[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 Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
46 Comments | |
Comments
I too am a victim of ICICI Banks double standandart policy. They intially offer 0.5% lesser rate of interest than other banks but after you have fallen trap to them they will keep on increasing the interest rates. In 2005 when i took the loan my interest rate was 7.25% and today it is 13.25%. which is almost double. I am really fed up with this bak and plan to end relationship with this bank for ever. I am planning to move to some PSU bank which are offering loans at 9.5%. I would alos recoomed you guys to foreclose the loan with this FRADULENT ICICI bankd move to PSU banks which work under govt guidelines.
Reply
I too am a victim of ICICI Banks double standandart policy. They intially offer 0.5% lesser rate of interest than other banks but after you have fallen trap to them they will keep on increasing the interest rates. In 2005 when i took the loan my interest rate was 7.25% and today it is 13.25%. which is almost double. I am really fed up with this bak and plan to end relationship with this bank for ever. I am planning to move to some PSU bank which are offering loans at 9.5%. I would alos recoomed you guys to foreclose the loan with this FRADULENT ICICI bankd move to PSU banks which work under govt guidelines.
I agree with the complain. I took home loan from HDFC in 2005. They offered me 7.75%/year. Today i am paying 11.5%/year but for new customer they are offering in very less. I was explained in very simple way by HDFC executive that the floating loan would be same for all customers so you should not worry about rate change in feature. I think almost all the banks except some PUC are having policy to keep many rates for their costumer. If you ask new loan it would look like private banks are offering best rate but you should know that these best rates are only for few months. there should be a policy to avoid cheating by these banks. floating rate should be same for all the costumers.
Cheating & Irregular Increase Rate of Interest case against ICICI Bank
I have taken a home loan of Rs.350000/- for 20 years tenure in floating interest rate. The Aggrement no: LBMUM[protected] Dtd. 15.04.03. The initial offer given was 7.75 interest rate. When the loan was accepted the interest rate fixed was 9.75with EMI Rs.3320/- per month for 20 years. After some months bank is lunch scheme to make the payment of 0.50% & reduce the rate of interest I am making payment for Rs. 1700/- in the month of September, 2004 but bank is increase the Rate of Interest on 07.02.2005 by 0.50% after one month increase by 0.50% 07.03.2005 after four month bank is again increase by 0.50% 07.08.2005, after nine month bank is increase by 0.50 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 at 10.5 & then increased to12.5% from 07/05/2007, & interest is increase 13.25% then 14% & reduce only 0.50 the tenure increased to the max. limit & EMI increased to 3684/- per month. Even after paying 66 EMI, the CL.Principal is found to be Rs.308738/-. The last tenure is found to be 07/03/2030 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 by the middle class people. Many times the bank was asked regarding the calculation for Tenure increasing & EMI increasing, but they are not providing. Now HOME loan rate of ICICI might have increased again, but they never intimate to the customer [Also note only one or two letter received from bank Increase rate of Interest]
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.If this type of activity doing by bank, so how to trust the Bank????
I have taken a home loan of Rs.350000/- for 20 years tenure in floating interest rate. The Aggrement no: LBMUM[protected] Dtd. 15.04.03. The initial offer given was 7.75 interest rate. When the loan was accepted the interest rate fixed was 9.75with EMI Rs.3320/- per month for 20 years. After some months bank is lunch scheme to make the payment of 0.50% & reduce the rate of interest I am making payment for Rs. 1700/- in the month of September, 2004 but bank is increase the Rate of Interest on 07.02.2005 by 0.50% after one month increase by 0.50% 07.03.2005 after four month bank is again increase by 0.50% 07.08.2005, after nine month bank is increase by 0.50 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 at 10.5 & then increased to12.5% from 07/05/2007, & interest is increase 13.25% then 14% & reduce only 0.50 the tenure increased to the max. limit & EMI increased to 3684/- per month. Even after paying 66 EMI, the CL.Principal is found to be Rs.308738/-. The last tenure is found to be 07/03/2030 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 by the middle class people. Many times the bank was asked regarding the calculation for Tenure increasing & EMI increasing, but they are not providing. Now HOME loan rate of ICICI might have increased again, but they never intimate to the customer [Also note only one or two letter received from bank Increase rate of Interest]
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.If this type of activity doing by bank, so how to trust the Bank????
