Re: Housing Loan a/c No. LBNAG00001367065
I have taken one home loan for rs.6, 23, 040 from ICICI Bank, Nagpur for 180 months (15 years) @ 9.50% interest rate and after that they have increased rate of interest. Today I received one SMS to my mobile No. 9423401779 stating that your rate of interest is reduced by 0.50% from Jan. 2009. Revised rate is 13% and term is 302 months.
In this connection I would like to inform you that I have taken loan for 15 years (180 months) and not 302 months. but they were increased rate of interest and also the term which I am not understanding. I have taken only rs.6, 23, 040 and my present monthly instalment is Rs.6883/- per month and if I pay this amont for 302 months the total amount comes to morethan 20 lakhs. How it is possible. I request your replay at the earliest.
Regards,
Mohankumar. L
mobile No: 09423401779
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