ICICI Bank — Home loan - subvention scheme

Address:	New Delhi, Delhi, 110070
Website:	www.icicihfc.com

Hello,

I agreed to buy a flat in ncr area from a well known builder (But cheat like most others). For that i took a home loan from icici bank.

Bank told me it was subvention plan where in whole loan amount (Say rs 24 lakh) will be paid to builder upfront and i'll not be charged any pre-emis until 2 years from disbursal. However bank started to charge me emi from very next month. I thought that it may be a normal loan against home, so i kept paying the emis.

Now i have learnt that what i have been paying so far (40 payments) were not emi but they were pre-emis!!! So bank kept on charging interest to me until now without reducing the principal amount. Bank has now started to charge me actual emis. Effectively after paying 40 payments, my principal is still rs 24 lakh.

Even if it was not a subvention plan (Let's day), banks usually charge pre-emis until buyer gets the possession and final loan disbursement is done.in my case final loan disbursement was done on day 1 and still i was charged pre-emi from beginning.

At the outset, this subvention scheme was a robbery plan of bank and builder together. On top of that bank never provides the monthly statements etc about the loan. This is definitely a way of keeping customers in the dark.

Please can someone give their expert opinion about this? What can i do to sort out this mess and recover my loss.

Best regards