[Resolved]  ICICI Bank — EXPLOITATION / CHEATING OF EXISTING FLOATING RATE HOME LOAN BORROWERS BY ICICI BANK

Home Loan — ISSUED LOAN AT FLOATING WHEREAS I INSISTED ON FIXED RATE

Hello,

I took a home loan from Citifinancial, Delhi in Nov 2005 for 11.8 lacs. We had a detailed meeting with officer of Citifinancial ( Mr. Aman & their seniors officer ) along with my wife as she was co-applicant & they checked up our credentials before issuing us the loan.
During the meet, I requested them to disburse my loan on fixed rate of Interest and they informed that the interest rate for fixed is higger as compared to floating. I confirmed to them that I would go for Fixed rate inspite of higher rate of interest. They confirmed that to be 11.02 %.

As this was my first experience of loan, I never cross check with them and they handedover us the amortization schedule whereas they mentioned 11.02 % as rate of interest and they mentioned it as
"effective". We never checked up with them as we were assured that it would be on fixed rate of interest.
They came back to me in November 07 again saying that their rate of interest has been increased and they will be charging 14854 instead 13537 whereas I had opted for Fixed rate of interest, so there shouldn't have been any changes.

When I tried to reach their officer and customer care, no body was ready to take up this issue and Infact we had received a very bad behaviour from the officer.

I need the help from you to solve the problem as it is getting very difficult for me to take the burden of another Rs.1300 and also I am worried about further increase which can happen any time.

Request to look into the matter seriously and immediately.

Thanks & regards

Gaurav Mittal
+91 [protected]
Presently at Chennai

It is a normal case with Citifinancial. they always cheat the user.

Hi,
I completely agree with Rajesh.
I have an existing Home Loan in ICICI bank and trying to transfer it to a PSU bank. But ICICI bank is creating problems for that. The other Bank needs a simple confirmation letter from ICICI bank stating that "on receipt of loan disbursement amount from other Bank, mentioned in foreclosure letter, for the full and final settlement of Loan, All the documents will be directly handed over to other bank, without any delay."

I had visited the Home Loan Branch on Gole Road, Pune for this letter. But, I was told that letter would mention that documents will be given to the customer instead of other bank's name.
It has increased the difficulty in doing the transfer of Home Loan.

I don't understand, what is the objection in providing such letter if customer itself is asking for that.
I am the customer of ICICI bank from last 6 years and had always like its services like Branch services, Net Banking etc. My family members also have accounts in it.
There is so much difference between the interest rate of ICICI bank and other banks.
And now I am feeling like being cheated. I can not advise any one to take Home Loan from ICICI bank.
Please raise your voices against it.

Regards,
Somesh

I BLAME GOVT, RBI AND BANKS FOR PLAYING WITH INDIAN CITIZENS.

WHEN INT RATES GOES UP THEY MAKE NO MISTAKE IN RAISING RATES OF EXISTING CUSTOMERS - THEN WHY THE HELL THEY DONT REDUCE WHEN RATES GO DOWN.

FLOATING DOES'NT MEAN BOTH WAYS?

**GOVT AND RBI - THIS IS BAD AND YOU'LL TAKE THR BRUNT OF INDIAN CUSTOMER SOONER OR LATER.**

GOVT/RBI/BANKS - ARE JUST TAKING INDIAN CUSTOMER FOR RIDE.

CAN SOMEONE SUGGEST, IF WE CAN GO TO UN OR WORLD BANK FOR JUSTICE...

Yes, I completely agree with all of them. ICICI BANK dosent reduce interest rates when RBI dedclares reduction in interest rates for housing loans. ICICI bank only declares new reduced rates only for new customers, which is unfair for the existing customers.
ICICI bank must reduce home loan interest rates for existing customers also. What is the meaning of floating rates? ICICI bank very conveniantly increases the rates and never reduces the rates which they should reduce.
I have taken a home loan from ICICI bank and I regret my decision of selecting ICICI bank.
We need to lodge a complaint and form a group to be updated on this issue.

I would introduce myself as one of the Indian who has done a life time blunder by taking the "ICICI Home Loan". I have never seen such a greedy bank in my entire life. ICICI is the perfect modern example of the earlier sahukars which treat borrowers as servant and let them dies slowly. This bank made his own policies and procedures and dont care about the RBI and the government. The activities of the management are to treat the borrowers as bonder labor and cheat them with the higher lending rates. There floating rates can be best termed as "Forwarding Rates" which moves in one direction i.e. Northwards. I share my example with you all:

I took a home loan of around [protected]@9% (20 lakhs) in September 2006. At that time HDFC was offering me the 9.5%. I choose ICICI over HDFC just to save couple of thousand rupees towards processing charges. Then started the fastest and the steepest process of increasing the rates for the exisiting borrowers:

Feb 2007 - 50 basis point
Apr 2007 - 100 basis point
May 2007 - 100 basis point
July 2008 - 75 basis point
Sep 2008 - 75 basis point

Now my lending rate is at 13% even after RBI cuts the CRR by 350 bp and Repo rate by 250 bp (As on Dec 22). In some cases the loan tenure is increased from 20 to 40 years. You can find lots of blogs on the internet. I have completely lost my faith in ICICI bank and there products.

