ICICI Customer
Hidden chanrges with ICICI Home loans

Hello Everypone,

I am an ICICI home loan customer. I went for the loan during 2005 at 8.25% of floating rate of interest. Then ICICI did increase the % of both fixed and floating interest rates and today ICICI charges me 11.75%.

Last week i went to ICICI Bank home loan dept as a new customer and they offered me a new loan for 10.5% in floating rate of interest.

Now, when asked to the area manager she informed i will have to pay switch fee to avail the lower interest rates within floating which is against the agreement we signed. I can understand the switch free is applicable between fixed and floating but not within floating rate of interests.

I have questioned them why ICICI treat old and new customer differently and offer different interest rates within floating agreement, they did not have any answer, they just want money and switch fee to change to lower interest rates of 10.5. When i asked, what if ICICI reduce the floating rate by 1 more percent? They say will have to pay again switch fee eventhough i have a loan under floating rate of interest.

ICICI is a complete mess and gone in western hands, my friends its going CITIBANK and SCB way... I would advise to go with someother banks but not with ICICI. You will end up having lot many problems.

Thanks