[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