[Resolved] ICICI Bank Ltd — Irrational Home Loan Rate

[Resolved] ICICI Bank Ltd — Irrational Home Loan Rate

S Sujan Roy from Pune, Maharashtra

Its true that favor is always for a new girl friend rather than for wife..and that is the simple logic as everyone agrees about ICICI Bank Home Loan rate favoring new customers to existing. I have not come across any Home Loan customer of ICICI Bank who says I am happy with the Loan / relationship. As for me (floating rate of 7.25%) my loan with EMI started in Jan 2006, which has now been increased to 11.25% currently without any reduction in rate (only increase). I would request RBI and other Govt agencies to take action against this Bank for its irrational rate it charges in the market for existing customers. Now, Punjab National Bank is one of the lowest rate with fixed rate much lower than my current floating rate with ICICI Bank Ltd. I suggest all existing customers of ICICI Bank to switch to PNB to save lacs of their hard earned money!! There are hundred explanations ICICI Bank gives to defend themselves for their rate, like cost of funds etc, but should we as customer anyway be bothered except for the price (interest) we pay? I do Warn all new customers to keep distance from this Bank, because you get an attractive floating rate from ICICI Bank just to be lured as a new customer who is turned deaf ear after loan amount is disbursed!! Was this information helpful? No (0) Yes (0)
Aug 14, 2020 Complaint marked as Resolved
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Comments

Ajay Sood

from Ludhiana, Punjab

ICICI Bank Home Loan — Irrational rate of Interest

Dear Sir/ mada,

I have availed the Home loan from ICICI bank at chandigarh. Now as the Rate of Interst of all the banks are going down, I too approached ICICI bank. To my surprise, only on my approach, they told me that if I pay 5% of the loan amount 9so called swapping charges) then my rate of interest will be reduced to 10.5% from 11.25%.

This is very astonishing. I have to pay the swapping fee on my loan amount to re my rduce my rate of interest. Can anyonetake the action against the bank, , , a) How can they charge this b) why on my approach the same is being told to me, it should have already been done by the bank...they kept on chrging higher rate of interest ..thereby higher amount...It will only lead to defalts in Homeloan if these pratices are followed by the banks...

Reqest for an early reply..I have also written to the bank..bt no body is willing to listen.

Nischay kumar upamannyu

from Ratlam, Madhya Pradesh

Dear sir,

This is question of everyone who have taken loan from ICICI Bank. it is really shamful for icici bank, when all natioalize and private bank are ready to reduce the rate of interest so why icici bank does not want to reduce the home loan interest.
if this type of deed will be done by icici bank in india so indian goverment should authorized to icici bank for looting to indians.
i[censored] have such type of body of bank who regulate bank so kindly request to u please give detail information.

Regards
Nischay

Harish

from Bengaluru, Karnataka

I also realized the same. I am also asked to pay a fee of 0.5% to reduce the interest rate. Can anyone explain me what is the meaning of "Floating intereste rate" then in true sense? Whenever the interest rates go up, bank increases the same w/o asking any such documents or so. I think the government should have some kind of audits and directives even to private banks.

Regrds
Harish

Phani

Hi all,

Me too had the same siutation.
They are asking to pay 0.5% to reduce the FIR.

What i am thinking is can we file a case on ICICI bank in Consumer forum for asking swapping fee...

Thanks
Phani

JAYARAMAN KANNAN

from Palghat, Kerala

ICICI BANK is very horrible bank to do any transaction. Also I feel all the subsidiary of ICICI BANK are also of similar type. I'm also unfortunate custoemr who availed Home loan and paying whatever they charge. AS for a s ICICI BANK is concerned the Floating interest menas only on Upward side. They will Give reason as hike in PLR, CRR by RBI and incraese but when RBI reduce the ineterest they will never reduce .

God knows what is the job of RBI and why Govt. s supporting Banks like ICICI Bank who really loot by just upgarding their technology and punish resonable customers.

Non of the people who work in ICICI BANk knows fully the rules and regulation and evrything is outsourced and all phone banking persons will answer just sorry for the inconvieneince and say every thing is policy and you cant make anything more than that.

They also pay heavy bribe to Govt. Officials and lawyers to atke care of legal cases and to stop anyone taking legal cases against them.