[Resolved]  ICICI Bank Ltd — Higher Rate of Interest

Address:

East Singhbhum, Jharkhand

From :-
Ganesh Kumar Sharma
5/6, Shreshtha Apartment,
Hill View Colony, Dimna,
Mango, Jamshedpur-831012
E mail: - ganesh.[protected]@gmail.com
Mobile: - +91-[protected], +91-[protected]

October 24, 2012

To,
Consumer forum,
Reserve bank of India,
New Delhi

Sub : Housing loan (higher rate of interest)

Dear Sir,

Hereby, I would like to say that I have taken a housing loan Rs. 5,47,131.00 from ICICI bank Ltd @ 9% p.a. for 15years. But now bank is collecting @ 14.50% p.a.. Now I am paying EMI Rs. 6419.00. Bank is collecting approx 97% of EMI as interest. Bank has converted my loan from 15 years to more than 30 years and rate of interest from 9% to 14.5% without intimation, without any information. Is this as per RBI guidelines?. And present repayment schedule is totally different from previous schedule that is given by bank to me at the time of sanction. As per previous schedule approx 23 percent of EMI was going against principal but now it is only 3 percent.

I have taken a home loan, this is absolutely a domestic loan and this is a long term loan. I have not taken this loan for business use. I cannot gain any profit from this loan fund. So, it is very difficult to repay whereas approx 100% of EMI goes against interest. In this circumstances I would have to repay whole life, nevertheless it would not be clear. Bank is collecting from me 14.5% it is higher than other banks cash credit, book-debts, and other business loan. At present rate of interest of cash credit, book-debts and other business loan is 13 to 13.5 percent in other bank while I am paying 14.5% for a domestic loan. Bank has mortgaged original sale deed of property. Is this as per RBI guidelines?. At present market value of property is approx 15 lakhs. It is already three times excess from financed amount. That means it is 100 percent secured loan.

Bank has sanction loan to me as per my income tax return. And as per size of my family or no of members depend on me. As per return my annual income is approx 1,50,000.00 to 2,00,000.00. and at present four members are depend on me along with my wife. Now my children are getting higher education and others home expenses are also increased.

I think bank intention was not good, If bank had to set their basic rate of interest approx 4 to 5 percent higher than other bank so bank should not sanction to whose person, their income is less than Rs. 3,00,000.00. if my profile was not suitable as per their norms they could reject my profile. But after recovery approx 70% of loan amount and after given offer of 9 percent rate of interest now bank says you have to pay as per our rate otherwise we make you defaulter and will file case on you.

( - 2 - )

Hereby, I would like to request you please look at this matter and give your guidelines to me .I am capable to repay loan but at 14.5 percent rate of interest it is very difficult because it is not a commercial loan it is a domestic loan. I would also like to know that can I settle loan. If yes, at what percent of loan amount I can settle this.

I Hope for your kind co-operation in this regard.

Thanking you,

Yours faithfully,



(GANESH KUMAR SHARMA)
Loan No. LBJMR[protected]