[Resolved]  ICICI Home Loan — Non receipt of IT Statement

Yes ICICI is the Worst in Home loans ..please don't go for it ...
Initially it will treat you gud, but once you are in their trap...u are gone ...
I am sufferer.Please belive me ..Don't go for Home loans from ICICI

ICICI Home Loan — unfair interest rates

Despite Reserve Bank of India reducing their cash reserve ratio (CRR) from 9% to 5.5% in the last 2 months, ICICI has not resduced their home loan interest rates. Their PLR is still at a high of 17.25%, unchaged since August 2008. In comparison, SBI PLR is only 13%.
This is height o[censored]nfairness on the part of ICICI.

ICICI Home Loan — ICICI Home loans not reduced!! Frustrating!!!

ICICI bank's home loans are extremely frustrating.

When RBI increased the loan %, they increased immediately but now when RBI has reduced the home loan %, ICICI bank says they will not reduce for existing customers.

Here is how they increased for me:

Nov 2006 8.75%
Dec 2006 9.25%

Feb 2007 10.25%
Mar 2007 11.25%

Jul 2008 12.00%
Aug 2008 12.25%

When they reduce for new customers, why not reduce for existing customers. Is somebody going to file complaint against them?

Thanks!!!

Difference in attitude
I am surprised to see ICICI being the 1st bank to hike Interest Rates according to market scenario
and last one to respond when interest rates are decreasing

ICICI Home Loan — Charges for reduction of Floating interest rates

We have a housing loan in the name of my wife and we were informed that we have to pay charges of 0.5% for conversion of Interest rates + Service Tax.

This is ridiculous. While other banks/nationalised banks are reducing the interest rates themselves which are floating, one of the biggest banks in India, finds this an opportunity to make money at the cost of its customers in such difficult times. While other banks think of supporting their customers, this bank is busy making money for itself.

I am not sure if someone is going to respond to this complaint but this is just not done!!!

ICICI Home Loan — Fees not refunded

Hi,

Last year i applied for home loan in icici bank,
We paid Rs.25844 as fees before they approved the loan and they also said if you cannot avail this loan we will payback this fees.
Due to some clarification, Loan amount issuance was delayed and at last we told them that we dont want to pursue the loan from your bank as it takes long time .
better we will go for other bank and closed this chapter..

But still My fees was not refunded.
I had furnished the details as below:

Details of ICICI bank house loan.
1. 23-07-07 = Administrative fees 12, 922 /-
2. 25-07-07 = processing fees 12, 922 / -
3. Loan application # : [protected] dated on 29-06-07
4. Loan sansactioned on 23-07-07
5.Loan amt = 23, 00, 000 /-
6.Agreement # : LBMDU[protected].
7. Officer name = K.Kumaresan, Branch Credit manager, office phone :[protected]
8.Agency name = Sri Nidhi Enterprises, Madurai
9.Branch Address : ICICI Bank, Home Loan division, west chithirai street, madurai

Until June 2008- they have not released any payment.

we have paid to the promoter, at the rate of 18% interest for 23 lakhs.


Please help us to get back the fees back

thanks
sudhan
[protected]

Not received provisional IT certificate for Year[protected].
Name : kadam satish prabhakar
Loan A'c.LBBMT[protected]

For provisional Income Tax certificate i did SMS at 5676766 as IITP LBBMT[protected] and i get the reply from u that I received same certificate within 7 days from the date of dispatch
"2nd week of jan2009".
so i kindly request u to consider my complaint & take nessasary action to get me the same as early as possible.

I am agree, why we need to pay the 0.5% to reduce the interest. This is cheating the customers. They will give the loans for less interest rates, after 1 or 2 moths they will increase interest rates, it will reach the highest rates. This is worst and cheat bank. People should not take the loans from this bank. There is plenty of options with good home finance institutes and banks.

kindly send me the final tax certificate for 2008 to 2009 and my
home loan account no. LBHYD[protected]

i totally agree with San.

let me know the statements of the half yearly for the year[protected].
kindly send an statements to my id.

pl. send my IT statment of home loan . My home lone a'c no. LBVRN[protected]. so that i sub. my ITR. It's very uregent.

