[Resolved] ICICI Bank Home Loan — ICICI Bank is cheating existing home loan customers

rajeshshama124

from Bengaluru, Karnataka

Address:

Panchkula, Haryana

Hi,

My name is Rajesh Sharma, I hv taken home loan from ICICI bank in Oct. 2006, at the time of loan disbuestment my loan ROI was 9%, later it went upto a maximum of 13% and present is @ 12.5%.

Actually when I have taken this loan the loan amount was 15,39,450/- and tenure was 120 EMI (10 years). After paying 51 EMI (Approx 10,00,000/-) I still have to pay 109 EMI. I am really fedup with this, it looks this loan will never finish.

I dont understand what is the meaning of floating ROI, when the banks are not decreasing the ROI for all the exisisting customers, why are they showing the difference between New and old customers?

THe difference between my ROI & FRR/PLR is -1.25% so my current ROI is @ 12.5%

Yesterday I visited ICICI bank kormangla, Bangalore branch to inquire about this, ICICI came up with scheme for existing customers to reduce the interest rate (making variance with FRR/PLR to -3.75%) by paying 6577/- as conversion fee and investment of 40,000/- in icici bank for 5 years locking period.

is that not unfair to charge 6577/- as conversion fee and investment of 40,000/- in icici bank, for an existing customer to change from 12.5% to 10% within the same bank. this is a kind of cheating that ICICI is doing.

I have the below requests to ICICI Bank:
1.Convert my existing Home Loan to New Home Loan rates and give me a Variance of -4.00% fixed for the entire tenure.
2.This conversion should be done without charging any fees.
3.I should not be asked to invest in any ICICI Prudential Plan.

I request for an early resolution to my problems.

Rajesh Sharma
LOAN AC no: LBCHD[protected]
Mobile No: [protected]
Email: [protected]@yahoo.com

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Aug 13, 2020

Complaint marked as Resolved

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Comments

rahulb_patil

from Mumbai, Maharashtra

Dear Sir,

I have taken a home loan at floating interest during 2006. By that time it was 8.0%.
The interest rate went up to 14.5 % in due course. Presently I am paying the EMI at 14.5 %.

Now ICICI Bank gives home loan @ 10.25 %.
As I am in the floating interest mode, why the same is not applicable to me.
I visited the branch, they told they can switch my loan to 10.50 % if I take the some policy of around 30000 which is absolutely not needed.

I had paid around 3 Lacs in last 4-5 years, still principal is reduced by just 20, 000 only .

Why should I buy medical policy which is not needed and to waste my money?

Due to this I am not able to switch the interest rate from last 4 years, Who will bear this cost? I want the compensation for financial and mental harassment.

Please change my interest rate without asking for purchase of any new product.
Please do for the needful .

Thanks & Regards,
Rahul Patil
[protected]
Loan A/c No :LBDHU[protected].
Email ID : [protected]@Syntelinc.com

rajeshshama124

from Bengaluru, Karnataka

Hi,

I have posted the above message two weeks back but did not got any reply yet, and yesterday I got a mail from ICICI bank saying they have again increase the loan percentage from 12.5% to 12.75%.

Please do something regarding this metter, I am really tried with ICICI bank. Please suggest me if there is any other option I have.

Thanks & regards,

Rajesh Sharma
LOAN AC no: LBCHD[protected]
Mobile No: [protected]
Email: [protected]@yahoo.com

ICICI Bank Customer Care

from Mumbai, Maharashtra

Verified Support

Dear Mr Rajesh,

We are sorry for the problem caused to you. We have made a note of your mobile number and shall get in touch with you soon to resolve the matter.

Regards,
ICICI Bank Customer Service Team.

Uttam Khatri

from Mumbai, Maharashtra

This question is to ICICI Bank

So is there, really a legal option to get your loan rate changed to new rates?
Or, Branches are making use of loop holes to pursue the system, that its not the old loan, its new loan and shall be treated accordingly?

Divya Jain

from Chennai, Tamil Nadu

Such a fraud ICICI bank home loan team is doing. In 3 years my home loan interest rate has increase twice but now when I check on their website I noticed that it is way below than what is charged to me. Attaching the 2 screenshots of the interest that is charged to me and the one mentioned on the website. Now when I am inquiring ti reduce the interest rate I am being told that I will have to pay money to reduce the interest rate.

I mean this is such a cheat. When you increase my interest rate I never charged you anything then why do I have to pay for reducing it. I want an action immediately or else I will file a new complaint to consumer court.