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[Resolved]  ICICI Bank — Cheating case against ICICI Bank

I have taken a home loan of Rs.1000000/- for 15 years tenure in floating interest rate. The Aggrement no: LBBAL[protected]. Pre EMI paid was Rs.25385/- from dated:31/12/2004 to 31/07/2005 . The initial offer given was 7.25 interest rate. When the loan was accepted the interest rate fixed was 8.5 with EMI Rs.9557/- per month for 15 years. After some months on 07/05/2006 again the interest rate was changed to 9%, the EMI was kept constant but the tenure was increased to some more year.Again the interest rate hiked to 10% from 07/08/2006, the tenure increased to another few more years.on 07/02/2007 the interest rate fixed at 10.5 & then increased to12.5% from 07/05/2007, the tenure increased to the max. limit & EMI increased to 10565/- per month. Even after paying 37 EMI, the CL.Principal is found to be Rs.948404/-. The last tenure is found to be 07/07/2030 for complition at this stage. This may again increase to many extent. I want to know that whether there is any control of RBI or any other rules these private Banks follows, on Home loans. As per my view there is some cheating. Many times the bank was asked regarding the calculation for Tenure increasing & EMI increasing, but they are not providing. All Private & PSU Bank must have similar calculation. Kindly look into the matter so that I can get justice against this type of cheating of ICICI HOME FINANCE LTD. Many customers are also facing similar type cheating from ICICI. Now HOMEloan rate of ICICI might have increased again, but they never intimate to the Loanee
Complaint marked as Resolved Aug 14, 2020
Complaint comments  46 CommentsShareTweet


Today I received a ridiculous mail from icicibank.

I have taken a mortgage loan of 1000000 for for 15 years with 11% floating interest.
Now they say that The rate of interest has increased to 15% and the tenure is increased to 40 years.

From 15 years to 40 years .Is this some sort of joke or what?
I am completely stumped now.
We should approch to Grahak Manch or RBI ? Really this private bank cheating with there customers.
for me they incresae tunre to 40 Yrs.. this is some what very rediculous.
I am filling a case against ICICI even they dont bothre me to inform that your EMI and tenure has been chnaged.
Hi, Like others I faced the same challange from ICICI bank. I have a home loan of Rs.4, 92, 000 from ICICI and a floating interest rate of 12% for 20 years and an EMI of Rs 5, 425. Now suddenly It rose up to 40 years and the EMI changed to 5, 504. They have not only increased the Rate of Interest but also my Tenure from 20 years to 40 years. My Loan A/c No. is LBNAS[protected]. Please check this is some kind of Cheat or Fraud happening with ICICI bank. This all means I have to Pay around 26 lacs with interest to the Bank with loan amount of 4, 92, 000. Please check if there is any fraud happening with ICICI bank
Hi all,

As the inflation going up, the interest rates are going up, due to that your tenure is going up. There is nothing wrong happening at ICICI Bank, they are lending the money from RBI at 11% - 12%.

Hi Dinesh,

All these funda's everybody knows. the point is loan taken for 15 years raising to 40 years ... can't be a joke or can't be justified by any means. For my case, I have taken for 15 years and after paying the EMI for 2 years im told my tenure is raised to 34 years more. Can you imagine how much suffering i would undergo ?
out of 42K of EMI approximately Rs. 500 is only going towards principal. My A/C no. is: LBBNG[protected]. Incidentally mine is also with ICICI.

Krish .L.
I have a ICICI home loan account - these guys increase interest rates ridiculouslly there has not been any interest hike by RBI this October 2008...some how the ICICI decides to increase the interest from 13.25 to 14%. I have written them and awaiting response. If somebody know what is there policy and is there any governing authority to control this?

If I do not get a response, I would file a case against this bank. They already have enough thing to worry in market I hope with this kind of behavior I feel they are hurting their reputation even more.

I am going to tell every friend of mine and all their friends not take a loan from this bank.
Hi guys,

I am in same position, I paid 18 lacs to wards principal of 45 lacs, not my EMI is 29, 143. Out of this 1, 400 goes to principal rest is intrest.

Living outside India, and getting loan from ICICI is BBBBBig mistake. They are just cheaters.

I hope oneday ICICI goes down the drain.

Completely helpless.
SBI home loan interet at 10.25 - 11.25 %
HDFC at 11.25
LIC at 11.25

ICICI cheats customers by charing 13.25 - 13.75

They want make money agaist hedge losses of 300 crores...