ICICI Home Loan — Stagnant higher Interest Rate

To ICICI Bank,


Once again ICICI has reduce the Rate of Interest for the new customer leaving existing (pocketed) customer high and dry. Can you please explain why should existing customer are being charged 13% while new ones are being lured with 10% RoI? Why 3% is charged more for existing home loan?

regards,
Hemansu

I have serious complaint to ICICI bank Home Loan, I am still paying 13.25% interest and after paying aproximate 3 lacks in last 34 month the reduction in principal is only 8000 rs. as well as i still have to pay for next 287 Months and increase in EMI is 1720 Rs. from the time i took Home Loan for 240 months
This is not at all suitable policy for existing costomers. Why we have to pay more?

I HADTAKEN HOME LOAN IN 2006 THE INTRESEST % WAS 9.25 AND SUBSEQUENTLY INCREASED TO 13.25 DURING RECESSION RATES T NEW CUSTOMERS REDUCEDTHEY ALSO OFFERED ME A CONVERSION BUT WITH A INVESTMENT PLAN WHICH I AM NOT ABLE TO PAY THIS WAS RIDICULOLOUS TO ME

Plz Send me A/c Statement Start to end A/c No.: LTGHZ[protected]

ICICI/Home loan — Higher Interest Rate

Dear Sirs,

I had taken a home loan of 27 lac @ 8.5% (floating rate) in 2007. Subsequently it was increased to 12.75% by the end of 2008 reason stated "market condition"

RBI website, which clearly indicates that the cash reserve ratio and bank interest rates have fallen and is at par with the 2006 level. Still ICICI Bank has not reduced its rates.Talked to the customercare officer who explained that the rates are not going down because of " higher borrowing costs" and "NPA's" . The rates are revised only for "NEW CUSTOMERS ALIAS NEW BAKRAS"

• Till date I have paid all my EMIs on schedule.


But it seems all these do not make any difference to the bank.

Yours truly,

ICICI Home Loan — Reg.Interest Rate

Dear Sir,

I understand that ICICI Bank is resorting to unfair means of extracting more interest from all their customers and i am one of the victim of that.I had sent mail to every one in their office expressing my problem and untillnow it has not been solved. Now i understand that they are silently taking 1.75% from their customers whose loan is more than 20 Lacs and reducing the interest rate to 10%.I am forced to pay Rs.52000/- to reduct the interest rate.This is done just to cheat the public.They are not giving any advertisement or confirmation through their customer care about this.

I request yourself to intervene to find a remdy for my case.I have enclosed the details E Mail send to their MD.Still no positive response.

Regards,


R.Kumarendhiran

----- Forwarded by KUMARENDHIRAN R/MAD/NPI/IN on 01/12/2009 11:28 AM -----

KUMARENDHIRAN R/MAD/NPI/IN
01/06/2009 12:05 PM
To
chanda.[protected]@icicibank.com
cc

Subject
Reg.Home Loan Interest Rate Charged





From,
R.Kumarendhiran
Andheri Green Field Co.Op.Society
B 34 Green Field Towers
Off.Jogeshwari Vikhroli Link Road
Andheri East
Mumbai:400093
Loan Account No.LBMUM[protected]; Application No.[protected]

Dear Madam,

Wish you a Very Happy and Prosperous New year. Let me also congratulate you on your elevation to the level of Managing Director of this Bank.

I am a Home Loan Customer of your Bank and I would like to put few facts and figures in front of you to redress my grievance. I have availed the Home Loan during the year 2006 August from your Bank when I purchased a flat for dwelling purpose at Mumbai.

