ICICI/Home loan
Higher Interest Rate

Dear Sirs,

I had taken a home loan of 27 lac @ 8.5% (floating rate) in 2007. Subsequently it was increased to 12.75% by the end of 2008 reason stated "market condition"

RBI website, which clearly indicates that the cash reserve ratio and bank interest rates have fallen and is at par with the 2006 level. Still ICICI Bank has not reduced its rates. Talked to the customercare officer who explained that the rates are not going down because of " higher borrowing costs" and "NPA's". The rates are revised only for "NEW CUSTOMERS ALIAS NEW BAKRAS"

• Till date I have paid all my EMIs on schedule.

But it seems all these do not make any difference to the bank.

Yours truly