ICICI Bank Home Loan
Home Loan Intrest Rate...?

I have taken home loan from ICICI Bank with interest rate of 7.75% with floating rate in Dec. 2004 for 15 yrs tenure.

Loan Amount-320000rs, EMI- 3013rs, Tenure- 15yrs.

Now, periodically when the interest rates went up they increased my floating rates.

And today i am paying with interest rate of 13.25%. for 26.8yrs with increase in tenure & even EMI.

Loan Amount-320000rs, EMI-3447, Tenure- 26.8yrs.

Now, the main story...

when the market came down from last 6-months they are offering interest rate of 11.5% & surprisingly they are offering for only new customers to attract them.

I am still paying with 13.25% interest rate. Nothing has happened even after visiting the bank.

They have their policy when the interest rates go up they increase it but when the rates come down they don't lower it on floating rates for OLD CUSTOMERS. So, what is the meaning of floating rate we take...

This bank never told me clearly about their policy while lending loan.

I HATE THIS BANK POLICY

SO NEVER TAKE A HOME LOAN FROM ICICI BANK LTD!!!

Regards

Navneet