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[Resolved]  ICICI Home Loan — No cooperation for home loan transfer

I took this home loan of around 2500000 @8.75% (25 Lacs) in Jan 2007. At that time I chose ICICI because of the long standing relationship and the technology savvy features offered by the bank. Then I witnessed the fastest and steepest process of increasing the rates for me:

Feb 2007 - 50 basis point
Apr 2007 - 100 basis point
May 2007 - 100 basis point
July 2008 - 75 basis point
Aug 2008 - 75 basis point

Now my lending rate is 12.75% even after RBI cuts the CRR by 350 basis points and Repo rate by 250 basis points (As on Dec 22) and my loan tenure is also increased. Now I am getting the feeling that the bank is misguiding not only the people of India but also the Media, RBI and Govt, you speak that you'll reduce the rates but never delivered so far. Almost all the other banks have lowered their lending rates. Even Ms Chanda Kochar said in one interview that cost of funds are same for all the players in the industry.. then why your bank is not reducing the rates and always keep the floating rates as "Forwarding rates" which moves only in Northward direction ? Now I have completely lost faith in ICICI bank and your products

With this really bad experience that I am facing from one of the largest home loan issuer bank ICICI, I went to your home finance office to initiate the loan transfer process to some other reliable bank but the kind of answer the home finance staff provided me for seeking a clarification on the legal documents certificate was shocking and it appears the bank does not co-operate for the legal verification of the original documents by the lawyer or issue a genuine letter stating that the bank is holding the originals of so and so documents and will return those documents on (fore)closure of loan. Also when I asked about the appealing authority to raise this concern, the home finance staff mentioned that she doesn't have an answer and the issue can be escalated to senior management prompting me to write this letter

Please awaiting for your kind action/reply on the same

Thanking you
Radhakrishnan G
Complaint marked as Resolved Aug 14, 2020
Complaint comments  25 CommentsShareTweet


I agree with you.Even I started process for switching loan.BOB is good option.They are giving fixed rate loan for 9.75%
i am completely agree with u. I have ICICI bank home loan car loan bike loan. i facing very much problem of higher interest rate, no co-operation, higher charges which is never seen anywhere. i think SBI is good for that.
I completely agree with you all. ICICI bank is one of the worst banks when it comes to borrowing loans. Their strategy is to give loan easily to customers as opposed to other nationalised banks which aks for lot of documents and take bit longer time. But the major major disadvantage of ICICI bank is once you have fallen trap to their strategy and borrowed a loan then they keep on increasing the rate of interest. Highest rate of interest on home loans charged by any bank in India. My only advice to new entrants is that avoid ICICI bank as they lure customers into easy and immediate loans.

I have also taken loan from ICICI and its been like living in a nightmare when you see interest rates of other banks. This bank just doesn't reduce rates. I am really thinking about transferring my loan to other bank. I hope ICICI doesn't foul cry in transferring the loan.

ICICI is CHORE bank.I too am trying to transfer my home loan to other nationlised bank...but its more than a month they have not given the document...& on top of it...& they keed adding some chages after opting for loan closure...this bank is soon going to be closed..listening KOCCHAR???

New entrants...beware of this CHORE bank...dont go by lower interest rate or hassle free documentation process...watever u saves in 1 month or so u will loose in very next month...& u will repent...even i[censored] want to close home will be very very Problematic.

Wish this bank closes that people r not cheated
am completely agree with u. I have also taken Home Loan from ICICI BANK. ICICI Bank is the only bank who has raised the interest rate so many times without giving any concessions or even thinking about the people. This bank just doesn't reduce rates. Now they are looking only for the money not the customers and their problems. Also their charges are also very high. They will not give any prior notice abount the changes.

ICICI Bank Home Loan — No co-operation from the bank.

I had taken a home loan from the bank, Bangalore branch, nearly three years back. The loan was a joint loan; me being the applicant, and my wife being the co-applicant. The loan was taken at an interest of around 7.5%.

Unfortunately, due to personal differences between my wife, and me, my wife decided to no longer support me on the loan. The interest had gone up to 14.5%, and I could not afford to pay this much on my own.

My wife will not allow me to sell the flat. She will not take over the flat. And I cannot afford to take over the flat on my own. In such a situation, I was forced to stop my EMI payment.

I have been running behind the bank ever since, to find an amicable solution to this problem. The bank is so indifferent. All that they care about is forcing me to somehow make the payments. They are trying to use all means to get me to do this. I even informed the bank that I am willing to surrender the flat to the bank. I visited the bank to sign the required documents, but every time I go, they come up with one or more excuse to try and make me avoid this. The bank is at loss if I surrender the flat. They would like to ensure that I either remain with the loan, so that they profit from the interest amount, or delay this as long as possible so that they can benefit the maximum on the interest on the delayed amount.

