My father has ICICI housing loan #LBDEL00000365400 with amount 5 lakh at 9.25% floating, sanctioned in 2002, also a top up loan with amount 1 lack #LBNOD00001152066 at 9.75% floating, sanctioned in 2005.

ICICI Bank is now charging him 14.75% rate. Which is above than the market rates.
They have increased interest rate immediately whenever market rate changed but when market rate is decreased they are not decreased it for old customers.
I don't understand how a professional company like ICICI can charge different interest rates to different customers.

Please let me know what legal tool I have at my disposal to protect him.
Any help on this matter will be highly appreciated.

Regards,
Vivek
vtyagi04@yahoo.com
9818676628

Contact ICICI bank and ask for the revision in the interest rates. There is a provision for the same by providing a nominal Fee. I have done the same. Need to what is the existing rate they are providing for new loans and discuss with them for the same...Other wise transfer with other bank...you will get a very good rate also in that case.

check.

regards,

Neel.

Originally Posted by vtyagi04

My father has ICICI housing loan #LBDEL00000365400 with amount 5 lakh at 9.25% floating, sanctioned in 2002, also a top up loan with amount 1 lack #LBNOD00001152066 at 9.75% floating, sanctioned in 2005.

ICICI Bank is now charging him 14.75% rate. Which is above than the market rates.
They have increased interest rate immediately whenever market rate changed but when market rate is decreased they are not decreased it for old customers.
I don't understand how a professional company like ICICI can charge different interest rates to different customers.

Please let me know what legal tool I have at my disposal to protect him.
Any help on this matter will be highly appreciated.

Regards,
Vivek
vtyagi04@yahoo.com
9818676628