[Resolved]  ICICI Hfc — Higher Interest Rate @ Home Loan

Hello There!

I have availed the loan for Rs. 66,89,892/- (Rupees Sixty Six Lacs Eighty Nine Thousand Eight Hundred Ninety Two only) on September 29, 2006 with ROI @ 9.25% at the time of disbursement of loan from ICICI HFC Limited

During the past three years; ROI (Rate of Interest) fluctuated as high as 13.25% to current standing of 11.75% per annum for above captioned loan, as my loan term is “Floating”.

Today, when I visited your Branch in Noida, Sector – 50 and met MR. Goswami & Ms. Samta, they informed me that they can bring down my loan ROI to 8.75% from current ROI 11.75%,which would result in bringing my EMI to Rs. 54,559/- (Rupees Fifty Four Thousand Five Hundred Fifty Nine only) from current EMI of Rs. 68,050/- (Rupees Sixty Eight Thousand and Fifty only) with a net difference of Rs. 13,491/- (Rupees Thirteen Thousand Four Hundred Ninety One only).

During the course of discussion; they informed me to provide them with certain documents/ request to begin the process to change my EMI, per RBI guidelines; however bank would charge me 1.12% towards changing the ROI, and the demand raised is for Rs. 72,602/- (Rupees Seventy Two Thousand Six Hundred Two only).

I asked them to provide me with any detail/ note about the said charges; which they declined to provide me with any information with respect to justify the demand for changing the ROI, in accordance to guidelines issued from RBI.

I have two questions for the Management of ICICI HFC Limited;

1. According to Fair Practices Code of your organization; vide Para 2.3 in both sub-points; it has been stated clearly that “Institution will provide regular appropriate updates; and keeping customer informed about changes in the interest rates, charges or terms and conditions”. However in my case; Institution has completely ignored the above stated guidelines/ code as stated in your “Fair Practices Code”, published on website.
2. Also Para 3 of Fair Practice Code of the Institution; it also states that Customer can get information on interest rates; common fees and charges by asking the designated staff/ helpdesk of Institution, but sorry to state that when I requested the same to Ms. Samta; she not only refused the request, but also stated that Institution Policies can’t be shared with customer, and such policies are internal matter.

In the light of above facts; I request the Management of ICICI HFC Limited to please provide me the answer to above points and oblige me to revise ROI on my loan, without any further delay, as the dent for the previous few months, when the guidelines are already been issued to Institutions by RBI.

At this point in time, I’d also like to stated that in case, I do not receive any satisfactory response from the Institution within next 72 hours, I reserve my rights to escalate the matter to Ombud Person, Consumer Court and Indian Banking Association.

Looking forward to hear from you at an early date.

Regards,
-BP