I took a home loan with ICICI bank in 2001 with an interest rate of 12.5% .Upto 2004 june i continued the same amount and then adjusted the rate to 7.5% the prevalent rate in 2004 and made it a fixed loan. what i want to know is if the tenure on the revised loan stands which means fewer years to pay or does the constantly revised and upped new rates apply on this loan too. I would appreciate a reply from anyone with a similar situation
ICICI IS THE WORST BANK IN THE WORLD. I MYSELF TOOK HOME LOAN AT 9% INTEREST DURING MAY 06 WHICH THEY HAVE REVISED UPWARDLY TO 12.5% WITHOUT GIVING ME ANY INTIMATION. MOREOVER, FOR NEW CUSTOMERS, THE INTEREST RATE IS 11%. ONCE THEY COME IN THEY HIKE THE INTEREST RATE. IT IS A BANK WITH NO TRANSPARENCY. ITS ONLY MOTIVE IS TO LOOT INDIAN PUBLIC. MR. KAMATH R U LISTENING
Please do not go to any of the ICICI products, they will suck out the blood out of you.I am paying 12% interest rate on home and stuck with them because prepayment charges, new loan processing charges is what deterring me.So much so for a loyal customer who has been customer of their all products. Dear friends stay away from ICICI at any cost.
RE:Hell wih ICICI
by Raj rai on Jun 11, 2008 12:21 PM
I absolutely agree with you.ICICI staff is the most arrogant and uncooth staff available in Delhi Branches atleast. Home Loan from ICICI is a nightmare .Better go to HDFC or Axis Bank ,they still treat you fine and no hidden agenda, everything is clear cut. God save the ICICI customers.
RE:Hell wih ICICI
by Srikanth Prekki on Jun 14, 2008 07:52 PM
I agree completely. It took me 2 years to get out of ICICI clutches. Worst bank of India, not sure how they still claim to be the best.
these pvt sectors are just making the fun of public take for instance airtel relianc, bank like icici, all these come up with attractive scheme and after some time they start their policy. really their should be some governing body or consumer court where public can rely. then only these pvt sectors will be under control.
I am still suffering paying 11.5% on my ICICI Home loan when all the other banls have reduced their interest rates. Apart from that .... even ICICI Bank is charging a lower floating rate to its new customers. I dont know why RBI is closing its eyes to this unfair practice.
If I have choosen floating rate .... my interest rate should be same as a new guy. I can understand the disparity of going interest rate and such variation in interest rates when its fixed interest.
ICICI is a big crook bank. Request all of you who have not fallen in its prey .... to beware of the bank when it comes to loans and interest rates.
They also still charge penal interest protecting you from early closure and prepayent whereas other banks like Axis and etc ..... do not have any penal interest.
RE:ICICI will charge what they want irrespective of the Interest Rate Product type
by mfvelati on Jun 10, 2008 05:31 PM
You are still lucky. icici got me from 7.5 % to 12.75 % where as others have gone down. so a loan that was to complete this year has extended to well--- 15 more yrs. !!
RE:ICICI will charge what they want irrespective of the Interest Rate Product type
by Pradeep Mestry on Jun 10, 2008 05:28 PM
You can get your loan transferred to other Bank, I am planning the same. The rate offered by nationalised bank are lower than ICICI. The only thing is that you may have to take some extra efforts while getting the papers processed by the nationalised bank
RE:ICICI will charge what they want irrespective of the Interest Rate Product type
by SRG on Jun 16, 2008 02:24 PM
And you are the ones who abuse government and its employees. When ever there is a wage revision in PSU banks, public will start abusing its officers and employees. Then no body remembers their immense contribution to nation's growth. Go and see in any rural/semi urban place. How PSU banks make a difference there you will understand. With all the public apathy, pressure from government like loan waivers, compulsory branches in rural places etc still nationalized banks earn crores of rupees profit and pay tax to nation's exchequer. The stock value keeps increasing. But still employees get the max brunt of public backlash. I think only ICICI bank will teach the general public to appreciate the contribution of govt banks, the reason these banks were nationalized etc.
RE:ICICI will charge what they want irrespective of the Interest Rate Product type
by Prasanta Panda on Jun 11, 2008 10:28 AM
I am also a sufferer. Getting charged for 12.5% from the low of 7.5%. This obscure disparity of new customer vs old exists only in home loan and more pronounced in ICICI. In all other business old customers get discount not here. Reason!!! How the credintial of a new customer makes him elligibe for lower rate while a trusted old customer who had at least 4/5 years of creditworthiness by timely deposits desrvers higher rate is never explained to me. Can we organise a networking site like harassedbyICICI and build a campaign for fighting with mighty ICICI.
RE:RE:ICICI will charge what they want irrespective of the Interest Rate Product type
by Vinay Joshi on Jun 10, 2008 03:53 PM
I used to have a student account in ICICI bank, which meant a zero balance account. When I reached 18, I went to the bank to convert it to a non-zero balance account. They asked me to let it be.
