I took a home loan of 7% floating and the interest rates went as high as 12.75%. I thougt at one point the interest percentage will beat the principal value I borrowed. They are very punctual in increasing rates and are not bothered by customers’ repayment capacity and just increase by sending a close ended letter of interest change.
Of all the banks I am surprised to see ICICI releasing " ICICI Customer education series" every monday in Times Of India publication. To ICICI: First bring in some morality in the way you treat existing customers before releasing such stupid advertisements / education series.
The best thing atleast I have done is have changed and convinced a lot of my friends and family members to move to alternate banks like IDBI, SBI, Axis etc who are far better than this bank.
Please do not get carried away by the article they have put in paper today " 9th December 2009 " about ICICI home loans going cheap at 8.25%". Thats only a trap to take you to 12.75 or may be 15%.
Cheers // Vinoth