Hi,

I have an ICICI home loan worth 18.95 lacks (LBPUN00000914681), 6 years ago which I had taken at 7% floating interest rate. Alike many other old customers, ICICI has increased the rates continually and is currently charging me 12% interest rate. I have not missed a single EMI and the status of my loan account after 6 years is as follows –
my principal outstanding is 17.7 lacks i.e. only 1.15 lacks reduction in principle so far
the interest that I have paid up in the last 6 years is around 14 lacks
my tenor has increased from 240 months to 332 months.

Basically my condition is as bad as any other existing ICICI home loan customer, where existing customers are looted with 12% interest rate and new customers are being trapped with interest rate offers in the range of 8 to 9%.

They have started a scheme wherein you can pay 0.5% of your outstanding principal and switch to a lower interest rate of 9.25%. This seemed to be bit of a relief when I first heard it, but when I approached the bank they started saying that my home loan account is securitized and the scheme is not available for securitized home loans.

I have no clue what a securitized home loan is and I had not asked my loan to be securitized. Furthermore there is no mention of securitized home loan this in my home loan agreement.

Can you please help my situation? I am really miserable; taking a home loan from ICICI bank has turned out to be the biggest mistake of my life.

Regards,