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Submit Complaint..Dear Mr.Rahul,
We apologize for the inconvenience caused to you.We have made a note of your mobile number and will contact you soon to address your concern.
Regards,
ICICI Bank Customer Service Team.
This is a discussion on ICIC Bank Home Loan A/c No. LBMUM00001434225. Concern is increasing TENURE within the Home Loan forums, part of the Loan category; Dear Sir/Madam, I was extremely pleased to sign ICICI home loan agreement in Nov 2006. The tenure was 20 years ...
Junior Member
ICIC Bank Home Loan A/c No. LBMUM00001434225. Concern is increasing TENURE Dear Sir/Madam,
I was extremely pleased to sign ICICI home loan agreement in Nov 2006. The tenure was 20 years for 17 Lac on floating ROI below 9.0%. But it didn’t last long and just after first EMI, my ROI and EMI was revised / increased by ICICI in Jan 2007.
It was just a beginning of nightmares. In between the floating ROI reached to 14.25%. Being NRI, it was not possible for me to keep regular visits to ICICI branch. The increasing ROI and EMI was just tip of the iceberg, major concern was tenure. During every revision ICICI successfully revised my tenure and it reached to 475 months (APPX 40 years) which was twice of my tenure in agreement.
Finally on Jun 2010, I visited ICICI branch at Liberty Garden, Malad. No one was able to give satisfactory reason for increase in tenure. One of the staff tried to convince me saying he is facing the same problem though being a banker. I helplessly renewed my contract with new tenure of 10 years and requested not to change it under any circumstances. The staff agreed & committed the same and suggested a yearly visit to branch. As advised by the staff, I invested INR 2 Lac, in ICICI Pru LifeStage Pension Ad, for goodwill.
Just after two EMI, I received an email in Sep 2010, re revised ROI & EMI. I was back to square one to see increase in my tenure again. I spent 40 minutes on international call, as no toll free number is for UAE. The executive enforced to visit branch as it was not possible to do any changes on phone for security reason (?).
The major concern here is increasing ‘TENURE’. As we know, the total interest amount we pay is directly proportional to Rate of Interest and Tenure. Whenever ICICI increase ROI pointing RBI, they make sure to increase tenure to keep the EMI same, as what they say. But ultimately we end up paying more than actual ROI hike as the new interest gets calculated on increased Tenure with increased Rate of Interest.
Please correct me or help me to find a solution on this. I never expected any reputed organization can think of such fraud ideas to earn money. I don’t trust ICICI any more and will make sure not to keep any relation with this bank in future.
Thanks & Regards
Rahul
+971 55 8380995
rahul.tikam@gmail.com
Senior Member
Dear Mr.Rahul,
We apologize for the inconvenience caused to you.We have made a note of your mobile number and will contact you soon to address your concern.
Regards,
ICICI Bank Customer Service Team.
Junior Member
Dear Sir/ Madam.
Thank you for response and your email to my personal email-id. It is very much appreciated. As mentioned in the email I received, to visit ICICI branch with financial documents and co-applicant, I assume that the suggestion is to sign a new contract for new tenure. It’s not possible for me to visit your branch and my co-applicant is my father who is a senior citizen and cant tackle this alone.
I need to highlight few points here. During the span of last three & half years, from Dec 2006 till Jun 2010, my EMI has been varied between INR 15750(min) to INR 18250(max) and Tenure has been varied between 240 months (min) to 475 months (max). This was done without my request or visit to branch. That means ICICI can manipulate my EMI for +2500 without my interference.
Now, in Jun 2010, I have visited ICICI branch & renewed my tenure for 10 years with EMI of INR 20795, to get rid of the hassles. But again I received an email saying 0.5% increase in ROI and 6 months increase in my balance loan Tenure keeping my EMI unchanged. That means ICICI is explicitly trying to increase my Tenure by ignoring all my desperate attempts to keep it down.
My point is – when the ROI increased by 0.5% my balance tenure was 9 years and 9 months & EMI was INR 20795.
Now how much difference it will make to my current EMI with the increase of 0.5% ROI keeping my balance Tenure unchanged (117 months instead of 123 months)? As per ICICI my new applicable ROI is 9.25%.
If the increase in the EMI is less than INR 2500 then why don’t ICICI keep my Tenure untouched by increasing my EMI?? Why do they want me to visit branch for this if they can do it on their own.
I do understand the necessity to increase Tenure in worse cases. But here it is absolutely unnecessary as I am comfortable with the increase in EMI due to ROI hike. Such tampering to Tenure is beneficial only for ICICI and not for Consumer. This benefit might look negligible for a single consumer with 6 months tenure increase. But consider the same for thousands of consumers with 2-3 years of tenure increase.
I am still waiting for ICICI executive to contact me on my mobile number and to answer (satisfactory answers) my queries.
Thanks & Regards
Rahul
+971 55 8380995
rahul.tikam@gmail.com
Junior Member
Dear Sir/ Madam.
Thank you for response and your email to my personal email-id. It is very much appreciated. As mentioned in the email I received, to visit ICICI branch with financial documents and co-applicant, I assume that the suggestion is to sign a new contract for new tenure. It’s not possible for me to visit your branch and my co-applicant is my father who is a senior citizen and cant tackle this alone.
I need to highlight few points here. During the span of last three & half years, from Dec 2006 till Jun 2010, my EMI has been varied between INR 15750(min) to INR 18250(max) and Tenure has been varied between 240 months (min) to 475 months (max). This was done without my request or visit to branch. That means ICICI can manipulate my EMI for +2500 without my interference.
Now, in Jun 2010, I have visited ICICI branch & renewed my tenure for 10 years with EMI of INR 20795, to get rid of the hassles. But again I received an email saying 0.5% increase in ROI and 6 months increase in my balance loan Tenure keeping my EMI unchanged. That means ICICI is explicitly trying to increase my Tenure by ignoring all my desperate attempts to keep it down.
My point is – when the ROI increased by 0.5% my balance tenure was 9 years and 9 months & EMI was INR 20795.
Now how much difference it will make to my current EMI with the increase of 0.5% ROI keeping my balance Tenure unchanged (117 months instead of 123 months)? As per ICICI my new applicable ROI is 9.25%.
If the increase in the EMI is less than INR 2500 then why don’t ICICI keep my Tenure untouched by increasing my EMI?? Why do they want me to visit branch for this if they can do it on their own.
I do understand the necessity to increase Tenure in worse cases. But here it is absolutely unnecessary as I am comfortable with the increase in EMI due to ROI hike. Such tampering to Tenure is beneficial only for ICICI and not for Consumer. This benefit might look negligible for a single consumer with 6 months tenure increase. But consider the same for thousands of consumers with 2-3 years of tenure increase.
I am still waiting for ICICI executive to contact me on my mobile number and to answer (satisfactory answers) my queries.
Thanks & Regards
Rahul
+971 55 8380995
rahul.tikam@gmail.com
Senior Member
Dear Mr. Tikam,
We have e-mailed you onNovember 11th, 2010 and addressed your queries.
Regards,
ICICI Customer Service Team.
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