ICICI Bank — Home loan tenure and charging exorbitant interest rates

Address:	201005
Website:	www.icicibank.com

1) tenure has been increased from 180 months (15 years) to 306 months (25.5 years) without any intimation.

2) date of disbursement of loan 31/01/2007 when frr 10%+ margin 0.75% and floating rate of interest was sanctioned and i had submitted all the relevant documents before disbursal of loan.

3) interest rate has not been charged as per the sanctioned terms.

4) my home loan account is regular till date but only rs. 81, 344/- has been reduced from the principal amount and still rs. 9, 46, 816/- is pending out of rs. 10, 28, 160/- even after paying regularly for last 10 years.

5) i have contacted to the preet vihar branch, delhi (Branch code 000037) where bank staff told me that bank has increased the tenure since the floating interest has been increased over the years that the same is as per rbi guidelines, the reply is not satisfactory and bank staff dont' deal in a professional manner they are not actually answering the query i raised. Rather gave a stupid explanation that we are charging such a higher rate of interest as per rbi guideline and provides no vaild supporting in this regard.

6) further this is important to note that floating rate of interest is not automatically reducing as and when rbi reduced the interest rates rather icici bank staff ask for the conversion fees.. Also bank staff clearly denied for providing any adjustment of excess interest charged till today, if conversion will approved by bank still that is given prospective effect (This is not justified in any manner as it should be given effect from the date rbi reduces the rate of interest).

My question is “why should customer pay and apply for the conversion?? Floating rate of interest should be automatically increased or decreased as per the rbi guidelines.
Its' a serious fault on banks side, then why customer is asked to pay for it??
Bank must take responsibility for this inconvenience.

Note: when i lodged complaint to [protected]@icicibank.com i got the same illogical reply that "apply for conversion scheme for your loan account by paying the conversion fees."
Even customer care is not providing any solution!!!

Such a fraud bank!!!
Really i will never recommend anyone to avail any product or service from icici bank.