ICICI Bank Home Loan
Bank not decreasing floating rate of interest

Hi,

I have taken home loan of 28Lacs from your bank in oct on floating rate of interest basis. My loan account number is LBGUR00001402536. After few months the bank increased the interest rate and now it is 13.50% reducing.

I contacted your ICICI Bank grugaon branch for quering about the rate of interest and the bank representative said I have to pay 1.75% on the pending principle amount to reduce the same and that too with the head office approval. My complaint is :

1. When rate of interest increased the bank increased the same but now when bank is offering lower rate of interest to new customers then why my loan rate of interest not decreasing?

2.Why do I have to pay 1.75% on principle amount to get my loan's rate of interest to get it reduced? Then what is the meaning of floating rate of interest.

Regards