ICICI Home Loan
Interest Rates not in tune to the Market

Dear Sir

I had taken a loan from the ICICI Bank for purchase of a Flat. Very well knowing that the interest rates would go down, I opted for a floating rate of Interest.

subsequently the Interest rates went up and the Bank was quick to increase the rates. When the downward trend started the bank is reluctant to decrease the rate at the same pace.

I had visited the Bank and sent several emails. Finally they have agreed to reqduce the interest rates from 12.5% to 8.75% if I pay a conversion charges of 1.75% tax.

Earlier I had taken a loan from LICHFL and they had changed the rate of interest as per the market conditions without a fuss. Why are these private banks behaving so unresponsibly. Are these private banks not regulated.

Look forward to hear from you.

Best regards

Vincent

96321 26667

Company: ICICI Home Loan
Country: India

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