[Resolved]  ICICI Home Loan — High Interest rate

ICICI Bank is one of the worst bank to deal with whether its bank accounts, home loan, Credit Cards, or some other products. I really have never heard ICICI bank reducing interest rates from last 4/5 years. RBI should strictly look into this matter and save customers of ICICI bank. I started my home loan in 2003 @8.00 and now ICICI bank is looting me with interest rate @14.00. When you contact them they have standard answers like you have opted for floating rate and PLR is taken into consideration which is as per government and RBI rules. God please help ICICI Customers.

ICICI — Home Loan Rate

Hi,

I am an existing Floating Home Loan customer of ICICI. My account number is LBNMU[protected].

I want to register a complaint regarding my floating home loan rates not being reduced even when New Home Loan rates have been reduced. This is absolute discrimination on part of ICICI bank. Whenever RBI has increased the lending rates earlier ICICI has been quick to increase the rates for exising floating customers, but whenever RBI has reduced rates in the recent past rates for exising user have not been reduced.

I want my floating rates to be reduced within 15 days, otherwise i will be forced to take the matter to the court and my lawyer will send a notice to the bank in this regard post 15 days.

Awaiting a quick revert.

Thanks,

Arjun Kaul
A/C No. - LBNMU[protected]
Mobile - +[protected]

We need to publicise the issues with ICICI. There was rumer about ICICI Bank bankrupt.But it is true.We have to decide, no one will put ICICI Bank saving account, no insurance from ICICI, no ICICI Credit card.Send me at sridharparida-at-rediff mail i will send Lacs fraud against ICICI Bank.We have to decide to make this bank bankrupt.

NIKHIL JAIN
19 Gagan Vihar. Trans Yamuna. Delhi - 110051.
Ph: 652 55575, 22460121 – fax,[protected]

January 17, 2009 Email : [protected]@chemfilindia.com
For,

M/s ICICI Home Loan Department
M/s ICICI Bank.
ICICI Prudential Branch
E-1 Block, Videocon Tower,
IInd Floor, Ranijhansi Marg,
Jhandewalan Extension,
New Delhi – 110055

Subject: Complaint against excess charge of rate of interest in home loan Account NO: LBNOD[protected]

Dear Sir,

Refer your above mentioned home loan account number issued to me in April 2005 with an EMI of Rs. 27390.00 on monthly basis. This loan was sanctioned under floating rate of interest

I have received an sms from the bank in January 2009 stating that the present rate of interest charged to me in this account is 12.5 % and I still have a tenure of 124 months pending for payment.

Please be clearly advised that :

1. I am a very prompt payer of all my liabilities including your loan EMI.
2. The present rate of interest of various nationalized banks is 10 % for home loan which is around 2.5 % lower than your existing rate of interest.
3. Such lower rate of interest are prevailing in the market even for loans above Rs. 20 lakhs.
4. In view of such mal practice at your end, I insist you to reduce the rate of interest on this account immediately and send me a confirmation in writing confirming the new tenure of home loan with reduced rate of interest.
5. I also request a confirmation for subsequent reduction in the rate of interest in future whenever there is a rate of interest cut affecting all the banks equally. I will again lodge complaint for all future rate cut if your rate of interest is higher than the rate of interest of nationalized bank. Hence, you are requested to kindly configure my account in your computer based on competitive and genuine home loan interest charge.
6. If you suggest, I can arrange to pre-pay some amount so that you can reduce the rate of interest. I am keeping this option open subject to your confirmation.


Incase, you do fail to honor my request, :

1. I will firmly approach consumer court and serve you with a legal notice to this effect.
2. I shall also approach banking ombudsman to resolve this matter.
3. I may shift my loan account with other banker and will not pay the loan cancellation fees.

You are a leading banker of our country. Kindly do not cheat your customers on account of filling your profit bellies in books of account.

“ Be honest to your consumers so that they can be honest to the others and others can be honest to you in banking business. “

This is for your information and necessary action. A quick reply in this matter is required from your side.

Sincerely Yours,


Nikhil Jain
( Loan Applicant )

I fully endorse views of Mr. Nitin and all others who have been victimized by ICICI Bank by charging higher rate of interest on Home Loan. I also took loan in the year 2001 @ 7.5% which has now gone to 13.75%. Now, after repeated communications and follow-ups, they have reduced to 12.75% only. While they are offering home loan @ 9.50% to the new customers, I fail to understand why the old customers are being punished by charging higher rate of interest. Today, no bank is charging more than 10% interest rate on home loan but ICICI is not ready to reduce the interest rate for its old customers. I would appreciate if RBI intervenes in this matter and takes appropriate action.

