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High ROI for existing customer S-K-Kohli | Loans and Credit Cards | 1 Reply

10
Jun
2013

Now ICICI home loan ROI is 8.5 % & for existing customer 13.25 % why. our loan is floating type. what is floating? so many time increasing the ROI, but when decreasing ROI, there is no benifit given to customer why? This is cheating only.

By IndianMoney Experts - 2013-Jun-10
Dear Kohli, Kindly contact the ICICI Bank Customer Care on Toll free number 1800-22-2020 in order to resolve your complaint.Existing customers do not get the benefit of reduced rate of interest and banks have their own explanations as they say that the cost of borrowing for existing customers is high therefore they cannot pass on the benefit of reduced rate of interest to existing customers hence they make the benefit available to new customers only.. It is not something that only the ICICI Bank does but even other banks also indulge in the same practices. This logic seems totally flawed. Unfortunately we do not have any other option but to pay the interest rate charged by them or a better option would be to take up the fixed interest rate option. A floating interest rate, also known as a variable or adjustable rate, refers to any type of debt instrument, such as a loan, bond, mortgage, or credit, that does not have a fixed rate of interest over the life of the instrument. Floating rates have a certain base rate called index and a floating element called spread. In simple words you may say that base rate is the minimum rate, below which Banks cannot give you loans and spread is your final rate of interest after adding some % to Base Rate. Base rate may be fixed for all customers. RBI has directed not to levy charges for foreclosure of home loans on floating rate interest basis, they cannot charge 2% to 3% on foreclosure. You can always refinance your loan from any other bank.If you feel you are cheated you can always lodge a complaint with the District Consumer Forum. You can always look up the website IndianMoney.com for your home loan needs as it is India\'s only free on call money adviser.
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