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Increased the term of loan without informing Jindal | Loans and Credit Cards | 1 Reply


we have taken a Home Loan from ICICI Bank, for Rs 8,19,760/- @Effected Rate of interest 8%.Type of Interest was Floating.Loan Term(months) was for 240 months.@monthly EMI was calculated Rs 6857/- to buy a Buil-up Flat at Ramprastha Colony, P.O. Chander, Ghaziabad 201011, on 14th, July, 2005,EMI was calculated @ Rs 6857/- Loan A/c no: LBGHZ00001097583 This is total refrence for this loan, and so we have paid till date December 2009, aprox . 53 EMI, during this period the recession was there in the market. So, as per ICICI Bank they have increased the Rate of Interest 3-4 times during this period and so they increased a very handsome amount of EMI too, day before yesterday I visited the Bank branch Netaji Subhash Palace, and I came to know that the Bank has increased the Term of Loan from 240 to 335 with the EMI, means they increased Tenour and EMI too as well, and I have paid only a few amount and Rs 7,80,017/- is outstanding in my a/c, I was totally shocked to know this means I have paid nothing as the 282 EMI is Still pending besides the Amount to be paid as against the Loan taken, and what I have understood that whatever I have nearly 5,00,000/- Rs paid has no value. I had talked with them their officials but all was in ruin, and they have suggested an option as follows: 1. you take an insurance by filling an Agreement BOND in which they will charge me a monthly installment and will convert this Home Loan into a New Rate of Interest i.e. 8.25% and the Tenur will be 152 months. 2. they want me to deposit 1,00,000/- Rs and will continue for at least years to get this opportunity. I asked them that you could increase the amount of EMI only why you have increased the Tenur too and that is too this much, and now you are building pressure on me to invest and will reduce the EMI Amount and Tenur as well. was that recession so big that this amount with the Tenure has increased this much, I home and the will acquire this house and my hard earned money believe the fact that there is no difference in the past money lenders and this bank, and this will be continue with great grand children also and my loan amount they will be paying continuously, but the Loan principal will remain as it is and Chakraborty Interest will keep on and one day we will be without too. so my concern is cannot we stop the bank doing all this lootpat, and would request you to advice me how should I go against them and what and where I should go/contact to take neccessary action against their policies which they are refferring to. Kindly help as you can understand my problem/trouble. I also do not know weather their will be some guidance/help /reply from your side. I will request again to help me out.

By IndianMoney Experts - 2013-May-24
Dear Jindal, Kindly contact the ICICI Customer Care on Toll free number 1800-22-4848 in order to resolve your complaint. According to RBI floating interest rates are charged according to changes in the market interest rates whenever they change but they cannot change your tenure. This is the reason why fixed rates are made so that the tenure and even the interest remains the same over a period. You always have an option of refinancing your loan from any other bank and RBI has also directed banks not to levy charges for foreclosure of home loans taken on floating rate interest basis. If you can always file a complaint in District Consumer Forum to settle your complaint.Please look up the website in order to understand home loans.This is India\'s only free on call money adviser.
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