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Thread: Abnormally High Home Loan interest rate by ICICI bank compared to new customers

  1. #1
    vinod.eb is offline Junior Member
    Join Date
    Jan 2010
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    4

    Default Abnormally High Home Loan interest rate by ICICI bank compared to new customers

    Hello Admin,
    I took a home loan from ICICI bank in 2006 July and at that point of time the interest rate was 9.75%. Subsequently the rates went up and at the peak we were paying 13.75%. Later the rates came down to 12.5% and then again it has reached back 13.25% now. All these times ICICI bank was giving home loans to new customers at rates from 8.5% to 10% (even now).
    Whenever I asked the bank to reset the interest rate, they kept on telling that it can not be reset since it is a money saver type home loan. But the branch did not even give a reply to my written request on resetting the interest rate. (I can post a scanned copy if it helps).
    Recently my mails are answered stating that since I had signed the agreement with ICICI bank on the floating rate, I am obliged to pay any rate set by the bank. I agree to that matter (unfortunately I signed the floating rate loan agreement), but is there no regulation in India regarding this? How can ICICI bank charge me such a high interest rate and keep subsidising interest rates to acquire new customers? Isn't it anti-competetion that ICICI bank has set a different rules for existing customers (who has no avenue to escape) and new customers in the name of cost of fund? How can the cost fund be different in case of some customers?
    Kindly help me resolve this issue with ICICI bank. I am sure a lot of customers are facing this issue from this Bank. If you think my case can be pursued, I can post further details.

    Loan A/c no. LBBNG00001362493
    Ph: 9980918298

    Thanks and regards
    Vinod
    Last edited by vinod.eb; 01-10-2011 at 09:38 PM.

  2. #2
    ICICI Bank Care is offline Senior Member
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    Sep 2009
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    1,847

    Default

    Dear Vinod,

    We are sorry for the problem caused to you. We have made a note of your home loan account number and shall get in touch with you soon to resolve the matter.

    Regards,
    ICICI Bank Customer Service Team.

  3. #3
    vinod.eb is offline Junior Member
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    Default

    Hello,
    I had reply from ICICI bank on 14th saying that they will reply by 28th Jan. I am still waiting for that.
    The most ironic part is that today the newspapers are saying that the interest rates have increased last day and have reached double digits now. That means ICICI bank has been charging me this 13.25%, while the normal interest rates were in single digits.
    Look at the way this bank was exracting money from its existing customers, blatantly ignoring RBI's circular.

    Regards
    Vinod
    Last edited by vinod.eb; 01-26-2011 at 08:30 PM.

  4. #4
    Unregistered Guest

    Post ICICI Home Loan - Abnoramlly High Interest Rates

    My Loan Accoutn # LBMUM 0000 1450861
    Phone # 9974009630
    ICICI has increased rate of interest to 13.25% when current market rate is between 9.5-9.75%. This is astronomically high and insane. Does it meet RBI guidelines. This is sheer cheating. I can't believe how can ICICI Bank do this.

    I send several emails to ICICI in this regard but they never responsd.

    Can this loan be refinaced? I will put a complain at RBI Ombudsman if I don't hear back in next few days.

  5. #5
    anubhav87 is offline Junior Member
    Join Date
    Apr 2011
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    Default

    just transfer your loan account to some PSU.. it will work 4 u....

  6. #6
    Unregistered Guest

    Default Painful ICICI floating rates for existing customer

    Dear Sir,

    I also have similar problem with ICICI. I completely agree. At the start I also took Loan at 8.5% in 2006 from them. It is hovering at 13.75% for me in 2011. ICICI has a habit of increasing the loan for their existing without even bothering to inform them. They just increase the tenure of your repayment which doesn't affect your monthly EMI schedule. Until or unless, customer is not looking at the monthly statement every month, he will not come to know. I realized this when, I saw my e-statement after 3 months and though me balance tenure would be close to 18.5 years. It was a shock, when it showed me that I have 35 more years to repay my existing loan with them.

    ICICI bank lure the new customers with attractive rates of 8-9% and within two- 6 months, customer realises that this is trap which is just siphoning his/her hard earned money. They don't even encourage part payments to be made to their loan. Even if you do part payment, they will first take time to process your request( which can take upto 3 months to reflect) and moreover, they will increase the rate of interest to your loan. Their customer care is horrible and inefficient ( they don't have even tracking system of conversations, seems like). Every time, you have to narrated your story to new boy/girl sitting in either hyederabad/mumbai.

    No wonder they are top #1 private banks of India while taking money from honest Indian citizens.

    Can anyone address this properly, why existing customers of ICICI gets treated like this nobody. RBI must direct them to show flexibility to exisiting customers of ICICI.

    Due regards,
    Harrassed ICICI customer

  7. #7
    Unregistered Guest

    Default Cheating by HDFC in home loan

    Hello Admin,
    I took a home loan from HDFC bank in 2008 May and at that point of time the interest rate was 9.75%. From date of loan to today bank increased interest rate a lot of time. All these times HDFC bank was giving home loans to new customers at cheapers rates from 9.25 to 10% .
    After coorinating the bank for same problem, they told about the RPLR based game based on which they charge us. as per them, RPLR (-)basis points which was agreed at the time of loan.
    they asked to pay the half of differece between market rate and my interest rate to get it at market rate. i paid Rs 6000 to come at prevailing market interest rate in Jun 2009.
    Again bank is charging me 11.5% interest rate. when i contacted HDFC ltd branch, they told again the same story and asked to pay the processing charges which is almost Rs 9000 to get it on 9.75%.
    basically this is way of cheating to customer where at the time of loan, they offer equal to PSU banks to trap the customer and then in name of RPLR suck the customer.
    if you want to transfer your loan account to another bank or want to repay more than 25%, charge 2% on principle amount. this is itself a cheating to customer. i don't know how to complain in RBI for stopping these cheating practice by bank.

