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ICICI Bank — Home Loan

I am customer of ICICI bank and had availed a home loan for Rs 18.5L more than 4 yrs back and the original tenor was 240 months. The original EMI was close to 16,000 and in the last 4yrs rose to 19,500.
I am so frustrated with ICICI's home loan structure, just feel they are cheating customers in all possible ways.
The FUNNIEST part of this whole thing is, after having paid for more than 50 EMI's I am still left with 478 months, which I am not sure might increase again.
This means I never ever in my life would be able to close this loan because the TENOR just keeps increasing.
This is the craziest bank I ever would have Banked with, I have decided to put a very strong complaint against ICICI bank and ensure none of my peers, colleagues, friends and relatives bank ever with ICICI bank.
Complaint comments  102 Comments     Updated: Share0Tweet0


ICICI Home Loan — Loan Prepay


I need to know how can I prepay my loan online and get back my original Papers.
I have my father in india for whom I can write a letter and mention his ID card number for verification so that he can collect papers on my behalf.

Gyanendra K Agrawal
This is in reference to Hoam loan sanctioned to me.My loan account no: LBCHD[protected]
Hope you remember we had one to meeting at your office around 8.00 pm
I had two request
1. 10.5 % interest
2. 0% charges on complete loan account closure with any precondition.
Same was also offered to me by HDFC bank without any pre-condition at that moment of time..

Next day i received a call from Mr. Amit sehgal that you put a request in the mail forwarded to you.
After two days Mr. Praveen kumar, loam officer called me up & confirmed me that your request has been accepted & you will get the fresh sanction letter.

Fresh sanctioned letter was handed over to me by Mr. Pravin kumar where on the letter it was written:

1. Rate of interest was 10.5% ( OK)
After loan disbursement on 23rd Nov,2007, letter was issued to me with details of Pre EMI & EMI with the interest rate of 11.25%.
Same was rectified by Mr. Amit sehgal to 10.5%
Pre EMI interest for November & December which was calculated on 11.25% was automatically deducted from my account on 1st Dec. & Ist Jan08. Matter has been taken up with operations( Ms. Milli) for rectification.

Further I had opted for cycle of Ist of the month for the EMI payments but sorry to say it is given by the bank for 10th of the month.Matter has been taken up with operations( Ms. Milli) for rectification.

2. Fee on full & final repayment: On the letter it is written 0% on amount prepaid and on all amounts tendered by the borrower towards prepayment of the loan during the last one year from the date of final prepayment.


At the time time of approval it was clearly communicated that 0% to be paid toward complete closure of the loan account without precondition since it was also offered to me by the HDFC bank otherwise I would not have taken loan from ICICI bank. It was also confirmed by Mr. Pravin that all your request is approved.
When I called up Ms. Madhur(customer relation) she refused it is not as per policy. This amounts to unnecessary putting rider or precondition after agreeing to my request.

This is clear violation of the agreed terms & harrasment of the customers on one account or the other for getting the things rectified
Request you to look into & revert.
I just want to share with you one of my very bad experience with ICICI bank …. I have availed Home loan of Amount Rs 800000/- in the year 2004 at 7% of interest rate for 15 years… Now they have increased it to 12 % and for 25 years tenure. They have not intimated me regarding this.. I got Letter from Icici bank in the month of sept. that your EMI has been increased from Rs. 7192/- to Rs. 7962/-..but it was not mentioned any where that your rate of interest has been increased…. I am also now getting phone call every day from the 3rd party (Recovery cell) that Rs 3856/- is pending with you & you have to pay it … When I insist for details they are providing me the reason that your rate of interest has been increased from the month of May, but I was shocked to hear that as I have already got letter from bank that your EMI has increased from the month of Oct 2007…

Sir / Madam, I am now getting calls from 3rd party daily, but they are not providing me the details in written. So can you please guide me what to do in this case, as I am unnecessary harassed. Also they have increased interest rate from 7% to 12% in just 3 years..

It will be your most kindness...

ICICI Bank — ICICI Bank Home Loan

Hello sir,
I have taken home loan in year 2002, when the interest was 8.25%, now i am paying 12.75%, once upon a time the EMI's became double, to reduce this i repayed back 2lac, in the mean time, i didn't receive any mails from ICICI or even phone call from customer service, that EMI's incresing your service period.

