I took an ICICI Bank home loan of 18 Lakhs in June 2004 at an interest rate of 7% PA for a 240 months tenure. I opted for the fixed rate option and locked my interest rate for 20 years at a time when interest rates were going down.
But after I signed the papers etc to these terms, the bank made alterations to the agreement and changed the Fixed rate option to Floating rate option. The alterations made without my consent are very evident in my copy of the agreement. Now ICICI bank has increased the interest rates 4-5 times in the last 18 months and the EMI has gone up by 7600 rupees per month.
This month Aug 2008, the emi went up by another 1100 rupees Consumer courts do not entertain banking cases anymore. I have tried the RBI Ombudsman but he treats the case like he is an ICICI employee and not even giving me a chance to present my case to him. Has any one faced the same kind of issue and is there a way out to make the bank pay.