Cheating & Irregular Increase Rate of Interest case against ICICI Bank
I have taken a home loan of Rs.350000/- for 20 years tenure in floating interest rate. The Aggrement no: LBMUM[protected] Dtd. 15.04.03. The initial offer given was 7.75 interest rate. When the loan was accepted the interest rate fixed was 9.75with EMI Rs.3320/- per month for 20 years. After some months bank is lunch scheme to make the payment of 0.50% & reduce the rate of interest I am making payment for Rs. 1700/- in the month of September, 2004 but bank is increase the Rate of Interest on 07.02.2005 by 0.50% after one month increase by 0.50% 07.03.2005 after four month bank is again increase by 0.50% 07.08.2005, after nine month bank is increase by 0.50 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 at 10.5 & then increased to12.5% from 07/05/2007, & interest is increase 13.25% then 14% & reduce only 0.50 the tenure increased to the max. limit & EMI increased to 3684/- per month. Even after paying 66 EMI, the CL.Principal is found to be Rs.308738/-. The last tenure is found to be 07/03/2030 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 by the middle class people. Many times the bank was asked regarding the calculation for Tenure increasing & EMI increasing, but they are not providing. Now HOME loan rate of ICICI might have increased again, but they never intimate to the customer [Also note only one or two letter received from bank Increase rate of Interest]
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.If this type of activity doing by bank, so how to trust the Bank????
I have taken a home loan of Rs.350000/- for 20 years tenure in floating interest rate. The Aggrement no: LBMUM[protected] Dtd. 15.04.03. The initial offer given was 7.75 interest rate. When the loan was accepted the interest rate fixed was 9.75with EMI Rs.3320/- per month for 20 years. After some months bank is lunch scheme to make the payment of 0.50% & reduce the rate of interest I am making payment for Rs. 1700/- in the month of September, 2004 but bank is increase the Rate of Interest on 07.02.2005 by 0.50% after one month increase by 0.50% 07.03.2005 after four month bank is again increase by 0.50% 07.08.2005, after nine month bank is increase by 0.50 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 at 10.5 & then increased to12.5% from 07/05/2007, & interest is increase 13.25% then 14% & reduce only 0.50 the tenure increased to the max. limit & EMI increased to 3684/- per month. Even after paying 66 EMI, the CL.Principal is found to be Rs.308738/-. The last tenure is found to be 07/03/2030 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 by the middle class people. Many times the bank was asked regarding the calculation for Tenure increasing & EMI increasing, but they are not providing. Now HOME loan rate of ICICI might have increased again, but they never intimate to the customer [Also note only one or two letter received from bank Increase rate of Interest]
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.If this type of activity doing by bank, so how to trust the Bank????
This is straight forward cheating. when the rate of interest was increasing ICICI didn't increase the EMI and reduced the principal to accommodate the increase and this resulted in reduction in principle and increase in tenure by 20 years there by increasing their profits. But when the interests rate decreased ICICI reduced interests rate by just 0.5% and for that they reduced the EMI amount because else more Priciple would have got deducted and tenure would have come down.
I dont blame ICICI or other private banks because its a fault of RBI and Congress Govt. who dont have a control on them because we cannot have genuine tax payers who are paying 8.5% interest rates (SBI etc) and there are people who are paying 13% that too during these times.
When RBI increased repo rates the banks (private like ICICI) pushed the burdens on Consumers within hours of the announcement but when the same when down they reduced deposit rates within hours but loan rates remain where they were there by filling their coffers. RBI should understand the they are using TAX PAYERS money to give these benifits and at the end of the day some capitalists like ICICI and taking the benifits out of it..