    Kindly help me resolve this issue with HDFC bank. I am sure a lot of customers are facing this issue from this Bank. If you think my case can be pursued, I will post further details as per your requirements.

    Loan A/c no. 236303167

    Thanks and regards
    M Goyal

  8. #8
    gopalgora is offline Junior Member
    Join Date
    Apr 2011
    Posts
    2

    Default

    Hi,

    Approach consumer court directly, as Banking Ombudsman is handicapped in getting complaince of his own judgement and he is in the pocket of ICICI Bank. He advised me to appraoch court when he himself could have told ICICI Bank to follow his orders.

    I recently approached him for justice but it seems that he and few members of his staff are getting fed money by ICICI Bank.

    Directly approach court. Don't waste time with BO, RBI

    I can give you my judgement for reference to be given in court.

    Gopal Gora

  9. #9
    Unregistered Guest

    Default HDFC bank home loan - cheating

    I'm also the another victim of HDFC home loan taken at OCt 2006 @ 9.25%. Within three months they increased the ROI to 9.75 and to 11.00 in another three months. In the similar process it went upto 13.00%. Whenever I approach bank on this they used to say the same story of RPLR has increased, but continue to give less ROI for new customers. Three months back they have asked me to pay 2% of the existing loan amount around Rs 48000 to reset my ROI. I have paid that too. They have reset my ROI at 10.5 for three months. Again now they have increased it to 11.00%. HDFC bank is merely cheating the customers.

    I like to file a case regarding this. If anyone has more idea and like to join me in this, please conatact me @ 9845719673.

    Loab Number: 361416174

    Regards,
    Jayakumar Perambalam

    Quote Originally Posted by Unregistered View Post
    Hello Admin,
    I took a home loan from HDFC bank in 2008 May and at that point of time the interest rate was 9.75%. From date of loan to today bank increased interest rate a lot of time. All these times HDFC bank was giving home loans to new customers at cheapers rates from 9.25 to 10% .
    After coorinating the bank for same problem, they told about the RPLR based game based on which they charge us. as per them, RPLR (-)basis points which was agreed at the time of loan.
    they asked to pay the half of differece between market rate and my interest rate to get it at market rate. i paid Rs 6000 to come at prevailing market interest rate in Jun 2009.
    Again bank is charging me 11.5% interest rate. when i contacted HDFC ltd branch, they told again the same story and asked to pay the processing charges which is almost Rs 9000 to get it on 9.75%.
    basically this is way of cheating to customer where at the time of loan, they offer equal to PSU banks to trap the customer and then in name of RPLR suck the customer.
    if you want to transfer your loan account to another bank or want to repay more than 25%, charge 2% on principle amount. this is itself a cheating to customer. i don't know how to complain in RBI for stopping these cheating practice by bank.

    Kindly help me resolve this issue with HDFC bank. I am sure a lot of customers are facing this issue from this Bank. If you think my case can be pursued, I will post further details as per your requirements.

    Loan A/c no. 236303167

    Thanks and regards
    M Goyal

  10. #10
    jaya_sassi is offline Junior Member
    Join Date
    Dec 2011
    Posts
    1

    Default HDFC home loan cheating

    I'm also the another victim of HDFC home loan taken at OCt 2006 @ 9.25%. Within three months they increased the ROI to 9.75 and to 11.00 in another three months. In the similar process it went upto 13.00%. Whenever I approach bank on this they used to say the same story of RPLR has increased, but continue to give less ROI for new customers. Three months back they have asked me to pay 2% of the existing loan amount around Rs 48000 to reset my ROI. I have paid that too. They have reset my ROI at 10.5 for three months. Again now they have increased it to 11.00%. HDFC bank is merely cheating the customers.I like to file a case regarding this. If anyone has more idea and like to join me in this, please conatact me @ 9845719673.Loab Number: 361416174 Regards,Jayakumar Perambalam

  11. #11
    Unregistered Guest

    Default ICICI Home loan very high interest rate - Cheating

    Hi,

    I am present customer of ICIC bank home loan with Loan account number LBMUM00001317143. I took the loan in 2006 at 9.5% floating interest rate. In 2007 the interest rate was changed to 12% and during 2011 it touched to 15%.

    All the time bank charging is single digit interest new home loan customer. This is just big cheating.

    My recommendation is that never take any type of loan or bank with ICICI bank.

    Regards,

    Nayan

  12. #12
    Unregistered Guest

    Thumbs up icici bank is fuddu bank

    dear all

    icici bank is very danger bank. Ignore this bank for all types of service

  13. #13
    Unregistered Guest

    Default Abnormal Interest rate by Icici Bank on Hom Loan.

    I Have taken a home Loan from ICICI bank @ 7.75 % interest in April 2005 . after three months they started increasing the Interest rate now I am paying 15 % interest on my Loan ,

    where can i Complaint about this

    Babu B, Loan No LBCHD00001015273

  14. #14
    Unregistered Guest

    Post Pls switch immediatly in `10.25 %

    Quote Originally Posted by Unregistered View Post
    I Have taken a home Loan from ICICI bank @ 7.75 % interest in April 2005 . after three months they started increasing the Interest rate now I am paying 15 % interest on my Loan ,

    where can i Complaint about this

    Babu B, Loan No LBCHD00001015273
    Dear Customer

    I am facing same thing but now I am switch my loan 14.75% to 10.25% floating rate . Pls you have to switch immediately because you gain rate of interest as well as tenure also. I am request you to put paper in consumer court immediately. Same thing I am going to do.

    Vishal

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