I had availed this loan looking at my long association with your Bank as Salary account Holder since 1999.Also the aggression shown by your Bank in terms of quick disbursal of loan and services at door step. Though I had many options of other Bank then also I preferred to go with your Bank.

I wanted to point out few facts in front of you. When I availed the Home Loan during the year 2006 the interest rate charged to me was 9% Floating Rate. I started paying the EMI from the month of September 2006 at the level of Rs.25193/- for a stipulated period of 240 Months. I had availed the loan from your Bank at this level. The EMI has been split in to Principal Component of Rs.4193 and Interest Component of Rs.21000/-.

Then onwards you are very well aware what happened to the interest rate. It started sky rocketing at every month consecutively from the Month of February 2007 and ICICI Bank was the only Bank which promptly and swiftly revised the rate even if it is a consecutive month also. I have prepared a small table for your better understanding of my plight.
Month and Year EMI Amount Paid Principal Component Interest Component Interest Rate % Loan Tenure
September 2006 25193 4193 21000 09.00 % 240
February 2007 25193 3195 21998 09.50 %
April 2007 25193 935 24258 10.50 % 340
May 2007 28475 1916 26559 11.50 %
July 2008 28475 2190 26285 12.25 %
September 2008 30098 422 29676 13.00 % 422
December 2008 30098 427 29671 13.00 % 422

You can see from the above chart how your Bank has taken me for a big ride to deprive me all my Money to improve your Banks profitability or its survival. I have consulted a charted accountant who has good knowledge in these areas surely vouching my statement mentioned above. I have been taken as granted and squeezed.

You can notice my Loan tenure has gone up and now I am 44 Years old and availed loan 27 Months back and with this logic I will continue to pay EMI to your Bank up to 77 Years of my age. Don’t you feel this is ridiculous?

Apart from the above irrational you can notice the interest rate has gone up from 9 % to 13 % and there is an increase of 4% and in percentage terms it works out to 44.44%.

When you look at my Principal Component it has come down from Rs.4193/- to Rs.427/- and in percentage terms it works out to - 89.82%.

When you look at my interest component it has gone up from Rs.21000/- to 29671/- and in percentage terms it works out to 41.29%

I have given the same in the table form for better understanding.
Description Status as on 2006 Status as on 2008 Difference % Difference
Interest Rate 9.0 13.0 4.0 44.44
Principal 4193 427 -3766 (89.82)
Interest Amount 21000 29671 8671 41.29
Loan Tenure 240 422 182 75.83

Now I have furnished all required details. In normal practice no one look at all these facts once you are tied up with a Bank which will take care of customer’s interest and I see many advertisements from your Bank proclaiming that. Now I feel that I have been totally cheated by your Bank.

If you feel the concerned authorities have done the right thing in my case then I will keep quite and look for some other Bank which is trust worthy ( I have prepared all documentation for Loan transfer to HDFC and only waiting for a 15th of January being an auspicious day).

What ever the mail I had written down to your customer care officer comes with a standard text reply and there also they have committed a mistake to me by wrongly communicating by paying 0.5% you can reduce the interest rate to 12% then they are retracting from that stating that it is applicable for only below 20 lacs loan cases and which they did not communicate to me earlier and admitted there mistake. However I don’t find even that is also not acceptable to me. Then I instead your Customer Care officer to give me E Mail id of some one at the higher level and so far they have not even responded.

Hence I am writing this detailed mail to yourself. If you find any thing is wrong in my loan tenure and interest rate working then please advice the concerned and correct every component as mentioned above and please do justice to me.

I expect a positive response from your side at the earliest.


Yours truly,

R.Kumarendhiran

Present Address
Old No.93/1, New No. 98
Patel Road
Perambur
Chennai:600011

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
http://wealth.moneycontrol.com/features/home-loans/rate-war-icici-drops-home-loan-rates-for-existing-customers-/12762/0


Regards
Deepak
[protected]