[Resolved] ICICI Home Loan — fraud and misappropriation | |
I had taken a Home loan from ICICI bank on Jan 2007 at 9.5%. It was a flexible loan. However, within two months, ICICI bank increased the interest rate to 11.5 and still charging me @ 11.5%. My loan of 15 years has now become a loan of 23 years. This is interesting that ICICI currently offering home loan to the buyers at 10% and is charging me at 11.5%. My rate of interest was 1.75% less than the the ICICI reference rate as a preferred customer. but immediately after taking the loan, i became worse off than an ordinary customer by a big margin. This is completely cheating. When I questioned to ICICI bank, no body was ready to reply online. I was just getting calls from their end, but they would not reply to my email. I wrote a nasty email to K.V.Kamath a few months back and therefafter the branch manager of Bandra Kurla Calls me up. When I asked him this, he told me that ICICI has changed the gap of 1.75% to 3% for new customers. That is how the new customers are getting loans at 10% whereas i am still charged at 11.5%. He said that if I want to get the same rate of interest than I have to deposit another Rs. 1.1 lacs with ICICI bank (being 2% of the loan amount). The earlier one was cheating, this is looting. I never expected K.V.Kamath and team to do this to survive. I will file a case with the consumer court and take stringent legal action. If need be uptil Supreme court and Finanace Minister and RBI. I was K.V.Kamth to apologise personally for this fraudulent operation and resign immediately on moral ground, if he has any moral values left in him. When I wrote a mail to him, only his junior team of cheaters replied. he never bothered to reply back. I must say ICICI bank is a fraud bank. Never take any home loan from ICICI bank, else you die before you could pay back Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 12 Comments | |
Comments
Hi,
Even I face similar issues. They are changing interest rates without proper intimation and charging exorbitant interes rates. Now it is a gimmick ro reduce the interest rates by 1.5%. I'm sure it will be not more than 2-3 months when they will increase the rates by 3%. ICICI is a real cheat and I've lost all my faith in them. They are comparable to Pawn brokers. I'm not sure why RBI or any governing body is not looking into all these..
-Anil
Even I face similar issues. They are changing interest rates without proper intimation and charging exorbitant interes rates. Now it is a gimmick ro reduce the interest rates by 1.5%. I'm sure it will be not more than 2-3 months when they will increase the rates by 3%. ICICI is a real cheat and I've lost all my faith in them. They are comparable to Pawn brokers. I'm not sure why RBI or any governing body is not looking into all these..
-Anil
I completely agree with you. I am another unfortunate person to fall prey to ICICI. I was lured to the intrest rate of 8.5% promised by ICICI in May 2006. I was given a special intrest rate as I was employed with Wipro. Within 3 months we were informed that ICICI does not have any more tie ups with Wipro and hence the intrest rate would be 9.25%. Well this was just the beginning. From then every 4-6 months ICICI has come across with new and higher intrest rates. Currently I am being charged an intrest rate of 12.75% with my tenurity being increased from 15years to 18years. ICICI really sucks. I am planning to pay off ICICI and close all accounts and relations with ICICI. I need help with informtion of any bank that can help me get rid off ICICI.
mobile - [protected]
email - [protected]@yahoo.com
city - Pune
mobile - [protected]
email - [protected]@yahoo.com
city - Pune
Guys,
I completely agree with you. I am another borrower got trapped with ICICI. I had taken loan in Dec 2006 at 8.75% floating rate and now since July 2007 bank is charging interest at 12.75% without any official communication to me.
The bank is behaving like the ancinet MONEY LENDERS where the borrowers only end up paying interest and interest and his principal never get paid up.
Is there is any way we can file suit in Consumer court to get the benefits of reduction in interest rates. Please let me know, I would also join the hands to fight for consumer rights.
I completely agree with you. I am another borrower got trapped with ICICI. I had taken loan in Dec 2006 at 8.75% floating rate and now since July 2007 bank is charging interest at 12.75% without any official communication to me.
The bank is behaving like the ancinet MONEY LENDERS where the borrowers only end up paying interest and interest and his principal never get paid up.
Is there is any way we can file suit in Consumer court to get the benefits of reduction in interest rates. Please let me know, I would also join the hands to fight for consumer rights.
ICICI bank is now making a deal with the existing customers. They are saying that if you pay 0.5% of outstanding principal, they'll reduce the interest rate by 2%. Isnt this open fraud anc cheating? Did they pay us 0.5% when they increased the floating rate? Worst, they dont even show the FPLR value on their website anymore.