IS THERE A PLACE WHERE WE CAN COMPLAIN WHERE SOME ONE WILL READ AND ACT, PLS MAIL ME
I dont blame ICICI or other private banks because its a fault of RBI and Congress Govt. who dont have a control on them because we cannot have genuine tax payers who are paying 8.5% interest rates (SBI etc) and there are people who are paying 13% that too during these times.
When RBI increased repo rates the banks (private like ICICI) pushed the burdens on Consumers within hours of the announcement but when the same when down they reduced deposit rates within hours but loan rates remain where they were there by filling their coffers. RBI should understand the they are using TAX PAYERS money to give these benifits and at the end of the day some capitalists like ICICI and taking the benifits out of it..
IS THERE A PLACE WHERE WE CAN COMPLAIN WHERE SOME ONE WILL READ AND ACT, PLS MAIL ME
HI,
In 2006 I have taken mortgae loan 7.5lakhs and emi is 9500/Rs Approximately for the tenure 15years.
now after increasing the rate of interest they increased emi is 10.500 and tenure 40 years.
Hence their is a open cheating in the calculation and RBi has to enter to keep track on these type cheating .
And also if anyone having to whom we have to take up this issue.Otherwise we have to struggle life time.
This is more than crime of life imprisonment.
As on today almost 36months paid they are telling that outof7.5Lakhs still 7.4 lakhs I have to pay,
so some body should advice me where to lodge this compliant.
Looking forward advice and support.
Regards,
Hema Chandra
In 2006 I have taken mortgae loan 7.5lakhs and emi is 9500/Rs Approximately for the tenure 15years.
now after increasing the rate of interest they increased emi is 10.500 and tenure 40 years.
Hence their is a open cheating in the calculation and RBi has to enter to keep track on these type cheating .
And also if anyone having to whom we have to take up this issue.Otherwise we have to struggle life time.
This is more than crime of life imprisonment.
As on today almost 36months paid they are telling that outof7.5Lakhs still 7.4 lakhs I have to pay,
so some body should advice me where to lodge this compliant.
Looking forward advice and support.
Regards,
Hema Chandra
I agree to you completely. They cheat the existing customers. With the RBI reducing rates repo as well as CRR several times..the ICICI bank has only reduced rates by 0.5%. This is cheating with the existing customers.
Home Loan — statement of loan account for the year 2008-2009
pl. send me my home loan a/c statement for the loan a/c no LBLUC[protected] for I.T. purposeK.K.MISRA,
A.B.SUGARS LTD.
VILL RANDHAVA,
TEH. DASUYA,
HOSHIARPUR(PB)
Home Loan From ICICI Bank — statement of loan account for the year 2008-2009
pl. send me my home loan a/c statement for the loan a/c no LBLUC[protected] for I.T. purposeK.K.MISRA,
A.B.SUGARS LTD.
VILL RANDHAVA,
TEH. DASUYA,
HOSHIARPUR(PB)
Instead of filling against the bank, let the bank file a complaint againt us. Already there are lacks of pending cases in courts.
Let us form a consumer lobby. On behalf of all home loan customers we should inform legally to the bank that we are not going to pay the EMI. Let the possetion papers of the homes in bank's custody & we will live there till the court gives some decision.
We have to come together, that is the only way out.
Let us form a consumer lobby. On behalf of all home loan customers we should inform legally to the bank that we are not going to pay the EMI. Let the possetion papers of the homes in bank's custody & we will live there till the court gives some decision.
We have to come together, that is the only way out.
I fully agree that RBI, the controlling authority of all Commercial Banks in India has failed misrably in its duty to protect the interest of consumers. ICICI Bank which was the firs bank to raise the interest rate on Home Loans for existing customers when ever the RBI raised the CRR etc.has failed to lower its interest rates when the RBI has lowered the CRR rates etc. many times in last 4 months and accordingly all the Banks except ICICI Bank has lowered the interest rates of its existing customers to 8.25% but this ICICI Bank has failed to reduce it to 8.25% and is looting its existing customers by charging 12% interest rate (When it is paying hardly 7 to 8% on Fixed Deposits) and inspite of various complaint to RBI, RBI is not bothered about it and has refused to intervene. I believe it is high time that RBI should cancell the Banking Licence of ICICI Bank for looting its customers and adopting unfair trade practices.
