[Resolved] ICICI Bank Ltd — Regarding change in interest Rate for Home Loan. | |
I, Dr. Mahesh Vilas Mane, had taken a Housing Loan from ICICI Bank Ltd, in year 2006, for purchase of house. The Loan amount then was 32 Lakhs (approx. including home secure insurance plan). The interest rate when I took loan was 9.75%. Gradually this interest rate was hiked to 13.5% by January 2009. After RBI ( reserve Bank of India) revised the interest rates for home Loans I enquired the customer care about revision of my interest Rates..They asked me to Pay Rs.59000(approx.) as Conversion charge to revise the interest rate which then will be about 11.5%. The other option they tell me is that if I invest Rs.1 lack per year for 3 yrs, for which they will pay interest of 14.5%, I will have to pay Rs.16000 only. I when asked the person concerned for what these charges stand for, the person told me that they are against the losses the bank is going to incur with the revision of interst rates. I have following doubts regarding this : 1. Is this conversion rate a universal for all banks or is it only for ICICI Bank Ltd.? 2. Is it legal to charge the customer for changes in interest rates that are usually under regulation byRBI? And Bank probably has no economic burden for these changes. And if it does why there was no such charge been asked for when the Bank had to increase the rate of interst. 3. Is it not the Banks duty to inform the customer about the change in interest rates, when it drops down. Rather they will send letters and executives to the customer when there is increse in the interest rate. My complain against the bak is that it is charging unnecessarily to the customer for the reduction in the interest rates which it has reduced as per RBI guidelines. Please advice me regarding further mode of action. Thank you, M.V. Mane Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 6 Comments | |
Comments
ICICI Bank does not bother to reply ; inspite of several visits, no solution of problem is initiated. Registered letters remain unreplied. How to go about it?
amar lahirimajumdar,
former banker,
26/2,PGM Shah Road, Kolkata 700033.
amar lahirimajumdar,
former banker,
26/2,PGM Shah Road, Kolkata 700033.
Hi, I am Prakash, Even i have also facing the same issue. Why only ICICI bank is charging unnecessary charges to the customer, if we ask for the reson to the Customer care, i they also did not respond properly. Is there any compliant site in RBI to book complaint against ICICI bank.
Hi,
I am Devendra Jain, also the victim of ICICI Bank.
I took loan in Year 2003 and Bank has explained the advantage of Flexi Interest Rate and told that it is as per RBI Norms.
They hiked the interest charges upto 13.5 % in due course of time and when I asked why they increased bank informed due to hike in PLR (Prime Landing Rate)?
When bank increased so fast why bank is not reducing the interest rate, when they are offering 9.75% to new customers.
is bank has no rule and nobody even RBI can not ask them to reduce interest rate?
Or their any hidden clause which they do not explained the customer at the Time of taking the Home Loan.
I am Devendra Jain, also the victim of ICICI Bank.
I took loan in Year 2003 and Bank has explained the advantage of Flexi Interest Rate and told that it is as per RBI Norms.
They hiked the interest charges upto 13.5 % in due course of time and when I asked why they increased bank informed due to hike in PLR (Prime Landing Rate)?
When bank increased so fast why bank is not reducing the interest rate, when they are offering 9.75% to new customers.
is bank has no rule and nobody even RBI can not ask them to reduce interest rate?
Or their any hidden clause which they do not explained the customer at the Time of taking the Home Loan.
i want to know is there any guideline in RBI rules where it says maximum rate on interest one bank can charge from debtor, even am also one of the sufferer, i took loan from Barcley bank as business loan while taking that they says the interest qill not cross the 15% but now then charging more then 18%, i want to take legal action agaist bank but am not getting any law or rules where it says the maximum rate will be this, what can i do now
Please file complain with Banking Ombudsman but he will say that there is nothing unusual and it is their commercial practive but then you have to file an appeal against the ombudsman with the Dy Governer of Reserve Bank of India, Customer Service Department, Amar Building, Sir P.M.Road, Fort, Mumbai and Dy Governer will take up the matter with RBI and is supposed to get the interest rate reduced.
Customer satisfaction rating Customer satisfaction rating is a complex algorithm that helps our users determine how good
a company is at responding and resolving complaints by granting from 1 to 5 stars for each
complaint and then ultimately combining them all for an overall score.
Read more
Read more
65%
Complaints
23614
Pending
2050
Resolved
14243
+91 22 2653 1414
ICICI Bank Towers, Bandra-Kurla Complex, Mumbai, Maharashtra, India - 400051
View all ICICI Bank contact information
ICICI Bank Ltd — Home Loan Interest Rates
When I took this loan, I was offered interest rate of 8.5%, However it was increased whenever there was an increase in interest rate, since this being on floating rate of interest. Now recently when bank has slashed the interest rates, they have not decreased my interest rate. When I complained for that at the call centre, they say that low interest rate is only for new customers and if I want that interest rate I have to pay swtich charges, that would be probably 2% of the loan amount.Now my question is that, if they have increased the interest rate then how come they have not paid me switch charges? how they can do like this, they are cheating not only me but millions of customers.
If I see my interest rate chart then it has increased everytime interest rate was increased but it was never decreased when they announced slash in interest rates.
Please see