[Resolved] ICICI Bank Ltd — HOME LOAN | |||
Hi ICICI Bank Manager, I bought a property which is under loan with ICICI bank home loan LBCHE[protected]. I signed a sale deed for 20 Lakhs in 2008. I paid 10 Lakhs as advance to the seller remaining I was planning to go for Home Loan. The seller never paid the 10 Lakhs advance given by me to bank and not evens the emis as well After 6 months the bank officials came to auction the property and we agreed to pay emi’s splitting me and the seller till the seller pays the 10 lakhs to the bank. The seller has paid 6 lakhs to the bank in all these years, and we were splitting the emis and paying the emis to the bank. From the last two months the seller is absconding and we are unable to trace him. The home loan emis are also not paid since last two months. The loan has an outstanding principal amount of 13.5 Lakhs; Please let me know what I should do in this case if the seller never turns up. What actions will the bank take up in such issues? I have invested huge amount for this property, please guide me. Regards, Fasiur Rahaman C Was this information helpful? | |||
Aug 14, 2020 Complaint marked as Resolved | |||
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ICICI Bank Towers, Bandra-Kurla Complex, Mumbai, Maharashtra, India - 400051
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Home Loan — NEVER TAKE A HOME LOAN FROM ICICI BANK LTD
The Great Home Loan interest rates TrickICICI Bank will always offer the lowest rate in the market for new customers and as such they gain the maximum market share since a lower interest rate easily attracts customers since its a life time investments for most and even a small difference in the interest rate makes a BIG difference.
The interest rate is pegged to a PLR (Prime Lending Rate) so they usually offer a higher discount to the PLR to new customers and therefore resulting into offering a lower interest rate than the market.
Once the customer has availed of the loan, thats when the real story unfolds. For a floating interest rate loan, the PLR only goes up and never goes down!!! At the slightest tightening of the CRR or SLR, the PLR is increased and as such your floating interest rates increase. Not much can be done by the customer since the PLR has gone up and discount %age from the PLR is constant or fixed as per the agreement.
But whenever the interest rates in the market go down in the market due to the liquidity increase or other factors, the PLR remains constant but the discount rate for ONLY the new customers is increased as such bringing the effective rate of interest for them lower than what the older customers are paying!!!
So many time you will find, as a old and loyal customer, you are paying almost 4% higher ROI than what a new customer is paying to teh same bank for the same loan.
Also, since there are penalties involved with prepayment and also, reluctance of customers to change banks due to the large sums of money involved with home loans, the customer keep losing Large Amounts of money due to this cunning strategy of the Bank!!!
NEVER TAKE A HOME LOAN FROM ICICI BANK LTD!!!