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home loan Mr-Sunil- | Loans and Credit Cards | 1 Reply


I have taken a home loan from ICICI in 2004 at a rate of 7.0% . I was offered the same rate from other nationalised banks (SBI, Canara, etc). But due to the easiness of getting the loan sanctioned I went with ICICI. I have been paying the EMI without any default for last 7 years. During this time I saw my interest rate skyrocketing to 14.5% . They were also increasing the tenure for the loan each time the rate was increased and my total tenure to close my loan with regular payment of EMI stands at 478 months which was 240 when I started the loan. This is bound to rise in future as the rate increases and never going to go down. RESULT: You will NEVER be able to pay the loan through regular EMI in your life time. The interest rate has been going up even during the recession when RBI reduced their rates. ICICI never reduce their rate and will be very quick to increase the rate when RBI raise their rates. They would never reduce when RBI lowers their rate.

By IndianMoney Experts - 2013-Jul-15
Dear Mr Sunil , Please contact the toll free number of ICICI bank at 1800-22-4848 in order to resolve your complaints. The common problems that come under home loans are banks Floating Rate of interest means an interest rate that is allowed to move up and down with the rest of the market or along with an index. 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 been taking steps from time to time to address the concerns of the borrowers regarding banks not readily passing on the benefit of rate reduction to them. It has been observed that banks tend to promptly raise the interest rates. However, they are often reluctant to reduce them for the existing borrowers while at the same time wooing new customers with lower rates.If you feel you are cheated you can always lodge a complaint with the District Consumer Forum. You can always look up the website for your home loan needs as it is India\\\\\\\'s only free on call money adviser.
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