ICICI Bank has not reduced the home loan rates for existing customers, while almost all other banks has done the same. I request RBI to take some action against them. In year 2006-07, the bank has increased interest rate 3-times in 1-quarter. They are in a hurry always to increase the interest rates, but when it comes to decreasing the rates, they are very very slow. In my opinion, they cheat customers

ICICI bank is one of worst service, which i have seen, RBI has to keep monitoring such cheater's like ICICI bank

Loan from icicibank credit card — after for closing the account by paying full amount receiving calls

Dear Sir,
This very much rediculus on the part that once i had closed an account of my loan which is been taken on credit by taking the confirmation of total amount due with the complete charges of for closure of the account.
I had paid the full amount through cheque and which was cleared even and toady i am receiving a call from them stating that there is Rs.1275 rs. due on the account and when i had asked for what this amount is due then i am surprised by listening that this was the service tax amount of Rs.272 which was to be taken for the forcloser charges and due to i had not paid the Rs.272 they had charged the late fees and interest.
The important thing was that after getting closure of my this account i haven't received any statement related to this particular account as i had cleared the total amount i was not even expecting such things.
Though i am a credti holder for this bank since long and have two credit cards and making payments on regular basis and there was no such issues but when i had closed this account then why they had done this .
The amount is not so big I will pay this amount but want to know why such harashments can somebody have an action on these banks who does such things my amount is small so i can pay but for those who had huge amounts pending what will be there condition.
This is my request to you to please take up this matter with the bank though its a very small but a very important one .
Looking forward for a action from your side.


Ravinder Singh Dogra

ICICI Bank Credit Card — charging more & more interest Without specifying satisfactory reason

in month of sept -2007 ICICI bank offer me loan on credit card,
regarding that loan, bank customercare officer given me wrong information regarding cancellation & foreclosure, now i foreclose that laon, and bank charging me more & more interest Without specifying satiesfactory reason,
what can i do

Housing Loan — housing loan from ICICI

Dear Sir
I had availed housing loan from ICICI vide Loan Account number:
LBABD[protected] of worth Rs.576352/-, however i paid my whole dues to this company still they r not giving back my
original sale afreement of my property, when i asked to area managerMr.Samir trivedi at ICICI, Sakar-1, Ahmedabad, gujarat
on his Mobile [protected] he asked me to pay ten thousand rupees which absolutely mismatch with their amortisation statement, pl tell me whwat should I do to get back my agreement
I am not agree with change in tenure that is my existing tenure is 143 months has been increased to 187 months as per new tenure.
my home loan a/c no is LBHBL[protected]
i want to continue with my old EMI. my old EMI is Rs.6, 077/-

please check it.

homeloan — loan all statements

Dear sir,
I wants following doccuments urgently. please try to send
immediately.My Home loan account number is LBNAV[protected]
(1) Forclouser letter for loan A/C No: LBNAV[protected]
(2) Present terms and condition letter
(3) Loan all statements for loan A/C No: LBNAV[protected]

ICICI Bank — Housing Loan

I took the housing loan at floating rate of Interest from the Bank. Currently the rate of interest is 12.75%. The bank offers 12% interest rate to new customers. My complaint is regarding unfair trade practice of trapping its customers. The whole trap is as follows:
a) It is crosssubsidizing new customers by charging higher interest rate from old customers. If it is a benchmarked rate then the old and new customers should be charged the same rate of interest which obviously is not the case.
b) To answer the question as to why am I trapped. I can indeed shift my loan to any other bank but ICICI has intelligently blocked my exit by putting a clause of ..
1) "you can part prepay any amount but will have to hold last 12 month EMI in the bank in case you do not want any prepayment charges"
2) "if you want to foreclose the loan, it will charge a foreclosure fee of 2% of principle outstanding and not as of today but in the last 12 month" - hefty fee by any standard.

Therefore in case 1) Since no bank will give you money with papers coming 1 year down the line, you continue with ICICI and pay hefty interest. Also you will have to figure out your own source of fund to prepay

In Case 2) You will end up paying a very high foreclosure charges. Also since the rate of interest is not really a benchmarked rate of interest and floating rate in the current inflationary scenario -other banks could also end up treating you in the same manner as ICICI bank.

Hence my complaint o[censored]nfair trade practice of trapping its long term customers and cross-subsidizing loan for new customers. This is sort monopolizing and I am surprised that RBI and government is allowing this sort of behaiour of the banks.

I am sure that this is not just my issue but of lot of home loan takers...and particularly of those who have taken loan from ICICI bank.

