I have taken a home loan from ICICI Bank in 2004. On 24.05.2008 I made part payment of Rs. 150000/- on 24.05.2008. My EMI date is 1st of each month. As per agreement, interest is on monthly reducing balance. Although I have paid in the month of May, but my balance as on 01/06/ 2008 was not reduced to the extent principal repaid.
On enquiry it was informed (orally) that this is the normal practice in Bank. On protest they told, wherever you want to complain, you can, this is the procedure in ICICI Bank.
I am unable to understand if amount is paid as well as enchased also by bank on 01.06. how Bank can charge interest on that amount for full month of June.
I want to bring to the notice to everyone that these Private Sector Bank are cheating to public. Is there any controlling agency in this country who can save innocent consumer from becoming victim of them
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