Dear Sir / Madam,



I had taken a Housing Loan of 10,43,000/- from ICICI bank on 2006 and the rate of interest was 8.75%, however during financial year of 2011 – 2012 I seen that ICICI bank had charged 14.5% and increased by tenure from 20 years to 40 year without any notification to me. When I checked with ICICI support person related to this, she said to visit the ICICI bank with 100 Rs stamp paper, and inform the bank to reduce the rate of interest and Loan tenure.

Most surprising is I had paid Rs 139341 in which the Principal component deducted is Only Rs 1613, however the interest component is Rs 137728/-. However during 2010-2011financial year the principal amount was reducedd was more the Rs 20000/-


I have one query to ICICIBANK if they had changed the rate of interest from 8.75% to 14.5% then why did they changed the tenure from 20 years to 40 years, Please let me know what i should do to get justice

Details.

Loan amount 10,43,000/-
Loan sanctioned in Year 2006
Rate of Interest 8.75%
Tenure 20 Years

Current Details:- 2011-2012

Rate of Interest 14.5%
Tenure 40 Years

Current Year 2011-2012

EMI Paid :- Rs 139341
Principal Component Rs 1613
Interest Componenr Rs 137728



Regards

Muthuraj

Hi,

We are sorry to hear about your experience. We have made a note of your loan account number. We'll contact you and work to address your issue at the earliest.

Regards,
ICICI Bank Customer Service Team