[Resolved] ICICI - Home Loan — Interest Rate Increase | |||
I had taken ICICI Home Loan in Nov 2005, when i had taken the loan the ROI was 7.5% in a span of 6 months the ROI increased to 8% in within a period of 6 years the ROI reached upto 13% when I visited the branch for foreclosing the loan as i want to transfer the loan to other bank. They said you make a payment of 0.5% of out standing amount n we will revise your ROI to 8.75%, and no guarantee if the ROI will increase again or reduce They are not using Base rate formula and apply dual policy for current loan holder and for new home loan customer Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
 3 Comments | |||
Comments
I have a loan with ICICI bank since 1st January 2006, on a floating interest rate. At the beginning the Rate of Interest (ROI) was 7.5%. Soon interest rates started jumping and my current ROI is 12%. My tenure was increased from 15 years (180 installments) to 33 years (406 installments)!!! The principal amount was 22 lakhs payable at an EMI of INR 21, 000. But as per the new amortisation schedule, I have to pay 85 lakhs!!! Is this a joke?
Almost every bank in India (as of now, November 2010) at an average, has a ROI = 8.5% for home loans
My complaint is that ICICI bank is not reducing their rate of interest on my existing home loan. However, they are the first to INCREASE the ROI as soon as theer are some changes.
I think the bank is cheating its customers. I am very close to having some other bank buy over my home loan and closing all my banking relations with ICICI!!!
ICICI should take serious note and care about this issue, as I am not the only one and on this forum you can find complaints from several people with teh same issue.
From,
A very dissatisfied customer!
Almost every bank in India (as of now, November 2010) at an average, has a ROI = 8.5% for home loans
My complaint is that ICICI bank is not reducing their rate of interest on my existing home loan. However, they are the first to INCREASE the ROI as soon as theer are some changes.
I think the bank is cheating its customers. I am very close to having some other bank buy over my home loan and closing all my banking relations with ICICI!!!
ICICI should take serious note and care about this issue, as I am not the only one and on this forum you can find complaints from several people with teh same issue.
From,
A very dissatisfied customer!
I too feel ICICI Home loan is not a fair deal. Rate revised from 7.75% in 2004 to
13.75% last year. Earnings of a person may not increase then how will he pay EMI he may not eat simple roti also forget about balanced diet because even Govt. of India does not care about common man.
Every now and then RBI increases the rates and gives chance to banks like ICICI
to inflate their lending rates of interest.
Foreclosure charges are baseless
13.75% last year. Earnings of a person may not increase then how will he pay EMI he may not eat simple roti also forget about balanced diet because even Govt. of India does not care about common man.
Every now and then RBI increases the rates and gives chance to banks like ICICI
to inflate their lending rates of interest.
Foreclosure charges are baseless
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We apologize for the inconvenience caused to you.Please write back to us with your contact details at [protected]@icicibank.com and we will contact you to address your concern.Kindly refer "708622" in the subject line.
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ICICI Bank Customer Service Team.