I am an existing customer of ICICI bank Home loan, Avail a loan in 2006 at a 8.75% Floating Rate. In 2 years my rate is revised no of time but only twice i was informed about rate hike and change of rate. recently received a letter stating my new rate effective Nov'08 will be 13.25% due to market change. I raised a complain with the Bank Officials and asked for a detailed explaination in writing about such a high rate only with ICICI bank. Market has changed so all bank should be effected but i checked with couple of banks (Bank of baroda, UTI, Axis, HDFC) and found the max these banks offered was 11%, then why ICICI with such a huge difference. I did not get a valid reasoning from the bank official as they said those details are confidential.
I wonder does ICICI runs on a seperate market and economy changes. Now after raising no of complains they offering me to pay a Swicth Fee to reduce my rate of interest. So Indirectly they want to charge the customer to reduce the rate. More shocking was that they offering much beeter rate to their new applicants who wants to avail the loan now. Then why not same to the existing customer, why penalize the old customer.
I would never recommend any one to ICICI bank. I wanna take this matter to Court but wonder will it make any difference. How do i fight the same?
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