[Resolved]  ICICI Home Loan — Whopping interest rate of icici

Address:Bilaspur, Chhattisgarh

I have home loan from ICICI BANK INDORE wide acct no. LBIND[protected]. Although it was taken on[protected] with floating interest rate, they had never ever sent me any mail / letter etc so far regarding interest rate change. I came to know about it from IT certificate & repayment schedule got online. I came to know that interest rate have jumped to 15% PA & when I went to their branch in Bilaspur regarding this issue, I was told by Sh. Mahapatra that I shall have to close this loan & start new loan for minimising rate of interest. However, detailed procedure was never ever given in spite of follow up on phone with him.

As I do not reside in Indore, I had went to their branch when I could go & had paid 40000 on 25-10-08; 52942 on 19-11-08 & 49000 on 24-11-08 due to some accumulated dues. I was told then that DUES ARE CLEAR NOW.

Few days back I received their FIRST EVER DETAILED ACCOUNT STATEMENT in which RATE OF INTEREST mentioned was 15% & for bounced cheques ADDITIONAL INTEREST RATE MENTIONED WAS WHOPPING 24%. They also asked me to pay some more dues of Rs. 41836 towards balance.

Also, I could gather from their web site that I shall continue to pay installments till 2032 while I am going to retire in 2019.

My question is since they do have my contact details like e-mail & mobile number with them, is it not their duty to inform customers regularly regarding interest rate & tenure variations? But they INTENTIONALY AVOID THESE ACTIVITIES IN ORDER TO MILK THEIR CUSTOMERS TO THE EXTENT POSSIBLE.
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Aug 7, 2021
Complaint marked as Resolved 
ICICI Bank customer support has been notified about the posted complaint.
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Dear Mr. Naik,

We regret any inconvenience faced. Our official will contact you to address your concern. We appreciate your patience.

Regards,
ICICI Bank Customer Service Team

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