One other instance of high interest rates ... is that while HDFC and SBI reduced the interest rates ICICI did not. At the same time when everyone increased the rates ICICI was at the forefront and did similar increases. Therefore currently its interest rates are far higher for existing customers as compared to other customers.
My name is Gyanendra kumar Sahu.I am resident of Bhilai city in Durg district in Chattisgarh state.
Ihave taken home loan from your bank in the year 2003. My loan account number is LBBLI[protected].As i enquired from icici home loans office of Bhilai regarding Status of My home loans. according to them my last EMI will be paid on december of this year i.e.2008. Ihave submitted post dated cheque up to November 2008 and i have to submit one more cheque 0f Rs 4200 in icici homeloans bank ltd.your bank official are telling that the last EMI should be paid in RAIPUR city which is 50 KM from Bhilai city. which will cause very much inconvenience to us. Hence provision of depositing ths single Post Dated may please be made in BHILAI itself and the statement regarding home loans may also be given in BHILAI itself. So that lakhs of people like me can be saved from facing inconvenience for correspondance and transactions. More over your staff personnel were telling that receipt of Original papers of leased home after final payment of EMI will also be done at RAIPUR itself. which can cause further inconveniece to us. Bhilai is very big city and all sort of facilities should be provided in here also for betterment of the people of BHILAI And for the Bank also as well.

Home Loan — full payment of home loan

Lan No-LBNOD[protected], after paying my oct, 08 installment, I want to close my home loan. principal amount left is 65923, for this bank is charging 18969(interest+service charges). Will u pl. tell me how bank is charging this much of amount. give me the break up of the amount


I was told my the ICICI Bank personal that I am eligible for a loan.
I have deposited lakhs of rupees in the above said bank.
I have done the necessities for the loan requirement.
But due to trivial matters they have rejected my loan.
After Promising me 100% guarantee for securing the loan, and taking off my valuable time and money.
In future I do not like to keep a single paise in this bank.
It is unfortunate that I put the money in this bank.
The Bank Personal Especially Mrs.Lakshmi is intolerent towards customer.
I like to forget about ICICI bank.

I took a home loan from ICICI Bank about 2 years back. Due to the delay in getting possession of the house, I had to pay pre-emi through post dated cheques till August 2008. In spite of having paid the pre-emi for August through this cheque, I keep getting calls asking for the payment. Even after submitting all proofs of the payment, the collection department keeps calling me asking for the payment saying that their systems are showing that I have not made the payment. Also for some reason, even though I stay in Vasai and the new property is also in Vasai, my home loan branch is in Andheri.
I am fed up of the calls.
hi. my name is neetal shukla. we have a saving a/c with ICICI bank & we have also taken a home loan from ICICI bank.
Since then the journey can be be described as BIG NUISANCE.
Recently tehy blocked our saving a/c, even afetr paying the charges tehy continue to deduct some or the other amount from saving a/c without intimidation.
Recently we deposited some cheque in our saving a/c, without informing us they deposited teh amount in home loan a/c which is shown in the home loan statement. this has happened without our consent. After that tehy have not reduced the amount from the principal as told to us by their represenatative.
pl. help.



HOME LOANS — non providing of documents about payment of EMI

i jointly with my husband Mr. nikhil deshpande availed housing loan from centurian bank of punjab. As this bank merged with HDFC Bank have not informed about new loan A/C numbers to us. i visited to your kandivali (E) branch office to get pass sheet and provisional interest certificate for the year 2008-09 on 13th Dec. 2008. There i got new loan a/c numbers. On giving application for pass sheet and provisional interest certificate for the year 2008-09 your custmer care staff told that i will get pass sheet and provisional interest certificate for the year 2008-09 by post with in 7 days. i havn't received either of the document till today. pl. send us pass sheet and provisional interest certificate for the year 2008-09 with in two days. rajeshwaree.

ICICI Home Loan — No action even after 6 months

Dear sir,
How many days I need to wait.
Sanjay Chaturvedi

From: ICICI Bank Customer Care
Sent: Monday, December 22, 2008 6:40 PM
To: Dr. Sanjay Chaturvedi
Subject: RE:'ICICICARE=[protected]' level1complaint/ Loan Account

Dear Mr. Chaturvedi,

We have received your e-mail and would like you to know that your matter is being attended to. We will respond to your query at the earliest.

Once again, please accept our sincere apologies for the inordinate delay.

Your patience is appreciated.


Customer Service Manager
ICICI Bank Limited
i am in same boat.
They have not reduced my home loan interest rate even RBI has instructed all major indian back to lower interested rates.
HDFC has already reduced EMI for existing and new borrowers.

ICICI, shame on you..
Shame on mr. kamat and chanda kochhar
Please read my complaints on from the below link.[protected].html

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