ICICI Home Loan
NOT REDUCING INTEREST RATES ON HOME LOAN

Business Daily from THE HINDU group of publications

Tuesday, Oct 21

Reserve Bank cuts repo rate to ease credit squeeze

Some banks such as Union Bank, Corporation Bank and Punjab National Bank have already lowered rates on new home and auto loans.

http://www.thehindubusinessline.com/10/21/stories102152360100.htm

Indian Reserve Bank (RBI) cuts repo rate by 100 bps to 8%

by Bill Belew on October 20th

http://www.panasianbiz.com/10/indian-reserve-bank-rbi-cuts-repo-rate-by-100-bps-to-8/

On October 20, the Reserve Bank announced a reduction in the repo rate under the Liquidity Adjustment Facility (LAF) by 100 basis points from 9.0 to 8.0 per cent.

http://www.banknetindia.com/banking/measurenov08.htm

Reserve Bank of India Cuts Repo Rate

by: Equitymaster October 20

http://seekingalpha.com/article/100685-reserve-bank-of-india-cuts-repo-rate

Reserve Bank Reduces Repo Rate by 1 percent from 9 to 8 percent

• Author: admin

• Filed under: Bank, Interest Rates

• Date: Oct 20

Reserve Bank on a sudden move reduced the Repo rate today by 100 basis points or 1 percent from 9 to 8 percsnt.

http://www.rupya.com/archives/10/20/reserve-bank-reduces-repo-rate-by-1-percent-from-9-to-8-percent/

TO WHOM IT MAY CONCERN

I and some of my friends and relatives have taken home loans from ICICI bank and an impeccable repayment track record we have for EMIs all the times.

Recently, RBI has introduced lot of liquidity in the market by reducing CRR considerably. RBI has also reduced repo rate as per the above mentioned NEWS highlights on several websites, which lowers cost of funds for the banks.

Due to these measures from RBI, many public sector banks have reduced home loan floating interest rates. But ICICI has not reduced home loan rates yet. Our question is why?

When RBI increases CRR or repo rate even by 50 basis points, all the banks increase the interest rates immediately. Likewise ICICI has increased its rate of interest home loan with effect from July 1 and further increased the same from October 1 even without informing us.

Why is ICICI not reducing the rates now?

This is not good... we home loan customers are not getting our legitimate right of market based floating interest rates irrespective of being a best payer as well as a pretty business giver to ICICI. We are remarkably disappointed by this leisurely approach of ICICI with its customers like us. In the present circumstances nothing stops us as consumers to think for taking proactive steps and to shift our business to a competitor bank by switching over the existing home loans.

ICICI have a very strange policy to reward its loyal customers with higher rate of interest and to attract new customers with lower interest. Can they explain why they have this policy or they are taking an illegitimate advantage of their loyal customers?

By any logic it can be justified?

We humbly request to the monitoring authorities to take a rational & reasonable action against the aforesaid matter.

Thanks with best regards!!

Company: ICICI Home Loan
Country: India

  <     >