I have taken home loan from ICICI, As the home loan rate are reduced by the Indian govt. I complained earlier and spoken to the ICICI customer care many times regarding reducing in interest rate, but they are not going to listen anything and ask me to fulfill such condition which cannot be acceptable like this is what the customer care of ICICI bank told. They said that they will reduce the interest rate to 11 % par annum only if I will pay them 0.5 % of my outstanding principal amount and 12.36% of service tax on all the balance amount. And when I asked them why you are charging so extra even the other nationalize or private banks are not charging such. Also when you have published in all media that ICICI bank has reduces its rate of interest to 11% par annum.
After sending a mail regarding the rate of interest, they replied me the following
Dear Mr. Sorubh,
We refer to your mail to ICICI Bank regarding the rate of interest charged. Interest rates are decided depending on cost of funds of the bank. ICICI Bank has strong fundamentals, a net worth of over Rs. 47, 000 crore and a capital adequacy ratio of 14.01%, against the regulatory requirement of 9.0%. It would be our endeavor to pass on the benefits of rate to our customers based on the cost of funds of the Bank.

We would like to state that these are contracted rates at time of lending. Any change in the ROI would have an impact on cost of funds from the bank. Hence the same is being charged.

We trust you meet our inability to waive the conversion charges with understanding and acceptance.

Looking forward for your co-operation.

Sincerely,

I am also having same isuse.
I also noticed that in my home loan agreent that they have added a clause that ICICI is obliged to change their rate of interst upward/downward if RBI interset will go upward/downward as per RBI guidelines. Though they had increasd interst rate when RBI had increased but now not decreasing same RBI has decresed.
Please help what we can do in this case

Hello

I applied for home load with ING VYSYA uder ref number VBL/RO-RETAIL/HL5300354685/India
> Finsol/Feb 2008-09 which was approved and i was given sanction letter on 17th Feb'09.

Eversince then when ever i called them for disbrsement of amount they kept on saying that some fund approvals from HO are pending and finally one day they said they cannot process it. They have taken the processing fees and now I am in no mans land as my due date by which I had to pay the balance amount to teh builder has also lapsed.

They were not giving me any satisfactory answer to my priori calls but when i wrote a note to cfcare@ingvysyabank.com they said that now i have wrottent o them they will not process the case and are sending my papers back.

I want to know is this teh way such banks are playing with people's emotions and feelings. Also they haven't refund my processing fees and have talked like illiterates oever the phone when ever called!...

Please help.

Jasjeet S Arora
0091 - 97111 91245

I am disappointed with ICICI Bank for not decreasing their home loan interest rates for existing customers. Why should I have to pay 0.5% to refinance my loan, when they could increase it without my consent. Floating should apply for both increasing and decreasing. I called up their call center today. They told me they cannot provide any details on my loan and they will call back in the next 24 hours. What is the point of having a call center then? The representative says since yesterday they have a new process and therefore any information requests will be logged and they will call back within the next 24 hours. So, they could potentially call back when I am in a meeting, and I will have to wait for one more day again. So, how, as customer, I am not given a prior intimation on this process change with respect to information dissemination on my own home loan. This is totally unreasonable. I am frustrated. This has been my second home loan with ICICI bank, and would now stop all transactions with this bank as soon as possible.

They have increased interest rate immediately whenever market rate changed but when market rate is decreased they are saying it will be changed only quareterly.
So new rate changed w e f 22 april but it wil be applicable to my loan from 1 July 09 because my disbursal is before 2006.
This means after 2 months they will apply rate change which is unfair.

ICICI is the first bank to increase interest rate and last to reduce it or dont reduce it or reduce less compare to market.

Please help us to save us from this Fraud and to save other people from this "so called" professional company

I also have same issue.

I too facing the same issue. It looks very fradulent when ICICI can give only the new loan customers 9.5% but charging existing customers 12.5%. Also when I compare with other friends who tooks loans with other banks like SBI and even other private banks like HDFC, they charging only 10.5% to the existing customers... So looks comparing with other leading public sector banks and even private banks, now ICICI is doing very DIRTY business of only increasing the interest drastically and not reducing it comparing with other leading banks...

I am not sure how much RBI really controls on this and not sure whether going to court will help on this issue...

Although the big brands in India think and pretending to be world class, their customer service is still in bad state.


I have been ICICI customer for over 10 years and seen the quality of their service going down over the years. They are just behind money making these days and do not care about the customers as they have grown so big over the years.
I took my home loan in 2003, at floating rate of 7.25% and seen it been raised to 13.75% in 2009.

