ICICI Bank
High floating rate for Home Loans

Respected Sir,

I and my wife together took a joint home loan from ICICI bank in January. We were offered a floating rate of 9.25%, as my wife was working with a reputed software firm (Tata Consultancy Services), this 9.25% was supposed to be a special rate for its employees.

ICICI has been increasing rates with every increase either in repo rate, reverse repo or CRR. But when these rates starting coming down, ICICI has remained just a mere spectator with disproportionate reduction in interest rate. Being a floating rate taker, we feel cheated as we took the hit of rate increases and are being deprived the benefit of rate reduction.

When I inquired with ICICI asking why they are offering lower rates to new loan takers and higher rates to existing loan holders, they said I could shift to those lower rates after paying 1.75% of outstanding loan amount as shifting charges.

Rgds,

Raghunandhan

Company: ICICI Bank
Country: India

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