[Resolved]  ICICI Home Loan Department — Wrong Calculation of Rate of Interest

Address:

Howrah, West Bengal

To,
The ICICI Bank LTD,
House Building Loan Department,
customer.[protected]@icicibank.com

Sub: Loan No. LBCAL[protected]
Dear Sir,
I would like to draw your kind attention for the following facts for your kind perusal and remedial measure immediately that.

1) I have been granted with a House Building Loan of Rs.3,42,000.00 vide the above mentioned Loan Number. The first Installment amount of Rs.250000.00 has been disbursed on 31.01.2003 and Second Installment amount of Rs.92000.00 has been disbursed on 02.04.2003. The EMI of Rs.3623.00 started from May’03.

2. The Loan was sanctioned with Floating interest initially and at the material time the ROI was 9.75%.

3. The tenure of Loan was 180 Months.

4. I have been given chance by ICICI Bank to exercise my option to avail ROI on Floating or Fixed in the month of January’04.

5. I have exercised the option and opt to fixed the interest rate for which I have paid Rs.1666.00 i.e 0.5% as processing fee on the outstanding Loan amount of Rs.333243.00 in the month of Feb’04.(Receipt No. 0248291)

6. At the material time the ROI as Fixed was 7.75% and after calculating, the Revised tenure of Loan was calculated as 141 months from the month of February’04. The receipt of payment and calculation sheet is enclosed for ready reference.

7. Since then I am clearing the EMI without fail a single chance keeping in mind to clear 141 EMI from the month of Feb’04.

8. Surprisingly, I have received one letter having No. 0023228 dated 08.07.2011 that till date my loan has been calculating at your Bank as Floating (ROI) instead of Fixed (ROI) since 2004 and as per your letter there is still 147 EMI to clear the amount.

9. Under the above circumstances, I would like to request your kind goodself to please intervene the matter to set right the issue with full of gravity and reschedule the Nos. of EMI baqsed the Loan amount as Fixed interest w.e.f Feb’04 and let me to know the reaming EMI to clear the entire Loan amount or settle the amount immediately to clear off the Loan Amount and get relief from the burden.

Hope your goodself will take appropriate action immediately otherwise there will be no other alternative way but to stop the payment of EMI immediately and take the help of natural justice since I am suffering with financial crisis as depriving from the fundamental rights as per constitution.

Your early action in this matter is solicited.
With Regards,

(ANANGA KUMAR PRADHAN)
LOAN No. LBCAL[protected]
MB.No. [protected], Date: 05.09.2011
Email: [protected]@rediffmail.com