I have complained earlier and spoken to their people many times and this is what they tell me now. They says they will bring down the interest rate to 11 % only if I pay them 0.5 % of the outstanding principal and 12.36% service tax. I asked why are they charging us extra while other banks are not doing that. Also when it has been known in the media that ICICI has reduces rates to 11%. Why are we being charged extra. I have copied and pasted their reply for you to see
Dear Mr. Masih,
We refer to your complaint to ICICI Bank regarding the rate of interest charged on your Home Loan Account LBMUM00001282185.
Interest rates are decided depending on cost of funds of the bank. ICICI Bank has strong fundamentals, a net worth of over Rs. 47, 000 crore and a capital adequacy ratio of 14.01%, against the regulatory requirement of 9.0%. It would be our endeavor to pass on the benefits of rate to our customers based on the cost of funds of the Bank.
We would like to state that these are contracted rates at time of lending. Any change in the ROI would have an impact on cost of funds from the bank. Hence the same is being charged.
We trust you meet our inability to waive the conversion charges with understanding and acceptance.
Looking forward for your co-operation.
Sincerely,
Dear Mr. Masih,
We refer to your complaint to ICICI Bank regarding the rate of interest charged on your Home Loan Account LBMUM00001282185.
Interest rates are decided depending on cost of funds of the bank. ICICI Bank has strong fundamentals, a net worth of over Rs. 47, 000 crore and a capital adequacy ratio of 14.01%, against the regulatory requirement of 9.0%. It would be our endeavor to pass on the benefits of rate to our customers based on the cost of funds of the Bank.
We would like to state that these are contracted rates at time of lending. Any change in the ROI would have an impact on cost of funds from the bank. Hence the same is being charged.
We trust you meet our inability to waive the conversion charges with understanding and acceptance.
Looking forward for your co-operation.
Sincerely,
U.V.Rajesh
Office of Head Service Quality
Office of Head Service Quality
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