Hi,

We are sorry to hear about your experience. We have made a 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

Hello ,
It seems you have not read my mail . I need clarification on this point .
1.why are you charging me 14.75% , I am attaching a statement from some other home loan , here you are charging 12 % .
2. who told you to securitised the home loan LBPUN00001183492 , my consent was not taken for it .
3.what is securitisation for home loan ?
4. I had paid insurance on Rs 50,000 , what will happen to the amount , will I get it back .
5. Give me mail of ICICI bank executive , the securitisation looks like big scam and only a executive can clarify it .
6. why are you trying to bully me .




A Victim of ICICI .

Hello members and visitors just want to share the reply from ICICI on my post here , It disgusting to say the least . Not only the reply was misleading but totally out of context . My observation is that the bank just play with emails and no concrete solution is the output , ICICI bank just want to dictate as modern day Sahukar . Its ridiculous the customer care in pointing to Indian Contract Act 1882 in 2012 . Indian customer are at loss here the bank is bulling me and want to take the advantage of my position . Once again 14.75 % is daylight robbery .
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We refer to your complaint addressed to ICICI Bank regarding your Home Loan Account LBPUN00001183492.



As per the sanction letter signed and accepted by you at the time of disbursement of your loan, the rate offered to you is Adjustable Rate of interest (Floating Reference Rate).


ICICI Bank, inter alia, offers floating rate loans to its customers. With a view to ensure transparency a Floating Reference Rate "FRR" was introduced for determining the rate of interest (ROI) for floating rate loans. This ensures that borrowers of such floating rate loans have a transparent rate based on which the interest rates on their loans are reset on a periodic basis throughout the tenure of the loan. FRR is linked to ICICI Bank's cost of funds and appropriate cost of operations for the relevant product, credit charge and margin. FRR has the following components:


Cost of funds and Estimated cost of operations;
Credit charges and margin associated with the relevant product.


While ascertaining the FRR, in addition to the above, factors such as likely changes in ICICI Bank's cost of funds, market rates, interest rate outlook, systemic liquidity and volume of funds required for the appropriate maturity for the business are taken into consideration.


As mentioned above, one of the components of FRR is cost of funds. Hence, any change in cost of funds would therefore impact all customers whose loans are linked to FRR, whether old or new.

Therefore final rate would depend on certain static and certain dynamic factors. For example, factors like credit profile, outlook for credit demand, etc. may change over a period of time. Consequently the rate offered to certain customers at a point in time may not remain the same with another set of similar customers availing the loan at a different time.


Also, in light of the above and the fact that in the facility documentation executed by ICICI Bank with borrowers, it has been clearly mentioned that floating interest rates are subject to changes, dependent on the change in FRR and that the borrower is under an obligation to pay interest at such reset rate of interest, as is notified by ICICI Bank from time to time; there has been no violation of any of the provisions of the Indian Contract Act 1882.

We wish to inform you that the loan is a securitized case, as per the loan agreement signed and accepted by you.

We request you to visit any of the nearest ICICI Bank branch for further clarifications and process related to conversion in rate of interest of your loan account.

We affirm that ICICI Bank at all times acts with diligence, in good faith, and in no manner prejudicial to the interests of its customers.

We request you to meet this explanation with understanding and acceptance.


Sincerely,

Vishnu Kumar
Office of Head Service Quality
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This will hurt the banks reputation with Indian citizens . I am willing to pay any processing fee to bring down the interest rate to 10.75 , but the bank is adamant and want me to apply for new loan . This is arm twisting .

Harassed ICICI home loaner .

My fellow Indian Citizens , you have read how ICICI bank is harassing me . I am paying roi of 14.75 , with so many correspondance with the bank and innumerable personal visits not a single person from ICICI bank is able to explain me what is home loan securitization . I am told that the cannot be lowered as the loan is securitized . This is seems to be very big scam . I want to put my grievance in front of general public and legal luminaries , how to tackle this bank . ICICI bank is arm twisting single consumer with roi of 14.75 , which is highest is country . I would like to sue this aisi waisi (ICICI) bank .