I had a Housing Loan with ICICI Bank From 2007 with Floating Rate of Intrest.

In the Year of 2009 ICICI come with a plan for Fixed rate of intrest with 8.5% for 2 years and they said the scheme will end Jan 31st 2009.

So i opted that plan by paying some conversion amount (~27k), and now i want to pre-close my loan with my own source of funds.

But the executives are stating that there will be a Pre-Closure charges and Service tax etc if you pre-close this loan before March, since it is in Fixed Rate of intrest.


1. Initially the loan is with Floating Rate of Intrest
2. Own Source of Funds, so as per RBI/NHB guidelines there should not any pre closure charges though its in fixed rate of interest
3. This should not be a fixed rate of intrest scheme as this was an offer made by ICICI by taking some conversion amount for the perticular period, also this period should end by Jan 31st 2012.

But they are saying that the fixed rate tenure ends by Financial Year and you have to pay pre-closure charges.

So shall i log a complaint in bankingambudsman or any other way or source to escalted this issue.