[Resolved]  ICICI Bank Home Loans — Cheating by ICICI Bank Home Loans

ICICI BANK CHEATING WITH OLD HOME LOAN CUSTOMER

In case of increase of Home Loan Rate ICICI Bank is increasing Rate of Interest for Old Customer aslo but when ICICI Bank is anouncing decrease in Rate of Interest then giving benefit to only New Customer because old customer is already trapped so not passing the interest rate reduction benefit to Old Customer.


WHAT THIS CHEATING PRACTICE IS GOING ON BY ICICI BANK ? WHEN INTEREST IS RAISED BY 1.5% THEN IT IS RAISED FOR OLD CUSTOMER ALSO BUT WHEN DECREASED IT IS DECREASED FOR ONLY NEW CUSTOMER. I AM FED UP WITH THE ICICI BANK CHEATING POLICY WITH ITS CUSTOMERS.


ICICI: Home loan rates cut by 150 basis points
By Joseph Samson

Dec 9, 2008



India's largest private lender, ICICI Bank has declared a 150 basis points cut in its home loans of less than Rs 20 lakh. The bank has reduced the interest rate from 13% to 11% for all the new housing loans.
The announcement came soon after the RBI reduced its key policy rates and declared a package of measures to enhance credit to the small industries and real estate sector.
A spokesperson from ICICI said, "Priority sector lending has always been one of our key focus areas and we have a differential offering for these customers. This is our pricing to promote the priority segment and offer affordable housing."
The new rate of the bank is applicable to only the new customers where as the existing customers will continue to be charged earlier rates as the bank has not changed its prime lending rate (PLR).
This is one of the biggest cuts implemented by ICICI bank at one go and it is likely to help the customers in reducing their EMI burden. For instance on a loan of Rs 20 lakh for 20 years, the EMI would be cheaper by Rs 2, 102 against the earlier rate.
This is the first time ICICI has announced a cut in its lending rate after the RBI has been reducing its policy rates - repo rate and CRR - since October. The Central bank has reduced the CRR by 350 basis points to 5.5% and repo rate by 250 basis points to 6.5%.
The cut in the home loan rates by ICICI is expected to help in the renewal of property demand that has been severely hit by the slowdown.
The rate cut is effective from Monday, December 8th.

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(Comments Posted : 4) Post Your Comments


1. WHEN BANK HAS RAISED INTEREST RATES INDESCRIMINATELY WHEN CRR, REPO RATES INCREASED BY RBI AND WHEN RBI IS DECREASED RATES BY 2 -3% EACH, BANK IS NOT REDUCED ANY RATES TO EXISTING FLOATING RATES. THIS IS MOST WORST BANK IN INDIA. NOW BANK IS TRAPING NEW LOAN BARROWERS. DONT GO TO ICICI BANK, THERE OTHER GOVERNMENT BANKS ARE GIVING HOUSING LOANS AT 3-4% CHEAPER THAN THIS BANK. I AGREE GOVERNMENT BANKS WILL TAKE SOME TO DISBURSEMENT OF LOAN
ANANTHACHARY (Posted: Dec 9, 2008)

2. Please aware of tactics of ICICI, when you will be old customer, they will do same for you.this bank is real worst in inda and cheating every one including me.please go to anty public bank like SBI
pramod (Posted: Dec 9, 2008)

3. I think when they raised the rates, they included all the existing customers and now they are discriminating against us. there's something fishy here and they seem to be intent on making headlines and not help its customers. RBI should initiate action against them and suspend their license.
Karthik (Posted: Dec 9, 2008)




Regards,

Binay Chandra Jha