[Resolved]  ICICI Bank Home Loan — increase of EMI term

Re : Housing Loan a/c No. LBNAG[protected]

I have taken one home loan for rs.6, 23, 040 from ICICI Bank, Nagpur for 180 months (15 years) @ 9.50% interest rate and after that they have increased rate of interest. Today I received one SMS to my mobile No. [protected] stating that your rate of interest is reduced by 0.50% from Jan. 2009. Revised rate is 13% and term is 302 months.

In this connection I would like to inform you that I have taken loan for 15 years (180 months) and not 302 months. but they were increased rate of interest and also the term which I am not understanding. I have taken only rs.6, 23, 040 and my present monthly instalment is Rs.6883/- per month and if I pay this amont for 302 months the total amount comes to morethan 20 lakhs. How it is possible. I request your replay at the earliest.

Regards,

Mohankumar.L
mobile No: [protected]