ICICI Bank Ltd
Inordinate Interest Increas on Floating Rate Home Loans

Sir,

I have got home loan from ICICI Bank Ltd in April for Rs. 16 Lks. The initial rate of interest was 8.25% and went on gradually increasing to 13.25%! in 2 years. The bank claims that the rate of interest for floating rate is based on the internal cost of funds. Who checks their internal cost of funds. The bank has been increasing interest rate more than any body else in the country. In the last one month they have increased interest by 1.5%. Having taken the loan we cannot go to another bank since they are pre-closure charges levied by ICICI Bank and other banks are not lending now due to sluggish market conditions. Can all customers of ICICI Home Loan join hands together and fight against the bank's mindless increase in rates whithout any earlly warning, indication and worst do not even send mails of communication of the same. Can RBI and other Govt. Authorities look into this aspect of prevent the bank from taking a ride on individual's hard earned money. The banks goodwill will or has taken a solid beating and people will never ever return to ICICI bank for furher business if this is the attitude or intention of ICICI bank..

Company: ICICI Bank Ltd
Country: India

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