Am not sure of what course of Action I can take. Any help or suggestion is most welcome.

- Satish.
Please take help from RBI Grievence cell or Consumer Forum . You will get some help
Absolutely agree with the comments on housing loan problem, created by this Bank. RBI should issue some guidelines for each of the banks to follow those rules strictly. Its very sick that this bank is not reducing the rates even tough the CRR and Repo rates are drastically down from few months now.

I also completely agree that this bank is playing around with the customers mind, fooling ppl and government. I totally lost my faith on this bank. I[censored] call at call center of this bank u will get answer contact nearest branch. i[censored] contact nearest branch u will get ans contact Parent/Mother/Home branch. and i[censored] contact Parent/Mother/Home branch u will get the ans contact call center. Only wate of time and money. At last u will have nothing in ur hand other than frustration.

I have home loan since jan 2007 that time i was told ROI will be flexible i.e. ROI will be fixed for first 5 yrs and then it will change as per market conditions that too can be changed after 5 yrs as per requirement. But All this was absolutely FAKE...i was told ROI will be 8.25% but sanction letter given of 9.75%. Loan Tenure was for 15 years but now it is 39 years at 12.75% p.a. This loan process started in July 2006 and i have recd disbursement in jan 2007. That time i have provided all my original documenst of property and now bank is saying they have only Agreement copy and nothing else.

When i tried to switchover to nationalised bank no coperation recd from this bank. Nationalised bank is asking for all documents and this bank is saying they dont have such...
This bank loan for housing sector shoud be baned by RBI to save hard ern money, because if same gay take loan from other bank like sbi he will pay 4 to 5 year less emi than this bank
I don't see any reason not to ban ICICI bank. They are openly cheating the public. Surprisingly no one from Govt or RBI coming forward to address the grievances of ICICI bank customers.

ICICI don't have any ethical sense even. They play all cheap tricks when you approach them for loan transfer to other psu banks. They even manipulate the documents which other banks need from ICICI, giving wrong impression on the customer.
I do agree with all of you . And I am also on the way to switchover my home loan to SBI . They generally take little longer time than usual, but once you are thru', you will be relaxed & sure that, you w'not have to pay any unwanted expenses thru'out your tenure .
Hi All,

When we all agree that we are being cheated, why can't we do something. Just by having mutual consent that we are being cheated will not solve the problem. We need to be unite and
do something to find the solution of this problem.

I am sure there would be thousands of other people who have taken the loan from this bank and facing the same problem which we are facing. They have not expressed their problem because they don't know what to do and how to do.

Infact, i don't know how can we solve this problem but something needs to be done to check this fradulent behaviour of ICICI bank.

One step which we can take is to unite at one common place and call the press to raise this problem. This will have two benefits - first, govt will feel some pressure to take action against this bank and secondly, we will be united by other people who are the victims of this bank.

All of you, please suggest the ways, how can we get the solution to this problem.

Please do this as soon as possible.
tranfer your home loan to LIC or new home loan
only BANGALORE CITY pepole contact

MOBILE NO-[protected]
E-MAIL- [protected]
Yes Iafree. When I got my loan from ICICI in2005 it was 7.5% in flexible. Now it has risen to 13.5% and they have raised the tenure with little reduction in EMI.

We must do something for this torture.
This is Deepak from Chennai. Whatever you told is absolutely true. I also took loan in ICICI in 2006 @ 7% pa but now repaying at 12.5%. When the bank increased the rates when other banks did, it is liable to decrase the same as well when other peers do.
Also RBI has no control with any of the banks. The concept of "floating" means fluctuations as per market conditions. Now the banks are reducing the interest rate for new loans but nobody is caring for existing loans. The concept of "floating" doesn't make any sense at all.
Now that you are an existing ICICI home loan customer, you can avail a new interest rate of 9.75%. The details of the same are given in the link below

The customer service is pathetic. Now you won't get answers to your questions rightaway. You will have to wait for their callback. It may take minimum 1 business day. This is really pathetic service. I dont want to bank with ICICI anymore. Also, the attitude of Sales rep ANJALEE at the counter in MG Road is really rude towards the customers. Her responses are really discouraging for any customers to bank with ICICI. Hope the officials will find this out and take necessary action though i don't expect this from a bank like ICICI.
My only advice to new entrants is that avoid ICICI bank as they lure customers into easy and immediate loans.
Wish this bank closes that people r not cheated
I agree completely..
ICICI is pathetic... I am also thinking of switching the bank...

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