ICICI bank - home loan
Preclosure charges

Dear Sir,

I am an middle class citizen of mumbai, i have took loan of Rs. 11.4 lacs from ICICI bank on floating intrest rate of 8.5%

Q1. as a bank icici keep increasing the rate whenever it is applicable on immidiate basis and when it reduces icici keep thinking for months to reduce why? my current rate is going on as 12 or 13% how a middle class person will afford to pay?

Q2. after all this i decided to transfer my loan to some other bank [not closing] due to above mention reason, now icici wants 2% pre closure charges for the same which is not les than 22000 and till date what i paid in 2year 5month the principle amount paid is less than preclosure charges. so today after 2&1/2 year i stand at same place from where i have started?

Q3. there was an article i have read in some news paper where HC has mentioned that if person is transfering his loan than he should not be charged for preclosure fees as he is transfering and not closing the loan. can you help me?

Regards & Thanks

Company: ICICI bank - home loan
Country: India

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