ICICI
Ever increaseing intrest and tenure

I was approched by a icici bank agent for bank loan with many promises like bank rate is going down and EMI will come down in future (he himself suggested to go for floting rate). I considering the past name of the bank and non responsive attitude of public sector banks i opted for a ICICI home loan of approx 550000 at floting rate of 7.45% for a 20 year tenure in the year 2006.

But since then Intrest rate as well as loan tenure is endlessly going up often without any information to me. Thoue I have een faithfully paying what ever EMI they required of me, now i feel I have been cheated by such a reputed bank. As per information i received today ie 4/3 after paying Rs 225000, still principle amount of Rs541818 is still to be paid to the bank.

Please guide me what is there in the loan agrement that can increase the tenure or term of the loan and what clause bank is using to increase the intrest rate and not bringing it down when they are openly propogating that ICICI is offering 8%at floting rate through advertising while they are at present charging 11.45% from me. Please guide me at jmathew1733@yahoo.com.

Company: ICICI
Country: India

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