ICICI Home Loan
Reg. Interest Rate

Dear Sir,

I understand that ICICI Bank is resorting to unfair means of extracting more interest from all their customers and i am one of the victim of that. I had sent mail to every one in their office expressing my problem and untillnow it has not been solved. Now i understand that they are silently taking 1.75% from their customers whose loan is more than 20 Lacs and reducing the interest rate to 10%.I am forced to pay Rs.5- to reduct the interest rate. This is done just to cheat the public. They are not giving any advertisement or confirmation through their customer care about this.

I request yourself to intervene to find a remdy for my case. I have enclosed the details E Mail send to their MD.Still no positive response.

Regards,

R.Kumarendhiran

&-- Forwarded by KUMARENDHIRAN R/MAD/NPI/IN on 01/12 11:28 AM &--

KUMARENDHIRAN R/MAD/NPI/IN

01/06 12:05 PM

To

chanda.kochhar@icicibank.com

cc

Subject

Reg. Home Loan Interest Rate Charged

From,

R.Kumarendhiran

Andheri Green Field Co. Op. Society

B 34 Green Field Towers

Off. Jogeshwari Vikhroli Link Road

Andheri East

Mumbai:400093

Loan Account No. LBMUM00001371345; Application No.7776022357

Dear Madam,

Wish you a Very Happy and Prosperous New year. Let me also congratulate you on your elevation to the level of Managing Director of this Bank.

I am a Home Loan Customer of your Bank and I would like to put few facts and figures in front of you to redress my grievance. I have availed the Home Loan during the year 2006 August from your Bank when I purchased a flat for dwelling purpose at Mumbai.

I had availed this loan looking at my long association with your Bank as Salary account Holder since 1999.Also the aggression shown by your Bank in terms of quick disbursal of loan and services at door step. Though I had many options of other Bank then also I preferred to go with your Bank.

I wanted to point out few facts in front of you. When I availed the Home Loan during the year 2006 the interest rate charged to me was 9% Floating Rate. I started paying the EMI from the month of September at the level of Rs.25193/- for a stipulated period of 240 Months. I had availed the loan from your Bank at this level. The EMI has been split in to Principal Component of Rs.4193 and Interest Component of Rs.21000/-.

Then onwards you are very well aware what happened to the interest rate. It started sky rocketing at every month consecutively from the Month of February and ICICI Bank was the only Bank which promptly and swiftly revised the rate even if it is a consecutive month also. I have prepared a small table for your better understanding of my plight.

Month and Year EMI Amount Paid Principal Component Interest Component Interest Rate % Loan Tenure

September 25193 4193 21000 09.00 % 240

February 25193 3195 21998 09.50 %

April 25193 935 24258 10.50 % 340

May 28475 1916 26559 11.50 %

July 28475 2190 26285 12.25 %

September 30098 422 29676 13.00 % 422

December 30098 427 29671 13.00 % 422

You can see from the above chart how your Bank has taken me for a big ride to deprive me all my Money to improve your Banks profitability or its survival. I have consulted a charted accountant who has good knowledge in these areas surely vouching my statement mentioned above. I have been taken as granted and squeezed.

You can notice my Loan tenure has gone up and now I am 44 Years old and availed loan 27 Months back and with this logic I will continue to pay EMI to your Bank up to 77 Years of my age. Don’t you feel this is ridiculous?

Apart from the above irrational you can notice the interest rate has gone up from 9 % to 13 % and there is an increase of 4% and in percentage terms it works out to 44.44%.

When you look at my Principal Component it has come down from Rs.4193/- to Rs.427/- and in percentage terms it works out to - 89.82%.

When you look at my interest component it has gone up from Rs.21000/- to 29671/- and in percentage terms it works out to 41.29%

I have given the same in the table form for better understanding.

Description Status as on 2006 Status as on 2008 Difference % Difference

Interest Rate 9.0 13.0 4.0 44.44

Principal 4193 427 -3766 (89.82)

Interest Amount 21000 29671 8671 41.29

Loan Tenure 240 422 182 75.83

Now I have furnished all required details. In normal practice no one look at all these facts once you are tied up with a Bank which will take care of customer’s interest and I see many advertisements from your Bank proclaiming that. Now I feel that I have been totally cheated by your Bank.

If you feel the concerned authorities have done the right thing in my case then I will keep quite and look for some other Bank which is trust worthy (I have prepared all documentation for Loan transfer to HDFC and only waiting for a 15th of January being an auspicious day).

What ever the mail I had written down to your customer care officer comes with a standard text reply and there also they have committed a mistake to me by wrongly communicating by paying 0.5% you can reduce the interest rate to 12% then they are retracting from that stating that it is applicable for only below 20 lacs loan cases and which they did not communicate to me earlier and admitted there mistake. However I don’t find even that is also not acceptable to me. Then I instead your Customer Care officer to give me E Mail id of some one at the higher level and so far they have not even responded.

Hence I am writing this detailed mail to yourself. If you find any thing is wrong in my loan tenure and interest rate working then please advice the concerned and correct every component as mentioned above and please do justice to me.

I expect a positive response from your side at the earliest.

Yours truly,

R.Kumarendhiran

Present Address

Old No.93/1, New No. 98

Patel Road

Perambur

Chennai:600011

Company: ICICI Home Loan
Country: India

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