[Resolved]  ICICI Bank / Home Loan — Charging of Foreclosure Fee on Home Loan

Dear Sir
I had taken house loan of Rs 13.86 lakhs from ICICI Bank Indore branch in Jun 2005 vide account no LBIND [protected]. The monthly installment for the aforesaid loan was always paid in time. Since I am in Indian Air Force, after one year i.e in Sep 2006 My Group Insurance Society sanctioned a loan of similar amount at 7.0 % interest rate. I decided to foreclose my remaining loan with ICICI bank but they charged me a foreclosure fee of Rs 61452/ vide their reciept no. CL[protected] dated 09 Sep 2006 ( Scanned Copy is Enclosed for your ready reference). I have taken up with their customer grievances at couple of times but their is no response. Now the honourable Supreme Court has also ruled that the charging of Foreclosure fee on loan amounts to practicing monopolies hence the bank should immediately return the money with interest. In my case particulary the violation is more severe as I transfered my loan to the Insuance Society run by my Employer and not to their Competitieve Bank.

Your Sicerely
Rajdeep Singh