Recently, RBI has decreased the BLR rate and all banks are offering new loans at floating rate 8.25%.

I was glad to hear about it and requested ICICI bank to reduce my home loan to match the new home loan rates.Guess what? They denied and mentioend that they will be only reducing it by 1% and if I have get rate of 9.75%, I will have to pay 2.5% of my balance principle. The fees are very high and doesn't have any rate guarantee.
To add to the insult , the customer care executives are very blunt and don't bother to answer.

Ridiculous...when they increase the rates ICICI didn't even bother to intimate single time that the rates going up. And to exploit the customers further , asking for more money to match the rates .

I strongly believe that RBI should interfere and penalize these profit making banks for charging ultra high rates to existing customer and reimburse the charges to the customers.

In the meantime, I read on moneycontrol, an article about RBI making some kinda of regulation so that it wont happen for existing customers.


Per this article, only option for existing customer is to switch to some other bank, rather than getting stuck to hight interest rates of the same bank.

So friends, if you know some banks who are offering lesser interest , please let me know so that we can switch.

Hi Everyone

I need your attention pls

There was a incident happen with but i get rid of this by the help of HDFC credit card customer care

I book a air lounge (telebrand marketing) on 3rd Nov but after one day I realize this is a wrong decision so I contact to Telebrand customer care but they talk very ruidly and refuse for cancel the order than I contact to my credit card(HDFC) and as per suggestion of them I blocked my card by this action I saved my Rs 5700/-(thanks to HDFC customer care)

By above episode I learn that we shouldn't come influence of tele marketing and purchase products from shop not thru net because these local tele marketing can used our credit card in any false transaction

And also I request to forum pls do something for stopping these type of advertisement at media so that poor people can saved and it will also providing help to caught these type of local/fraud agency [/B][/COLOR]

lic housing finance is the least rate charging company and even the public sector banks are more reliable in these matters than the private banks. you can transfer your loan to these banks even if you have to pay the transfer charges it is worth it

I availed housing loan of rs.9,64,000/. todays outstanding is rs.2 lacs i am informed.
I have been making instalment repayment very regularly
But I am not at all happy with the interest rate u r charging
Please reduce the rate of interest on the loan account or alternatively allow me to close down the loan account wihtout any penalty/fees
Waiting forward for ur hard copy reply , to act further in the matter
Thanking you
g v s subramanyam

Dear Sir,
I have cleared the home loan in the month of Oct 2009.
After that the bank has dedcted my EMI in the month of Nov.(This is cheating). After the frequent communication the EMI was reverted. Now I was told that the documents were despatched to the Nasik branch. But these documents yet not received. What I can do in this case?
regards
Venugopal Karwa

Originally Posted by Unregistered

Dear Sir,
I have cleared the home loan in the month of Oct 2009.
After that the bank has dedcted my EMI in the month of Nov.(This is cheating). After the frequent communication the EMI was reverted. Now I was told that the documents were despatched to the Nasik branch. But these documents yet not received. What I can do in this case?
regards
Venugopal Karwa

Dear Venugopal,

We're sorry to hear about your experience.

Please write to us with your contact details and loan account number at care@icicibank.com. We'll contact you and work to address your issue.

Regards,
ICICI Customer Service Team

Originally Posted by devu_gupta@yahoo.com

i am also having same isuse.
I also noticed that in my home loan agreent that they have added a clause that icici is obliged to change their rate of interst upward/downward if rbi interset will go upward/downward as per rbi guidelines. Though they had increasd interst rate when rbi had increased but now not decreasing same rbi has decresed.
Please help what we can do in this case

what's the current status?

Hi,

I and My husband had taken a home loan from ICICI Bank in October 2007 and we shifted this loan to ICICI Home Finance in Sep 2009. For shifting the loan we had to pay loan closure charges of Rs. 66,180 and the Pre-EMI for September 2009 of Rs. 50,442 totalling to Rs. 1,16,622 to ICICI bank. We had given 2 cheques
- one cheque with Not to Exceed Rs. 88,000 (Cheque No. 713881)
- Another cheque with Not to Exceed Rs. 40,000
ICICI bank deducted 1,22,558 on the cheque no. 713881 which is absolutely illegal.
Even after repeated requests, ICICI bank has not taken any action against the person who changed the amount on the cheque. Another issue is that instead of deducting Rs. 1,16,622, they deducted Rs 1,22.558. We have not received any refund till date.

What should be done in this case. It has already been 3 months to this incident.

Nidhi Anchal Miglani