I have also expericed the same .

In 2006 when I availed the loan, the rate which I started off was 8% .

Now, while the rates are supposedly low, I am paying around 11% . The day the Reserve Bank increases the rates, ICICI are the first bank to up the loan rates .
But they have a different set of rules for new customers (Which eventually will feel entrapped as welll ;-) ) . Somebody needs to give a tight lash to them . It is only then that they will understand the pain of the customers !!!

Mayank

ICICI Home Loan — VERY HIGH INTEREST RATES ON HOME LOAN

I have taken home loan from ICICI bank. But now I am many fts. under the ground with the burden of very high interest rates of ICICI Bank Home Loans. My Home Loan is floating Rate Of Interest. ICICI bank is not at all thinking about its old customers & keeps on increasing rate of interest. Other banks, especially Nationalised banks like SBI is reducing interest rates for both old & new customers. But, ICICI is trapping new customers by offering them low interest rates & then full them by constantly increasing interest rates.
Who will save me from ICICI bank? I never suggest ICICI Bank Home loans to anyone.

ICICI Bank is not caring for customers. Other Banks like SBI ensures "COMPLETE CUSTOMER SATISFACTION".

My Father has a 2002 ICICI housing Loan # LBJOD[protected]. ICICI Bank is charging him 13.75% Rate which is way above than going market rates & nothing short o[censored]sury. They have been charging him this rate (or even higher) since May-2007.

As a matter of fact I applied for my own loan recently & they offered me the RoI of 9%. I don't understand what legal justification you can follow this practice of charging different interest rates to different customer who are otherwise identicle. That is selective discrimination & they can do the same to me as well in couple of months down the line. Please let me know what legal tool I have at my disposal to protect him right now & also to me in future.

Any help on this matter will be highly appreciated.

Thanks
Jeetendra

Dear Jeetendra,

We apologise for the inconvenience caused. We'll contact you and work to address your issue at the earliest.

Regards,
ICICI Customer Service Team.

I too agree with the same, I had taken ICICI Home Loan in May 2005, when i had taken the loan the ROI was 7.5% in a span of 3 months the ROI increased to 8% in within a period of 5 years the ROI reached upto 12% when I visited the branch for foreclosing the loan as i want to transfer the loan to other bank. They said you make a payment of 3000 n we will revise your ROI to 8.75%, and no guarantee if the ROI will increase again or reduce, and today there is a news of Interest rate revision.

Feel like transfering the loan to other bank.

Hi,
i am rakesh i have taken a home lone from ICICI bank some how my two EMI gets bounc ICICI has loged a complain in CIBIL by complaning that my cradit record is not good and bank has not received one year EMI this is crime what ICICI bank do with customers . ICICI bank never think about his customer. i will never deal with ICICI in future once i close my account.

regards,
rakesh

icici home loan bank — high interest rate

RESPECTED SIR, I AM FEROZ AZIZ KHAN LOAN AGREEMENT NO IS LBAMI[protected]. WITH R OF INTEREST IS 8% WITH VARIANCE AS FLOATING WILL BE OF 2.25%.SIR NOW THE BANK IS CHARGING 14.5%WHICH IS UNAFFORDABLE AND NON ACCEPTABLE FOR ME.
AS THERE MARKETING PEOPLE HAD INFORM ME THIS SITUATION NOW FROM 180 TENURE THEY HAD INCREASE TO 273 AND THE INSTALLMENT AMOUNT FROM 3709 TO 4315.
SIR I REQUEST TO PLEASE REDUCE THE R O I OR TENURE TO ME I AM READY TO PAY U WITH IN TWO YEARS ALL AMOUNT.
PLEASE DO THE NEEDFUL TO ME.
ALSO THE AGENCY WHO IS COLLECTING THE MONEY THAT IS COLLECTOR ID NO17377. IS GIVING ME WRONG GUIDANCE HE IS SAYING ALL WRONGS THING TO ME WHICH I AM GOING IN DEPRESSION AND CAN LOSS MY LIFE WITH HEART ATTACKS OR AN ACCIDENT
THANKS PLEASE DO THE NEEDFUL TO ME. FEROZ
[protected]

Hi,

We are sorry to hear about your experience. We have made a note of your mobile number. We'll contact you and work to address your issue at the earliest.

Regards,
ICICI Bank Customer Service Team