It is asking its existing customers to pay extra charges of 1.75% terming it as switch over charges from higher rate of interest to lower 9.25% rate of interest, which is totally unfair trade practice and is like a highway robbery on its existing customers. Even after complaining RBI, their is no relief since RBI is not ready to interfere . I fail to understand how can the controlling Authority like RBI neglects to do its duty. If RBI is too busy and unable to control the Commercial Banks, then it should tell the Govt. of India to appoint some Controlling Authority like Insurance Regulatory Authority or Electricity Regulatory Authority.
I think it is high time that the Govt. of India separate this function of controlling Commercial Banks from RBI and appoint a separate Regulatory Authority for Banks since RBI is unable to perform this task.
Hope some thing is done either by RBI or Govt. of India to save the poor Citizens of India who are being exploited by ICICI Bank. It is high time that the Banking Licence of ICICI Bank is cancelled. The other malpractices being adopted by ICICI Bank are :
1) Inspite of warning from RBI (in my own case) the ICICI bank forces its customers to deposit cash in envelops.Then taking advantage of this new system, they term some notes in these envelops as duplicate and keep the Xerox of 5 to 10 duplicate notes to show to customers who complaints that their notes were not duplicate and hence earns extra 5 to 10% of income like this.
2. Not giving credit for cheques collected even after 5 to 6 days unless you go and fight with them.Earning extra income of interest for delayed days.
3. Not clearing inter account transfers, they take minimum 3 to 5 days to do it, although they debit it but do not give credit to other account.
ICICI Bank is a Most Unethical and cheat Bank, be careful of it.
It is asking its existing customers to pay extra charges of 1.75% terming it as switch over charges from higher rate of interest to lower 9.25% rate of interest, which is totally unfair trade practice and is like a highway robbery on its existing customers. Even after complaining RBI, their is no relief since RBI is not ready to interfere . I fail to understand how can the controlling Authority like RBI neglects to do its duty. If RBI is too busy and unable to control the Commercial Banks, then it should tell the Govt. of India to appoint some Controlling Authority like Insurance Regulatory Authority or Electricity Regulatory Authority.
I think it is high time that the Govt. of India separate this function of controlling Commercial Banks from RBI and appoint a separate Regulatory Authority for Banks since RBI is unable to perform this task.
Hope some thing is done either by RBI or Govt. of India to save the poor Citizens of India who are being exploited by ICICI Bank. It is high time that the Banking Licence of ICICI Bank is cancelled. The other malpractices being adopted by ICICI Bank are :
1) Inspite of warning from RBI (in my own case) the ICICI bank forces its customers to deposit cash in envelops.Then taking advantage of this new system, they term some notes in these envelops as duplicate and keep the Xerox of 5 to 10 duplicate notes to show to customers who complaints that their notes were not duplicate and hence earns extra 5 to 10% of income like this.
2. Not giving credit for cheques collected even after 5 to 6 days unless you go and fight with them.Earning extra income of interest for delayed days.
3. Not clearing inter account transfers, they take minimum 3 to 5 days to do it, although they debit it but do not give credit to other account.
ICICI Bank is a Most Unethical and cheat Bank, be careful of it.
hello everybody like u all i also suffered from cheating of icici home loan..i had taken a loan of around 100000, from and paid around 3.5lac in last 3 years but the capital amount is as it is.i really wanna do something hard against them so that we can get true justice.i believe they target the property when they issue a home loan and that initial process is so fast n comforting that people feel so relax thats what i felt when i applied home loan.they r superchor.
Guys,
I can truly understand the pain of you are going through as i am also one of the guy gone through that...
THIS is very known fact that PSU interests are much lower than the ICICI, Its one time 2 % fee is there to switch ur loan from ICICI to other PSU's or LIC ... i will strongly advise to close ur loan accounts at ICICI by paying one time 2 % fee, this will give lot of relief to u..
all the best...
