I have taken a Home Loan from ICICI Bank, the Amount Financed was INR 27.25 Lacks. My EMI get
deducted using ECS facility on 1st of every month. As per my last
month(01/04/2008) EMI statement, my EMI was Rs. 26, 782/- with a balanced
tenure of 234 months. I have been paying EMI of Rs. 26, 782/- since
01/05/2007, when last interest hike carried out by ICICI Bank Home Loan.
I was very surprised to observe that, this month(01/05/2008) deducted
EMI was less by ICICI Bank and it was Rs. 24020/- with a balanced tenure
of 498 Months. Subsequently, I inquired with ICICI Bank Customer Care
and they informed me it was done based on some feedback from few of the
Bank Load Customer. " It was done to give comfort to existing
customer", they added.
It was very disappointed to note that Bank has taken an unilateral
decision, by decreasing the EMI while keeping the interest part almost
intact and drastically reduce the Loan Principal Amount from Rs. 3035/-
to Rs. 301/-. I have been paying the EMI of Rs. 26782/- since last 12
months and nowhere I have made any kind of request to decrease my EMI by
sacrificing the Loan Principal Amount. It’s well understood that Bank
has done this for their vested interest to keep the Home Loan continued
for elaborate period and they can easily earn the interest part along
with every EMI. Please understand that your customers are no fools that
they can’t understand this simple created undue advantages taken by
ICICI Bank. This is a serious offense carried out by ICICI Bank, without
any discretion taken taken from me.
While I was interested to put a service request for reverting back my
EMI to earlier figure with Customer Help Desk, but for this issue they
asked me to visit the Home Loan Branch. It was very annoying to note
that, ICICI Bank did all the nonsenses without Customer knowledge and
force them to visit Branch physically, for what Customer’s valuable time
& effort wasted in doing all these. ICICI Bank do not value their
customer’ not their Business and always tries pinch them with their
hidden clauses.
With a very frustrated mode, I have asked ICICI Bank to note my grievances for
needful action. Definitely I would move my Home Loan & Saving Bank A/C
into another Bank. I would make sure to share this information with all
of my near and dear ones so that, I can prevent them from suffering with
ICICI Bank.