20% of the Home loan taken are foreclosed... There are indication of bank going loot the customers...

ICICI till last week use to give 11.5 - 12 for new customer, so that they can be levied later as in our case...

Curresntly they increased 13 for new customers ... if other banks are proving at 10.5 to 11.5 why the hell icici is cheating like this?
already its stock price hammered to 300 from peak of rs 1300... its no wonder it will go to rs 30 in no time
Everyone suffering with icici home loan --- read this
More cheating by ICICI
I am also victim of ICICI bank where tenure have been increased to 40 years from 15 years. Is there a solution?
About Home loan.
I can say that if they increasing both interest rate and tenure period at the same time then this is a case of cheating.
They can either increase the EMI keeping tenure period constant or increase the tenure keeping the EMI constant.
I am un-satisfied customer of ICICI bank credit card.
They provide false information to the customer and denied afterwards.
Their top managers say I can complain "n" number of times and they will not listen.
I am a networker having access to 2.5 million person around world.
I have started cascading the information.
There time is short.
May God bless Mr Kamath and his team.
Only good about them is that they innovate and bring new technology.
ICICI bank has reduced interest rates for new customers and no change for existing customers. This is open cheating infront of everyone. This bank doesn't really have moral values. They are just money eaters and they can go to any extent to do that. They keep avoiding interest rates cut every time RBI reduces they never reduced it. But they promptly rise the rates when RBI rises. This is ridiculous of this bank. They are the biggest cheaters in indian bank. I am filling a case against ICICI in consumer court.
I too have 2 ICICI home loans, being charged at 16.25% and 14.25% respectively. If we have to reduce the Interest rate, icici charges around 0.5% to reduce it to the current market prevailing interest rate. However if RBI raises again, you will be forced into old customer category and your interest rate increases. Not sure how we can take action against ICICI for this malicious practice of charging high interest to old customers.
Certainly these banks are cheating customers. I have taken a Home Loan from HDFC bank for aorund 28, 00, 000 Lakhs. Its been 5 months. Increased in interest rate has caused increase in tenure from 20 yrs to 32 yrs. Increase of 12 yrs with EMI of Rs 28, 417.

Think of the increased amount!!! 28, 417 x 144 (12 yrs) = 40, 53, 168 Lakhs!

Are they Joking openly. I will certainly file a case against these people.

Any one knows how they are calculating?? How they are coming up to this amount/calculation?
I have also taken a loan from ICICI for 27 lacs in Jan 08 after paying 2.51 lacs they credicted only 11 thousand to my loan a.c rest went to their packet. (Absolutely cheating there is no information from them and increaseing both side) after several follo-up I got sttement. That is biggest Joke in the world.

As per original schedule 20 years. i.e., 2028 my loan due would be 26.35 lacs only !! All this 20 years my EMI will go only for interst. They would credit only 65 thousnad to my loan period was 20 years that is 240 months now become 611 months another 31 years they addeed...

If this is case my next to next generation only celar my Loan a/c. for 27 lacs loan total I have to pay 1 crore 65 lacs..!!!?

Where we are.. there is no Control and Justice for this BIGGEST CHEATING.

They use all the latest technolgy to CHEAT THE people. e.g. in their statement. NEVER EVER GIVE THE EMI credited and what is balance for every motth. THEY HAVE 6 COLOUM statment to monitor chequ bounch, interest on cheque bouch charges BUT there is no coloum to give is amount created to loan a.c and what is balance. After several follow up they sent the scheudle there only I got this SHOCK.

On every EMI Rs. 27, 007 they credited only Rs 65/- to the loan a.c per paypment like this till 20 yeas peirod full of cheating only. If this is case

WHAT IS THE MEAING FOR EMI.. EMI means equated monthly installment. the prnciple shoudl be credited equally..right?

I am going to take action on them

Really they are cheating.

I am going to take action on them
I am also one of the victim cheated by ICICI Bank. Story is just same, only disbursement amount is defferent. At the time of issuing loan, they visit you multiple time but when you talk them after disbursement, they dont entertain properly.
I have a Gold Credit of ICICI bank somebody misused in 10th june. I have complaint on same day but the amount which have misused genereted in next statment without any investigation the bank close the case.
I tooam a victim have a loan of 38 lacs .. For the last 2 years they are deducting 200 rs toward principal and 41000 towards interest. interest rates went up and my tenure has gone up by some 10 years.. Can any one suggest where to complaint. Are these complaints really going to work or is it better to foreclose and switch to some other bank.

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