ICICI Home Loan
Malpractise against existing customers

I took a home loan from ICICI bank and was doomed from the beginning. I have taken a floating rate for my home loan. During the time of monetary tightening by RBI my rate shot up from 7.25% to 13.5%. For every increase in repo rate and CRR by RBI ICICI increased the rate by 0.5 and 0.75% respectively. However recently when RBI reversed its stance (Thanks to the new RBI governor) by cutting CRR and repo rates my home loan rate has not gone down a bit. What is the meaning of floating rate then? It only goes up and seldom comes down. Also ICICI is giving new customers a very low rate compared to what I am paying. It most cases its around 3% lower than what I pay. How can this happen and why is RBI not doing anything about this? I am resigned to my fate and mistake by choosing ICICI. I can't even switch because of pre-pay penalty. Something has to be done and I appeal to the readers to stay away from ICICI. Don't make the mistake of going to a pvt lender like ICICI because the mantra is simple. Rate goes up in a whisker but seldom comes down even when condition are favorable.

Company: ICICI Home Loan
Country: India

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