Hi,

I am Ajit Gandhi and I hold a floating rate home loan with ICICI Bank (LBMUM00001527311), there have been lot many complaints against the unjust unfair means of conducting business within Housing Finance Department. Following are my complaints :

1) On discussing with ICICI Bank officials for pre-closure of the above stated loan on October 13, 2011, I was told that I would be charged a pre closure penalty of 2%. On mentioning that RBI has given a press release on September 06, 2011 (Reserve Bank of India) stating that banks are not suppose to charge pre closure penalties/charges on floating rate loans, ICICI Bank officials flatly denied the same. I am worried as this is no way to harass a client. The interest rates are rising, incase if you want to close your loan you are unnecessary taxed with extra sums, which is unfair.

2) Also, for the above mentioned loan, I have paid a sum of Rs.6.18 lakhs till date from 2007 onwards, of which only 5% of it has been credited towards principal repayment and the balance 95% have been considered against Interest payment. This is highly unfair as a client would have paid interest for a tenure then what he is already holding a loan for. Say for example if I were to close my loan now, my interest payment is already in excess then what it should have been till date.

I would request RBI and the honorable Consumer Court to kindly pay attention to my compliant and assist us against such monopolistic unfair business organisations.

Regards,
Ajit Gandhi

Dear Ajit,

We have made a note of your home loan account number. We'll contact you and work to address your issue at the earliest.

Regards,
ICICI Bank Customer Service Team