The ICICI management is misguiding not only the people of India but also the Media, RBI and Govt, they only speaks that we'll reduce the rates but they are never delivering it. Everytime they says we are watching the liqudity situation and review the rates later on, they are just diverting the attention of public and passing the time. I dont understand how many years this bank require to watch the liqudity situation. Almost all the banks have lowered there lending rates. Even the Chanda Kochar said in one of the interview that the cost of funds are same for all the players of the industry..then why they are not reducing the rates. This is because ICICI has linked all the Home Loans to the PLR and they dont want to loose the huge interest income by reducin it. Irony is that despite so much crook activities, the media gives so such attention to ICICI bank and never expose there cheat activities. They are lowering the rates for the new customers just to trap them and harass them later on as we are facing now.

I sincerely request on behalf of all the Indians like me to save us from ICICI bank. RBI/Govt please ask the public sector banks to take over the existing home loans of ICICI bank.

ICICI is taking advantage of the fact and the customers are on the tenterhooks anyway that they may decrease rates like other bank but they dont know when.I watch everyday if they have taken any action.They also know that for the NRI it is heck of bureacratic tussle to get the loan transfereed.
This is no free market but swindling customer money in broad daylight under the nose of RBI and finance ministry.Wat are these regulators doing.Are they thinking the free market will take care of it.
This is one of the many reasons why NRIs feel disincentivised to come back to india.Our econmic strcuture is changing but there is no progress on bahavioral front.
let us rally around this issue and make sure new customers do not fall into ICICI bait.
Has anyone received any reason whay ICICI is doing what they are doing.

Don't take hoam loan from ICICI Bank. They will give loan for less intrest rate at the time of taking loan. They will increase the interest rates within 3 - 6 months.

They don't know what is the meaning for floating.They are cheating the existing customers.

plase send the application to my mail id thenking you

ICICI Bank is cheating the existing customers. The should reduce the floating interest rates for the existing customers.

They are giving attractive interest rates at the time of taking loan and ICICI bank very conveniantly increases the rates and never reduces the rates which they should reduce.

Don't prefer ICICI for any loans.

ICICI is lowering the rates for the new customers just to trap them and harass them later on as we are facing now.

Don't prefer ICICI for hoam loan. They will keep on increasing the interest rates but never reduce.

Send mail to your friends, colleagues to aware about the trap of ICICI bank. Advise them not to take home loan from this bank.

What ever you people are syaing is correct becuase..so time due to Inflation they increased the my Home loan intrest to 11.5 to 12.5%, now RBI is reduced rate of intrest but ICICI bank didn't the same this and PSU already reduced the same and ICICI is reducing the home loan intrest for new custmors if any one take Home loan from ICICI bank then they may again increse the home loan intrest for them..so better to avoid to take home from ICICI and go with PSU banks.

How to save non icici bank customer ?

Suggestion :

Pls propogate all of our friends, relative, , , through mail, media, etc, , ,

cunning icici bank leading for downfall

We should try to take this to media...is it possible ?

Each and every one shold know about ICICI...HOW THEY ARE CHEATING EXISTING HOAM LOAN CUSTIOMERS.

Try to send this message to all your friends, relatives...media...

Atleast we can save others by suggesting not to take hoam loans from ICICI.

Please read and post your comments on ICICI Bank HFC on MouthShut.com. We should invite our friends and every one we know to read and be aware of ICICI bank and not have even one person go to ICICI even for a deposit.

http://www.mouthshut.com/review/ICICI_Home_Finance[protected].html

ICICI is a disgrace on banks. and needs to be prosecuted for fleecing customers.

i have lost faith in ICICI bank and wish to stop all business like personal loan, housing loan, saving loans, credit cards etc

I am also victim of the ICICI Banks. Don't even know what to do. Situation is becoming to worst day by day. ICICI Bank is blood sucker of the middle class people in India. Government and RBI should come up with some strict rules say all the banks should give interest rates to custoers should between 9 to 10% like that. The change should be at maximum 1%. Else all the private banks will cheat the customer.

I request RBI to come up with such kind restrictions on all Indian banks and help millions of Indians in the recession time.