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[Resolved]  ICICI Home Loan — Loan Amount not reduced even after payment

I have taken a home loan from ICICI Bank in 2004. On 24.05.2008 I made part payment of Rs. 150000/- on 24.05.2008. My EMI date is 1st of each month. As per agreement, interest is on monthly reducing balance. Although I have paid in the month of May, but my balance as on 01/06/ 2008 was not reduced to the extent principal repaid.

On enquiry it was informed (orally) that this is the normal practice in Bank. On protest they told, wherever you want to complain, you can, this is the procedure in ICICI Bank.

I am unable to understand if amount is paid as well as enchased also by bank on 01.06.2008, how Bank can charge interest on that amount for full month of June.

I want to bring to the notice to everyone that these Private Sector Bank are cheating to public . Is there any controlling agency in this country who can save innocent consumer from becoming victim of them
Complaint marked as Resolved Aug 14, 2020
Complaint comments  10 CommentsShareTweet

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I have taken a home loan of Rs.1000000/- for 15 years tenure in floating interest rate. The Aggrement no: LBBAL[protected]. Pre EMI paid was Rs.25385/- from dated:31/12/2004 to 31/07/2005 . The initial offer given was 7.25 interest rate. When the loan was accepted the interest rate fixed was 8.5 with EMI Rs.9557/- per month for 15 years. After some months on 07/05/2006 again the interest rate was changed to 9%, the EMI was kept constant but the tenure was increased to some more year.Again the interest rate hiked to 10% from 07/08/2006, the tenure increased to another few more years.on 07/02/2007 the interest rate fixed at 10.5 & then increased to12.5% from 07/05/2007, the tenure increased to the max. limit & EMI increased to 10565/- per month. Even after paying 37 EMI, the CL.Principal is found to be Rs.948404/-. The last tenure is found to be 07/07/2030 for complition at this stage. This may again increase to many extent. I want to know that whether there is any control of RBI or any other rules these private Banks follows, on Home loans. As per my view there is some cheating. Many times the bank was asked regarding the calculation for Tenure increasing & EMI increasing, but they are not providing. All Private & PSU Bank must have similar calculation. Kindly look into the matter so that I can get justice against this type of cheating of ICICI HOME FINANCE LTD. Many customers are also facing similar type cheating from ICICI.
I want my home loan balance statement

my home loan file No .LBPEN[protected]

PLEASE SEND ON MY EMAIL

I waited your repply

Thanks
sudhir pingale
The home page of ICICI Home Finance have a compliment /complain on the right side but its quite disgusting to see the page does not open at all while the customer.care Id bounces the mail back.
Theres no email ids for the complain it seems its been purposely been done for not receiving the mails.
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-loa...


Regards
Deepak
[protected]

ICICI Home Loan — Interest Rates not in tune to the Market

Dear Sir

I had taken a loan from the ICICI Bank for purchase of a Flat. Very well knowing that the interest rates would go down, I opted for a floating rate of Interest.

subsequently the Interest rates went up and the Bank was quick to increase the rates. When the downward trend started the bank is reluctant to decrease the rate at the same pace.

I had visited the Bank and sent several emails. Finally they have agreed to reqduce the interest rates from 12.5% to 8.75% if I pay a conversion charges of 1.75% + tax.

Earlier I had taken a loan from LICHFL and they had changed the rate of interest as per the market conditions without a fuss. Why are these private banks behaving so unresponsibly. Are these private banks not regulated.

Look forward to hear from you.

Best regards
Vincent
[protected]
i have paid amount Rs.20107/- by.ch.no.37702 dt.24.04.09 for reduce intrest of my home loan a/c. but till date i have not received new emi schedule and balance loan amt.i also need my account (home loan a/c. statement.
want my home loan balance statement And certificate for file the IT return

my home loan file No .LBMUM[protected]

PLEASE SEND ON MY EMAIL

I waited your repply

Thanks
MAHESH PARAB
i want home loan balance for the following loan account no.
lbche[protected]
lbche[protected]

uregent

selvakumar
The bank may paying to many people those who matter.It cheating the people of their hard earned money.Sorry for those like u and me who have fallen pray to these Cheets.
I AM A SENIOR OFFICER OF A UNIVERSITY UNDER THE CONTROL OF THE MINISTRY OF HRD, GOVT OF INDIA..I HAVE BEEN ALLOTTED AN APARTMENT BY JAYPEE AT NOIDA.FOR THIS PURPOSE, I HAD APPLIED FOR A LOAN OF 20 LAKHS ONLY .THE MANAGER OF THE BANK IS SHRI SAURAV SHARMA, SECTOR-15 NOIDA.HE SPOKE TO ME ON PHONE THAT HE WOULD NOT BE ABLE TO SANCTION ANY LOAN AS I HAVE 5 YEARS SERVICE.WHEN I SAID MY SON WHO IS A CO-APPLICANT AND CO-ALLOTTEE AND WHO IS ALSO A CONFIRMED EMPLOYEE WAS ALSO ELIGIBLE, HE SAID OK.I CAN SANCTION ONLY 11 LAKHS WHICH I AGREED.ALREADY A MONTH HAS PASSED AND I HAVE BEEN FED OF WITH FLIMSY AND LAUGHABLE OBJECTIONS ON DAY TODAY BASIS.I AM PAYING PENAL INTEREST ON DAY TODAY BASIS TO THE TUNE OF A FEW HUNDREDS.THE MANAGER SAYS THIS CUMBERSOME POLICY IS THE POLICY OF THE BANK.IF THAT IS SO WHY THE PUBLIC IS HOODWINKED?WHY NON-SENSICAL ADVERTISEMENTS ARE ISSUED THAT ICICI BANK IS VERY FAST AND WITHIN 5 DAYS LOAN WILL BE REALEASED.THIS IS ALL HOAX AND PUBLIC SHOULD KNOW YHE HARASSMENTS ONCE THEY ARE TRAPPED.I HAVE NOW NO OPTION BUT TO GO TO MEDIA AND PROMOTE PUBLIC AWARENESS IF MY GRIEVANCES ARE NOT LOOKED INTO BY THE HIGHER AUTHORITIES.LET THERE BE AN INVESTIGATION AS TO WHY IT TOOK SO MUCH OF TIME.?I NOW REPENT WHY I LEFT HDFC BANK AGAINSTTHE ADVICE OF MY NIECE WHO GOT THE LOAN WITHIN 7 WORKING DAYS.WHENEVER I SPEAK TO THE MANAGER HE SAYS I AM NOT IN MY OFFICE AND I WILL SPEAK TO U WITHIN NALF AN HOUR.I PROCEEDED TO THE BRANCH BUT EVERY TIME HE WAS ABSENT.IF THIS IS THE CONDITION OFTHE GOVT EMPLOEES WHOSE INCOME IS MORE THAN 1 LAKH RUPEES WHAT WILL HAPPEN TO OTHERS? PLEASE LET ME KNOW THE ACTION TAKEN BY THE BANK HEAD OFFICE .MY E-MAIL ID IS---bkm.[protected]@rediffmail.com or bkm.[protected]@gmail.com.MY CELL NO IS [protected].MAY GAD BLESS ITS LEADER WHO TALKS IN TV IN A BIG WAY.
DR BK MOHAPATRA

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