I also want to file a case against this bank. In the very least, we should start a campaing (email/sms) against this bank and ensure this reaches as many people as possible.
If you are looking to switch, I would recommend SBI bank. Their floating rate has been very well tracking the RBI rate. If your loan amount is less than 20 lacs, you might get the loan for 9.25%. The only catch is that the switch over process has a few hassles. But I the switch over is worth the effort. If you dont want the hassles, try HDFC bank. They are much better than ICICI bank.
If anyone knows of someone filing a case against ICICI bank, please post it here, so that more people can be a part of it.
I also want to file a case against this bank. In the very least, we should start a campaing (email/sms) against this bank and ensure this reaches as many people as possible.
If you are looking to switch, I would recommend SBI bank. Their floating rate has been very well tracking the RBI rate. If your loan amount is less than 20 lacs, you might get the loan for 9.25%. The only catch is that the switch over process has a few hassles. But I the switch over is worth the effort. If you dont want the hassles, try HDFC bank. They are much better than ICICI bank.
If anyone knows of someone filing a case against ICICI bank, please post it here, so that more people can be a part of it.
I feel that the story is the same across all banks. They all charge the current customers at higher ROI than the new customers. My friend had taken a home loan from Citi bank and his ROI currently is around 12.5%. I heard that the same is the case with nationalised banks too. But, in their case, the difference between the ROI of existing and new customers may not be this high as in most private banks.
As far as filing the case in the court of law, I do not think that it is legally tenable. Else, the Finance Minister will not be "requesting" the banks to transfer the benefits to the customers. But, the consumer court/forum may be the place for the customers to take their grievances to.
Switching the loan to a different bank is an option. But, one has to be very carefull in switching. What is the guarantee that the new bank also will not hike its ROI after about couple of months? Thereby one will end-up losing more than what he/she is gaining due to the low ROI as there will pre-closure charges by the existing bank (which is mostly in the range 2-3%) and also application/processing fees charged by the new bank. These hassles and risks are the reason why many people are not switching their loans from one bank to another.
As far as filing the case in the court of law, I do not think that it is legally tenable. Else, the Finance Minister will not be "requesting" the banks to transfer the benefits to the customers. But, the consumer court/forum may be the place for the customers to take their grievances to.
Switching the loan to a different bank is an option. But, one has to be very carefull in switching. What is the guarantee that the new bank also will not hike its ROI after about couple of months? Thereby one will end-up losing more than what he/she is gaining due to the low ROI as there will pre-closure charges by the existing bank (which is mostly in the range 2-3%) and also application/processing fees charged by the new bank. These hassles and risks are the reason why many people are not switching their loans from one bank to another.
I am a victim of Icici home loan. I have a novel idea. If we all existing Icici HL customers unite and stop paying our EMI's to Icici bank, then what can they do? one of my friend did this recently, after one month icici sent two recovery agents and they requested my friend " sir please let me know what is the issue we will help you, if you need we can give you couple of months to arrange funds and there will be no penalty for late payment, but please start paying sir". so they do not have anything if we do not pay. The managers will request us...then we can bargain that we can not pay such high EMI...and give them two options:
1. Reduce and match our Rate of intererst to Psu bank or as good as New HL customers
2 Allow us to switch hl to psu bank without any foreclosure penalty.
I think this idea can do wonders to all o[censored]s - who are sucked by ICici Home loan.
We need to spread this wave against cheat icici HL bank. and we all can succeed.
The fraud/cheat icici Home loan business should cease to exist.
Amit singhai/ [protected]
1. Reduce and match our Rate of intererst to Psu bank or as good as New HL customers
2 Allow us to switch hl to psu bank without any foreclosure penalty.
I think this idea can do wonders to all o[censored]s - who are sucked by ICici Home loan.
We need to spread this wave against cheat icici HL bank. and we all can succeed.
The fraud/cheat icici Home loan business should cease to exist.
Amit singhai/ [protected]
i took home loan at 2006 that time the interate rate was 7.75 now 12.75% my tenure gone up to 23 years. i don't know whether i will be able to pay the loan before i die
pls friends let me know any union or associations against fraudulant icici bank activities so that i can join with them and can do some legal things
pls friends let me know any union or associations against fraudulant icici bank activities so that i can join with them and can do some legal things
Currently I am also going through some of the bad experiences and hardships mentioned above. Two years back I was sanctioned a loan at the rate of 10.50% which went upto 12% and now current existing ROI charged on my loan is 10.50%. However, under switch program offered by ICICI they offer interest rate of 9.25%, however for this interest one has to pay switch fees of 1.75% on balance outstanding which seems illogical for the existing customer like me.
