ICICI Home Loan — ICICI Home Loan Calculations

As I have purchased a propoerty I was Happy, With all good things in mind, I approaced ICICI Bank for HOME LOAN, Noida Office.
With all kind of commitments and promises, my loan was disbursed on 31st May 06 of amount Rs 23, 59, 547 for 20 Years at the rate of 9.0 % Floating . They did a FLIP loan where my EMI was Rs 24, 287 for first 9 years and then of Rs 17K for rest of 11 Years.

With time the interest changes over a period of time from 9% to 13.75% (This hike was unique to ICICI bank, I didnt find any other bank increasing so high), and with this increase my EMI was increased from Rs 24, 287 to Rs 28, 407.
Not only this, the tenure was increased from 20 years to 35 Years. I was shocked. I have no idea what so ever how they have arrived on the tenure of 35 years and EMI of Rs 28, 407. (This loan has made one thing sure that My kids going to curse me of what I have done. I have purchased a DEBT for them. Parents give Assets and property to their family)

Its almost More than one month that I am dealing with them on the explaination about how they have done the calculation. The customer care and Home Loan Branch, Both are not able to provide me any inputs on this. Rather they do call me every week to the branch and waste my time.
How the calculation have been done. NO IDEA WHAT SO EVER!!
I want to ask ICICI to please give me the explaination for this:On what basis ROI was increased How the calculation were done.How the tenure has increased from 20 years to 35 Years.

I have written in ICICI at various level. I followed the various level of contact as per their site (1, 2, 3, 4 level) but no one bothered to answer my query. All they were doing was playing the "Pass the Ball" or "Ping Pong" with me.

Few of the person I have written/communicated with are
a) Nitish in Customer care, communicated via phone and email. Was not even able to undersatnd my query. It was just bangging my head on the wall.
b) Kirti in Home Loan Branch in Noida Sector-50, No logical respone. She tried to be smart. And gave me very silly explaination. Every body nows 1+1=2, she told me that 2-1=1; I asked her how the Interest and Principle is calculated, she toldme that out of EMI if I deduct Interest we will get the Principle part. Even a class 6 student knows this.
c) Manoj Arora, communicated via Mail. But no response at all. Didnt bother to respond to may mail.
Dealing with these guys was just like insulting yourself.
I am fed up of all this and want a solution to this misery of mine.
Guys ENOUGH IS ENOUGH.
Live up to the expectation of customers.!!

I want ICICI to be very clear on this that I need explaination why this kind of response is given by staff at various level in ICICI.During this whole process of asking explaination, I was humiliated and terrified by the interation with ICICI. I have wasted my time with them.

I want few things as soon as possible:
a) How the EMI amount was calcualted for my loan
b) How the Tenure was increased from 20 years to 35 Years.
c)EMI amount was increased from Rs 24K to Rs 28K.
d) I need my extra Interest money back from ICICI with Interest @ 24% P.a.
e) I need a compensation of Rs 2, 00, 000 for the time and effort I have put to make them understand my problem and still nobody is bothered about this. I have visited Home Loan Branch for last 5 saturdays and spend almost 2 hours for nothing.

Dear Mr. Garg,

Kindly write to us at [protected]@icicibank.com, with the subject line as ‘Customer Service – Home Loan’. Request you to provide the relevant details of your loan, along with your full name and contact details.

We will be glad to assist you.

Regards,

Nazia Sayeed
Office of the Nodal Officer
ICICI Bank

ICICI clearly cheating people when they sign off any body for home loans. There will be a day they will loose market in india and have to wind up if they continue to cheat.

I am also a customer and gone through the same problem none of the banks increse the EMI whatsovever the PRR is or interest rates are but this one bank does it. I would never recomend anybody to go for this bank. How you are supposed to manage your household when EMI is changin unexpectedly.?? they woo new customer to fall in the trap by giving loans at less rates and the existing customer continues with higher rates of interest than what other nationalized banks are giving.

My advise is for people to repay as much as possible whenever be every month or thrise a month/yearly and finish of the loan.May be also explore transfering the home loan and press them to get that done. they anyway charge 2% for that. Better to pay and save your self from the monster.

Good luck!
kolar

I agree with all of my friends who have commented above. I think by cheating customers ICICI Bank showes profits in their books, I have taken a Homeloan in 2005 and at that time my emi was Rs.3663.00 and at present I am paying Rs.5330.00, they dont even communicate on the changes made what is the ROI they are charging what is the tenure they have increased. Lastly, as I have shifted from my hometown their were some issues in my bank a/c from where emi used to be debited, but now I pay regularly through their collection agent and suddenly on 9/7/11 they have debited Rs.34939.00 from my account stating that their is outstanding against my home loan, they donot bother to intimate the customers what is due? what is the changes made in the ROI, changes made in emi or changes made in tenure. Its really pathetic.
My wife is going to be operated on 16/7/11 and suddenly I am in a financial soup due to the greatness of ICICI Bank.
I am going to see the end to it enough is enough.