Reserve Bank Of India [RBI] — home loan complaint

Address:

Mumbai City, Maharashtra, 400001

Respected sir/madam,

This is a complaint against icici bank reference the home loan of my younger sister ms farheen shaikh. I m her elder sister ms. Kishwar shaikh. The loan was taken to purchase a flat in virar for 17 lacs in the month oct '15.

My sister has been tied up to a project
And has been very busy in it. As a result i am writing this mail to you. I m ready to verify my identity or provide any further verification if need be. I m also ready to provide the loan account no if you required.

The loan had been taken at a floating interest rate of 9.25% and which we have been told that in such loans, the rate of interest varies with market conditions. These loans are tied to a base rate and have a floating element. If the base rate is revised upward or downward depending on the market conditions, the floating interest rate is also revised accordingly.

Since past one year the interest rates were reduced many a times by rbi but the bank was not bothered to inform us about the same.

Further, when we have approach the bank in this regard, we have been asked to pay extra charges to reduce the rate of interest to the current market value, which is very shocking.

I don't understand then what is the difference between fixed and floating interest rates.

Further, the new roi will come into effect from the time when we will pay the extra charges and not from the time when rates were reduced by rbi.

I request your kind self to reply and advise us in this matter as we are still paying the same old emi
Every month.

With regards

Kishwar shaikh