ICICI on Dec 31 2008 announced a reduction of their home loan rate by 50 basis points. When every other bank has reduced interest rates by more than 75 basis points, ICICI’s cut by 50 basis points is very sad. ICICI is supposedly the leader in home loan business, but they were the last among major banks to announce interest rate reduction.
During 2007 and 2008, when interest rates were on the rise, ICICI "exhibited their leadership" by being the first in hiking interest rates. They do not have same zeal to cut the rates when loan rates are falling.This bank has been extremely unfair to its home loan customers.
Take a look at how my interest rates with this bank went up.
Feb 2006 I started with 7.25%
May 2006 - 7.75%
Aug 2006 - 8.75%
Feb 2007 - 9.25%
May 2007 - 11.25%
July 2008 - 12%
Nov 2008 - 12.75%
If this is not heights of cheating, what is??