I am victim of the ICICI home loan. Today 9th Dec 2009 they came up with the attractive interest rate of 8.25%. Friends it is a big trap that ICICI trying to do. Never ever believe in ICICI home loan product and infact any product of ICICI.
Here is how I am effected.Took a home loan of 17, 50, 000 and with the interest rate of 9.25%. I was attracted by ICICI offering of lowest interest rate (9.25%) and lowest processing fee(0.5%) compared to any other bank during that time May 2006.
In three months that went up to 11% and then came to 13.25% in 2 years. My initial EMI was 16, 000 for 20 years. after six months I started paying 19, 000 because of increased rate. I n 2.5 years I paid nearly 4, 50, 000 and the tenure remaining is 482 months i.e 40 years. I am wordless and spent sleepless nights. all my valueble earnings are smartly robbed by ICICI.
I contacted ICICI they said if I pay 9% of out standing principal they will increase the discount rate to "-4" units so that the rate will come down to 13.25-4=9.25. I didn’t believe them and opproached friends who are already customers of ICICI.
they adviced that transfer the loan instead of paying this. they said they have paid 9% of principal but after one year the same story continued and thus don’t believe in their words.
I took big pain in transfering this loan to govt bank and paid 17, 70, 000 at the end to ICICI and moved to govt bank.
Moral of the story:- It is fraud and worst bank ever in India and in the world. It is more dangerous than Osama bin laden and Al-Quida.
my dear citizens of india never ever get trapped in ICICI shackles.
Panduranga Chary