Struggling to get a closure on my home loan with ICICI bank. I was ready to pay penalty on my o/s pricipal however bank is asking me to pay penalty on o/s principal plus all the prepayments made in the mast 12 months. ICICI bank reverted on email "Foreclosure charges of 2% on outstanding principal plus applicable service tax on the foreclosure charges are being collected for foreclosing of the loan.
However, a 2% charge will be levied on all part-prepayments made in the last one year in event of a
Foreclosure." Foreclousre statement attach does not mention any details of my prepayments and mentions very clearly penalty to be charged on the o/s p rincipal
I have been visiting their Jhandewalan Branch since Aug 08 and aksing for a foreclosure. I was pregnant during the time ; and had complications in my pregnancy because of harrassment by their employees. They had always applied increased rate of interest on my account with immediate effect ; however since october 08 the rate of interest is on decreasing trend ; They reduced my monthly emi from 5497 to 5011 and also increased two emi's... Which means even if the rate of intrest decreased I will still have to pay them approx. 10, 000 extra...
visiting their branch their Area Manager tells me the effect for the same will be applied after 2 months as bank has some internal expenses incurred! I recieved a letter form ICICI bank dated may 1st 2009; floating roi reduced by 0.50% p.a revised rate on your loan is 11.75% p.a and this will be effective for your loan from JULy.
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