all other financial instirutions. We need to spare some time and act together. Pl. let me know if some one /organisation is working towards this.You can reach me at [protected]@2020india.com

I have also took a home loan from ICICI bank and initialy for 1 month the interest rate was 11 % . I have taken a floating rate for my home loan. During the time of monetary tightening by RBI my rate shot up from 11% to 13.5%. For every increase in repo rate and CRR by RBI ICICI increased the rate by 1%, 0.75% and 0.75% respectively. However recently when RBI reversed its stance by cutting CRR and repo rates my home loan rate has not gone down a bit. What is the meaning of floating rate then? It only goes up and seldom comes down. Also ICICI is giving new customers a very low rate compared to what I am paying. It most cases its around 3% lower than what I pay. When i complain about this in bank then bank told me that to make your interest rate to 12% i have to give them 0.5% conversion charge on my balance principle amount & 12.36% service tax on conversion fee. i am shocked to see how the bank is extorting money from the existing customers. Something has to be done and I appeal to the readers to stay away from ICICI. Don't make the mistake of going to a pvt lender like ICICI because the mantra is simple. Rate goes up in a whisker but seldom comes down even when condition are favorable.

I am also victim of ICICI Bank. All o[censored]s need to start agitation against that bank. Stupid bank. Don't ever trust that. They are biggest cheaters in the world. RBI has to take immediate action on the ICICI Bank and save the millions of the people.

I have also taken a loan from ICICI and I am totally satisfied with you. If you wish we can jointly file a suit against ICICI to share legal costs. my number is [protected]

Guys,

Can you suggest what action we can take (collectively if possible)?

Thanks

I fully agree with this one, i am also victim of this one. The worst bank do to the banking on the loans front. Service levels of the ICICI is good at one hand, but this is one of the big bank with unethical practices. Its better to stay away from ICICI

I also took home loan from ICICI bank. They forced me to cover the loan with an insurance. I prepaid partially in the last year 2008, they declared balance EMIs to be amother 12 EMIs, but even interest goes down, they have told that EMI will be increased by additional one. No justification has been given so far

Dear Friend,
It's time to protest against this dis-parity of ICICI bank. I feel, being an old customer, we may expect more facilities from ICICI bank. What does a floating rate maan?

Should we take our loan from ICICI bank to other bank as a new customer? What ICICI bank people are saying ?

from
Satyajit Chatterjee
Kolkata

ICICI Bank — Illogical Penalty.

About a year back I made a Credit Card Payment on behalf of my daughter by cheque signed by me, from the savings A/c jointly held by us. The cheque of about Rs 2500/- was returned back to us with a remark that there was overwritting on it, which I could not see. She was told to make the payment immediately to make it quaiify for ' timely payment ". A new cheque was immediately despatched without any delay. The next bill came with a delayed payment charge of Rs 500/- on the actual amount of Rs 2500/-. Our corrected cheque payment was not considered ' timely ". We requested the bank to reconsider the case as the default was not at all intentional. My daughter stopped using the Credit Card from that day. The ICICI Bank still continues to send us a bill adding Rs 500/- for each month and the amount has mounted to an enormous figure. Rs 500/- per month is being charged for the original Rs 500/- penalty and not on any amount that was spent by my daughter. With the computerisation, the human touch has vanished. I hope that the bank takes a more humane approach on genuine matters like these.

Hi,

We apologize for the inconvenience caused to you. Please write to us with your contact details at [protected]@icicibank.com and we will contact you to address your concern.Kindly refer "736121" in the subject line.

Regards,
ICICI Bank Customer Service Team.

I am also one of the very very highly affected so called "existing customer". Currently i am paying 13% interest rate. mine started at 9.25% and kept increasing the next few months itself, and continued increasing. Has RBI got any hand to this fraud or are they keeping silent, as RBI doesnt impose any penalty on ICICI bank. Any penalty will only increase burden on the so called "existing customers", so would kindly request RBI to step in and do some standardization of home loan lending rates.