Hi Ejaz, We are sorry to hear about your experience. We have made note of your loan account number. We'll contact you and work to address your issue at the earliest.

Regards,
ICICI Bank Customer Service Team

Hi Ejaz,

Have you got any feedback from the bank. I also have similar issue. I understand it is very frustrating to pass on our hard earned money to the bank.

Regards,

Amit

Hi Ejaj,
I am also having similar issue with ICICI Bank. They are charging me 2% prepayment charges on the outstanding principal amount. I am yet to initiate the closure process. I have also mentioned the same clause to Branch Management. The link mentioned in your complaints (point 10) doesn't specify the clause. Can you share the link, so that I can make my case stronger.

Thanks in advance

Regards
Subhadeep

Originally Posted by Ejaz Masud

Hi,

I have a Housing Loan from ICICI Bank, Noida. Loan Account Number is LBNOD00001035939. I wish to foreclose my loan and I asked ICICI whether they would charge me the pre-payment charges or not. The response I got was "As discussed, we wish to inform you that foreclosure charges are applicable at the time of foreclosure of every facility account. Levy of foreclosure charges is a standard industry practice. We, also, wish to state that foreclosure charges are mentioned in the sanction letter and agreement which has been duly authenticated by you". This is against the Press Notification released by RBI on 06.09.11 (rbi.org.in/scripts/FAQView.aspx?Id=77). Please refer point no.10 which clearly orders (not suggests) that "Banks must not recover pre-payment charges in floating rate loans.". Inspite of this the bank says that they have not received any circular from their senior management and hence they will have to charge the 2% fore-closure charges.

This is pathetic. Due to such a behavior of this pathetic bank, I, my friends and relatives all of us make sure that we do not deal with this bank in any manner and for any item whatsoever. Because of this very reason I took another loan from SBI (57 Lakhs), 2 of my brothers also went to SBI (26 + 54.5 Lakhs) and my brother in law took a 60 Lakh home loan from Bank of Baroda.

Anyone who can guide me the next steps to handle this goondaraj from ICICI please????

However, I work for a leading news channel and am trying to get in touch with RBI (a couple of emails have already been exchanged) to know their stand as well, clear the legalities involved before we put this on the channel.

Regards

Ejaz

[QUOTE=Subhadeep Aich;169981]Hi Ejaj,
My Housing loan account number is LBJBL00001471817 which is taken from ICICI Bank Ltd. I would like to do the Foreclosure of the same but they are charging me the foreclosure amount. Please help me to get out of this problem. Also without my consent the number of months of my loan account was increased without even asking me whether I have to increase my EMI amount or months due to this reason I have to unnessary pay huge interest amount as compare to principle amount.
Can you share the link, so that I can make my case stronger.

Thanks in advance

Regards
Amaresh SAtsangi

Hi Ejaj,

I am also facing similar issue. On discussing with ICICI Bank officials they are still asking 2% pre closure penalty on home loan. If you have received any response from ICICI official, please let us know.


Regards,
Shashank
I am also facing similar issue. On discussing with ICICI Bank officials they are still asking 2% pre closure penalty on home loan. If you have received any response from ICICI official, please let us know.

guys,
i've had very bitter experience with ICICI n have discontinued anything having the word ICICI along with its' name.
just avoid this company. it's only aim is to dupe people of their money.....gud for nothin bank!!!!!!!!!!!!!!!!!!!!
please let your near and dear ones know about this bank and stay away from it at all costs. beware of ICICI bank and its allies.

I have been asked today by HDFC to pay prepayment fees (2% of outstanding loan)for pre-closure of floating interest rate loan - this is despite the fact that NHB has issued a circular dated 19th October not to charge such fees with immediate effect irrespective of source of funds. Also it has mentioned that any disregard to same will attract penalty.

The other bank has already issued cheque in name of HDFC. Pl advise what recourse can be taken

thanks

Ruchi

Hi

I also face the same issue. There home loan interest rates are ex-orbintant (14%). They suck your blood, just because you aspire to own house in this country. I couldn't tolerate them. I have just moved my loan to LIC HF last week. They are not ready for forego the pre-payment charges. I just wanted to get out of the relationship with them. I am spreading the word to my colleagues, friends and relatives to not to go with ICICI Bank for home loans.

They are the wrost bank to go for home loan.

Regards
Sreeni

Hi,

I am anant gupta. and i had taken home loan from ICICI bank. loan no was LBRAT00001751152. i had foreclose that loan on 21st-nov-2011. i had paid 2% foreclose charges on the balanced amount. please let me know should i paied foreclose charges or not...?