[Resolved]  ICICI - Home Loan — NOT REDUCING FLOATING RATE OF INTEREST

Address:

Pune, Maharashtra

Dear Madam / Sir,

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 there 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 on this forum, you can find complaints from several people with the same issue. ICICI should immediately reduce all tenures and ROI for all home loans automatically, just like how they make adjustments automatically, when the ROI goes up!

From,
A very dissatisfied customer!