Dear Gaurav,

We regret the inconvenience caused. We will contact you and address your query.

Regards,
ICICI Bank Customer Service Team.

Originally Posted by gauravarora17

I had a Home loan - Application number# LBFDB00001477922 which was under following terms and condition

Intrest type : Floating
Tenure : 240 months
FRR - 9.5%
Variance - 1.25 %
Loan Amount - 1370120
Date of commencement of EMI - 10/02/2007
Due Date of Payment of First EMI - 10/03/2007

Since it was a floating rate of intrest , the rate of intrested was increased when the home loan rate was increased , and the installement amount was changed.
Looking at the loan details now , it also has tenure increased to 327 months as well as a increase in the installment amount.

I had a discussion with customer care executive and i am not satisfied with the response given to me

Following was the summary of my accounts and rate of intrest that was charged:

Date/Time Period ROI Variation from last month Original Variation
March 07 9.50% 0 0
April 07 10.50% 1% 1%
May-07 11.50% 1% 2%
Jul-08 12.25% 0.75% 2.75%
Sep -08 13.00% 0.75% 3.50%
Jan-09 12.50% -0.5 3%
May-09 12.00% -0.5 2.50%
Jul-09 11.50% -0.5 2%

New rate which is being offered to new customer is 8.25% which is quite less than what i am paying and when i talked to customer care , they are saying because my variance is 1.25% and hence this was the maximum rate which could have been reduced for me, which I dont understand as the rate hasnt gone down suddenly from 13% to 8.25% , it has gradually gone down with the market condition so the rate of intrest should also have reduced as per that
.
They are asking me a switch over fees of 7600 which is what i cant understand as why i have to pay that .If you look at original Variation column , then it has grown up to a factor of +3.5% from the rate i signed my contract , then why is there a delay while reducing it to the correct rate of percantange.

Can i lodge an official complaint over the same.

Please guide me as how to lodge this complaint.