I have already written this to the customer care, I am posting it
here to make everyone aware, I am sure many others have also suffered
through this
To Whosoever it may concern
To Whosoever it may concern
I hold 3 accounts with your bank, 2 savings and one reimbursement.
Along with this i took a home loan from your bank (LBMUM00001933892).
The rate type was floating interest rate. With the pre-payment amount
that stated on 30/09/2012, my actual EMI started on 10/11/2012.
At the time I started paying my EMI, Rs.30540/- the rate of interest was 10.50%.
Later in the first year itself starting 10/09/2013 the rate of interest was increased to 10.75%.
Without intimating or asking, my EMI amount was kept the same and my tenure increased!
On 1/10/2014 when i visited your Kamla Mills branch I was told that the rate of interest was now 10.15% but it has had no effect on my loan. That is, the interest that i was paying was still the same 10.75%. When i asked the reason of not revising my interest rate I was told to visit Mahalakshmi branch and sort it out with the respective team.
I scheduled a visit to your Mahalakshmi branch on 4/10/2014. Here is where a big shock was awaiting.
i was told by the executives there that if i wanted to change my interest rate to 10.15% from 10.75% i has to pay a penalty of 0.5% on the balance amount.
is this not a malpractice followed by your bank?
if my rate type is floating, when the rate went up without initimation that had an effect on my loan, when the rates were down why do I have to pay extra moneys
By paying less interest rate, money earned by you through me will be less. You asking me to pay a penalty are you not being an opportunist?
If you want me to pay here is what i need from you:
You need to tell me when did the market rate shift from 10.75% to 10.15%. From that date till now, please refund me that difference
Couple of hours after I visited your branch on 4/10/2014, I got a call and an SMS from the branch manger that they have taken a permission to charge me 0.25% of penalty. But my friends this is not the case, the question here is a broken promise. What then according to your is floating rate?
Today, my loan tenure could have reduced from 188 months to 174 months. It is my hard earned money that I had trusted you people with. If i had the money I had no need to take take a loan from anyone!
I demand an immediate action on this
At the time I started paying my EMI, Rs.30540/- the rate of interest was 10.50%.
Later in the first year itself starting 10/09/2013 the rate of interest was increased to 10.75%.
Without intimating or asking, my EMI amount was kept the same and my tenure increased!
On 1/10/2014 when i visited your Kamla Mills branch I was told that the rate of interest was now 10.15% but it has had no effect on my loan. That is, the interest that i was paying was still the same 10.75%. When i asked the reason of not revising my interest rate I was told to visit Mahalakshmi branch and sort it out with the respective team.
I scheduled a visit to your Mahalakshmi branch on 4/10/2014. Here is where a big shock was awaiting.
i was told by the executives there that if i wanted to change my interest rate to 10.15% from 10.75% i has to pay a penalty of 0.5% on the balance amount.
is this not a malpractice followed by your bank?
if my rate type is floating, when the rate went up without initimation that had an effect on my loan, when the rates were down why do I have to pay extra moneys
By paying less interest rate, money earned by you through me will be less. You asking me to pay a penalty are you not being an opportunist?
If you want me to pay here is what i need from you:
You need to tell me when did the market rate shift from 10.75% to 10.15%. From that date till now, please refund me that difference
Couple of hours after I visited your branch on 4/10/2014, I got a call and an SMS from the branch manger that they have taken a permission to charge me 0.25% of penalty. But my friends this is not the case, the question here is a broken promise. What then according to your is floating rate?
Today, my loan tenure could have reduced from 188 months to 174 months. It is my hard earned money that I had trusted you people with. If i had the money I had no need to take take a loan from anyone!
I demand an immediate action on this
1 comment:
ICICI lures everyone with low hangings but is one of the worst home loan manager. There are some load factors which they will never bother to explain & let's face it, all the legal docs we sign are in favor of the bank in case of home loan. You might want to consider transferring the loan to a nationalized institution.
I just applied for a home loan & chose to go with corporation bank after speaking with al, the private crooks.
Also, write to their management team or the nodal officer, it helps. Good luck bro! Rage against the machine..
Post a Comment