I can truly understand the pain of you are going through as i am also one of the guy gone through that...
THIS is very known fact that PSU interests are much lower than the ICICI, Its one time 2 % fee is there to switch ur loan from ICICI to other PSU's or LIC ... i will strongly advise to close ur loan accounts at ICICI by paying one time 2 % fee, this will give lot of relief to u..
all the best...
Statement of Loan Account for the year[protected]
Sir,
pl. send me my home loan a/c statement for the loan a/c no LBLUC[protected] for I.T. purpose
Sir,
pl. send me my home loan a/c statement for the loan a/c no LBLUC[protected] for I.T. purpose
Dear All,
My cousin taken loan from ICICI bank 4 Years ago Rs 2.5 Lacs only and tenure is 25 years due to some family problems he has unable to pay installement after we discuss with ICICI bank agent we have already pay 137000 but out of that 112000 we have paid interest only so basic amount which bank recievd that only 25000. as discuss with bank manager now we are paying istallment of Rs 2500 out of that only 300 hundred actul amount is paid to ICICI bank that means they are charging 2200 interest only can any one pls suggest me what should we do because we are unable to settlement Pls suggest me My mail id is [protected]@yahoo.com.
My cousin taken loan from ICICI bank 4 Years ago Rs 2.5 Lacs only and tenure is 25 years due to some family problems he has unable to pay installement after we discuss with ICICI bank agent we have already pay 137000 but out of that 112000 we have paid interest only so basic amount which bank recievd that only 25000. as discuss with bank manager now we are paying istallment of Rs 2500 out of that only 300 hundred actul amount is paid to ICICI bank that means they are charging 2200 interest only can any one pls suggest me what should we do because we are unable to settlement Pls suggest me My mail id is [protected]@yahoo.com.
On 30th Jan 2010, I have approached ICICI Bank, Begumpet, Hyderabad and utilized the option of changing my Interest rate to 8.25% fixed for 2 years by paying an amount of 1.1% including service taxes and also changed my EMI. When I asked the representative he cleared mentioned that this will get effective from Feb 10th Onwards because my EMI date is on 10th of every month. Neither my EMI nor my Interest rate got changed and they are claiming that it will be updated from March. Kindly look into this matter and update me
ICICI Bank — Cheat
I had an account with icici bank which i had closed on the 16th march 2010. on talking to their customer care helpline, i was informed that since the accunt was closed in the middle of the month, they will not credit the interest that gets accrued for these 16 days.its sad to know that they can cheat their customer to this level.
I HAD ALSO AVAILED THE HOME LOAN FROM ICICI BANK AND HAD MADE THE COMPLAINT SEVERAL TIME REGARDING THE INAPPROPRIATE RATE OF INTEREST BEING CHARGED BUT THEIR CLAIM WAS ALWAYS THAT DUE TO INCRESE IN PRIME LENDING RATE OR FLOATING REFRECNE RATE RATES OF INTEREST HAS BEEN INCREASED ON YOUR LOAN.
ULTIMATELY I APPROACHED THE BANK OMBUSDMAN AND PUT A CLAIM THEIR THEN THERE INTERVENTION RESULTED INTO REDUCING THE RATE BUT THAT WAS TO LATE AS VERY NOMINAL LOAN AMOUNT WAS LEFT TO BE PAID AND THE BENEFIT WAS GIVEN ON THE BALANCE AMOUNT ONLY. MORE DETAILS CAN BE HAD FROM ME [protected]
ULTIMATELY I APPROACHED THE BANK OMBUSDMAN AND PUT A CLAIM THEIR THEN THERE INTERVENTION RESULTED INTO REDUCING THE RATE BUT THAT WAS TO LATE AS VERY NOMINAL LOAN AMOUNT WAS LEFT TO BE PAID AND THE BENEFIT WAS GIVEN ON THE BALANCE AMOUNT ONLY. MORE DETAILS CAN BE HAD FROM ME [protected]
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