When I started working, I went again-same answer.
Later years later they send me a bill for some 1000 bucks saying that its penalty for non maintenance of sufficient balance. Till date I have not paid them because I dont know when they made it a non-zero balance account. They didnt tell me.
RBI has not helped me despite many emails.
ITs not just me-there are many such people with whom ICICI is doing this. When I applied for a personal loan, I found it very difficult, because apparently, my name appears in the Satyam maintained defaulter list.
It SUX big time. I expected RBI to help me out with these thugs.
RE:ICICI will charge what they want irrespective of the Interest Rate Product type
by Sameer Bhagwat on Jun 11, 2008 10:17 AM
ya the same thing happened with me also, they converted my zero balance saving ac into non-zerobalance ac without my knoledge. wen i asked why they do so they answered that there is no such scheme of zero balance ac. really yaar this icici is really ...........
RE:ICICI will charge what they want irrespective of the Interest Rate Product type
by SRG on Jun 10, 2008 04:51 PM
ICICI has sent you a bill of Rs 1000 as penalty for non maintenance of sufficient balance? And you name has been reported as defaulter. Horrible!. I think you should sue the bank and seek at least Rs 1 lakh for punititive damages for defamation and for damaging your reputation. Since you had not taken any loan and since they did not send you any communication, you must pursue the case. You can even involve TV channels and make a hue and cry! shocking man!
RE:ICICI will charge what they want irrespective of the Interest Rate Product type
by Pradeep Mestry on Jun 10, 2008 05:23 PM
This is nothing, ICICI will give you a free credit card even if you have not asked for it and then they will send you a statement of account stating you owe something to them. They will ignore all your correspondence made for clarification on that and one fine day they will debit that amount in your bank account and recover the amount from you. If you try to contact them the concerned officers will never be available to you and no one will pick up the contact nos.
RE:ICICI will charge what they want irrespective of the Interest Rate Product type
by puneet kaushik on Jun 11, 2008 10:13 AM
u r not alone dear. by these pracitices only they are No. 1 bank. i hope u wo'nt repeat the mistake n suggest others. i m BSNL employee and know people cursing it but when same prcatice as ICICI is followed by airtel Reliance then they realize. ALWAYS TRUST PSU BANKS N OTHER ORG. they may be stiff to rules but don't cheat.
Adjusted Rated Mortgages has been buzzword in US. I think with hybrid loans India is trying to catch up identical but dangerous precedent from US.Lets not make things complex in mortgages. If it happens we'll receive same result - Big Big Subprime mess in India.
RE:ARMs in India
by Balaji vasudevan on Jun 10, 2008 01:40 PM
WELL SAID ,
ALL THE PLAYS OF R.B HOOD BY OUR HONOURABLE FM P.C is to immitate what has been done in the US to rob the assets of HUMBLE INDIAN CITIZEN to the RICH. AIM IS TO KEEP PEOPLE IN STAGFLATION - RICH TO RICHER & POOR TO POORER and we will not involve into REVOLUTION as we FIGHT FOR OUR DAILY LIVES.
IF THINGS ARE OUT OF CONTROL - REVOLUTION ON THE CARDS M.R. GOVERNMENT.
RE:RE:ARMs in India
by MM Venkatesh on Jun 10, 2008 01:38 PM
Subprime happens only when the eligibility criteria of a loan applicant is relaxed, or not so stringent. In India, not a single bank has relaxed or will ever relax the eligibility criteria of a loan applicant. So, subprime in India can never happen. You are mixing up two different things Guru.
RE:ICICI loan with 12.25 % interest rate on floating
by Shrirang Gadnis on Jun 10, 2008 02:37 PM
Change to another bank at the earliest. A differnce of even 1% which banks like HDFC or SBI are offering can help you save a substantial amount. And anyway, ICICI is the worst bank in the world!
RE:ICICI loan with 12.25 % interest rate on floating
by googlingLife on Jun 10, 2008 01:44 PM
ICICI - Simply no ; even if 0% rate of interests. Ask anybody around you who has loan with ICICI
RE:ICICI loan with 12.25 % interest rate on floating
by Tabassum Javed on Jun 10, 2008 02:01 PM
NO to ICICI Bank ...... I am a prey. Choose Axis Bank or any other bank for HOme loan.
But, if u want to have ur self kicked and be in a frustrated situation like me .... then ICICI is the answer.
RE:ICICI loan with 12.25 % interest rate on floating
by Gautam Sinha on Jun 11, 2008 10:02 AM
Yes with Axis Bank I have a much better experience as far as interest rates are concerned. But for everything else like account statements, IT certificates and payments you have to visit the branch and do it manually but even then the price and cost of such manual exercises is much lesser considering the difference in rates