Or else I have to shift the loan from ICICI to some other bank, here again I have to shed 2% preclosure charges on balance outstanding which is again tough looking at the current financial position of mine.
Is there any way out through which I could request ICICI to waive either Switch Charges of 1.75% or Pre Closure Charges of 2%.
Or else I have to shift the loan from ICICI to some other bank, here again I have to shed 2% preclosure charges on balance outstanding which is again tough looking at the current financial position of mine.
Is there any way out through which I could request ICICI to waive either Switch Charges of 1.75% or Pre Closure Charges of 2%.
I would advise everyone not to do any business with ICICI bank.I applied for home loan on 10th Jan and today is 22nd jan and i am still waiting for the loan amount.Its really pathetic & ridiculous.I myself is holding NRE account with bank and they are offering this kind of services to their privileged customers, what kind of services a normal customer would be getting from them.
Even they lost my blank cheques which i gave them at the time of processing.
I strongly advise everyone not to do any business with these robbers.
Even they lost my blank cheques which i gave them at the time of processing.
I strongly advise everyone not to do any business with these robbers.
URJENT PLZ HELP
My father has taken loan of Rs10 lakh from icicibank in 2006 with ROI 9.25% for tenure period of 15yrs & after 2months ROI was raised to 10.25% & now in 2011 when i asked my few information in call centre THAT EXECUTIVE SAID THAT OUT TENURE IS RAISED FROM 180 MONTHS TO 424 MONTHS (15 to approx 35 yrs) & ROI IS 12.50% bec they have not raised our E.M.I thatswhy tenure is been raised but as i have seen one year back amortization statement which i got from bank which describe every month principal, interest & installement amount..i have seen as ROI is increasing they are decreasing the amount of principal & increasing the amount of interest then why they have increased our tenure period from 15yrs to 35yrs...& according to them we have paid only 25000 as a principal amount & more than 5lakh as interest...my father is very depressed, my father was thinking to take more loan for his business but now we are stuck on existing tenure period & ROI...PLZ HELP ...WHAT SHOULD I DO...PLZ HELP..if i switch over to indian bank or sbi bank fixed rate of loan should be preferable or not?
Kamal
kamal.xinte.[protected]@gmail.com
My father has taken loan of Rs10 lakh from icicibank in 2006 with ROI 9.25% for tenure period of 15yrs & after 2months ROI was raised to 10.25% & now in 2011 when i asked my few information in call centre THAT EXECUTIVE SAID THAT OUT TENURE IS RAISED FROM 180 MONTHS TO 424 MONTHS (15 to approx 35 yrs) & ROI IS 12.50% bec they have not raised our E.M.I thatswhy tenure is been raised but as i have seen one year back amortization statement which i got from bank which describe every month principal, interest & installement amount..i have seen as ROI is increasing they are decreasing the amount of principal & increasing the amount of interest then why they have increased our tenure period from 15yrs to 35yrs...& according to them we have paid only 25000 as a principal amount & more than 5lakh as interest...my father is very depressed, my father was thinking to take more loan for his business but now we are stuck on existing tenure period & ROI...PLZ HELP ...WHAT SHOULD I DO...PLZ HELP..if i switch over to indian bank or sbi bank fixed rate of loan should be preferable or not?
Kamal
kamal.xinte.[protected]@gmail.com
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I am completely agreed with you as I am also facing the same problem.
I took a home loan in 2006 at 9.25% rate of interest, but in 3 consecutive months they increased it by 2.5.
First month - by .5% so it became 9.75%.
Second month - by 1% so 10.75%.
Third month - by 1% so 11.75%.
Where there is no valid reason behind this exponential hike in R.O.I.
When all banks reduced there ROI ICICI was not at all there in the list of those banks but ICICI was at number one or top most bank in increasing the ROI.
I really don’t know if RBI has any control over these banks or not.
Why rules are not common for all banks.
Why does RBI exists if does not have any control or authority or interest in regularizing all of this.
I am seriously thinking to switch to some other bank. This was my first and last deal with ICICI in terms of any loan.
I request all reader to be aware of ICICI Bank.
This is the worst bank I have ever seen in terms of trust/faith, service and correspondence.
Please let me know switching to which other bank will be more beneficial to compensate my losses with ICICI. You can reach to me at +91-[protected] or +91-[protected] or [protected]@hotmail.com.