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Thread: ICICI Bank Home loan - Bad experience

  1. #1
    Join Date
    Oct 2010

    Default ICICI Bank Home loan - Bad experience

    I have a ICICI bank home loan started with 7.75% floating rate in 2005. Current rate of interest i am paying is 12.25%..When other banks are offering a better rate for existing loan customers, ICICI is not doing so..giving a bad experience to the customers..Recently i had been to the bank to do part pre-payment and one of the representative servicing my request informed that i can do a conversion with 0.5% processing fee to reduce the interest for next 18 months (8.75 till March 2011 and 9.75 till March 2012)..Customers will never know this provisiion until they go to the bank and banking officials tell them...Also not sure why ICICI bank never reduces the ROI on par with the other bankers who give very competitive rates for existing customers...

    I also wanted to increase my EMI amount...3 Months payslip and 6 months statement is required to increase the EMI amount with 3 months processing time period...

    ICICI mantra is give very good loan offer take them in and harass them after they taking the loan...Give them hard time by asking documents, credit check etc...even for existing customers..

    I need help here...Why cant ICICI bank give competitive floating rate for existing customers...When the bank raises floating rates according to market rates..why cant they reduce it when teh market rate reduces...Why cant they keep the customers informed on the offers avaialble for conversion...Why do we need to pay a processing fee of 0.5% for conversion...Can someone help me?

    I am really waiting for my home loan to be completed or transfer my loan account to another bank...Never would like to take my next loan CAR or HOUSING loan with ICICI....

    here are my details

    Name : Srinivasan N
    Loan Account no : LBBNG 00001089046

  2. #2
    Join Date
    Sep 2009


    Dear Mr.Srinivasan,

    We are sorry to hear that you faced such an issue with ICICI Bank. We have made a note of your home loan account number and our customer care executive shall get in touch with you at the earliest to solve the matter.

    ICICI Bank Customer Service Team.

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