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Tenure calculation for ICICI Bank Home Loan
To/Against/For: ICICI Bank Home Loan DivisionThis petition is against ICICI Bank for providing confusing information through the website and also not providing the branch phone numbers when the call is made to customer care. The customer care representatives do not know many informations that they suppose to know so that the customer can be satisfied if he/she calls.
If someone cannot go to the branch personally the customer care team does not provide any other means of communication.
For ICICI bank Rate Change Impact Calculator:
Suppose the Outstanding loan amount is 1700000, original tenure is 180 months, elapsed tenure is 19 months, existing interest rate is 11.5 , new interest rate is 13 it gives the output for balance tenure of your loan has increased by 42 months.
Now for the same amount if the original tenure is 240 months, the output that is shown is 241 months and this is the increase in tenure.
This is really confusing and how can bank provide such confusing information to public. Is is that they want people to call or visit their branch for getting it clarified? If so then why they provide online information they can simply write a statement for details visit the nearest branch.
This bank is really cheating people like anything.
Recent Comments
| Name | Comment | |
| Sunil Nayak | They have increased my Lona EMI and well as the tenure. | |
| pkmr09 | I've been a victim to the ICICI Home Loan scam (yes, I'd like to call it a SCAM). My home loan started with a tenure of 240 months (20 years) in 2007 and in August 2011 it has gone up to 504 months (40 years). This is insanely absurd. Increase in the interest rate was 2.5% (10.5% in 2007 to 13% in 2011). | |
| Vandan | all this is true, but is there any legal way to fight with this cheating bank ? | |
| sabare alam | I am also victim of same above issued raised by customers. ICIC bank help desk is not providing all the information during any confusion. And also rasing PLR for exsiting client along with rasing there Interest rate without consulting customer. Incresing tenure is not mentioned during tele. conversation. please calrify all. since 2007 i am paying floting intereset rate 11.0 and it goes heigher always but never getting lower rate less than 11.0 , icici loan policy for existing loan customer is looks not fare. | |
| siddharth | I support this. I am also currently confused with the calculation of Monthly Interest Component when there is reduction of interest rate. When i called up the customer care and explained about the situation the guy agreed to my calculation but the response was we will not be able to help obn the calculation, "please visit the nearest branch for further details". This is the punch line all the banking units have for their customer care guys. As far as the service of ICICI bank is concerned, this also deteriorating day by day. In this bank they dont care for customer at all. 2 Weeks back i visited the branch and there the person in the counter told me that if you pay 1.93% of the O/S principal amount we can reduce the rate of interest to 9.25%. Today when i visited the same person saying there is a clause to this that is you have to pay 1.93% and you need to invest 50000/ Year for 3 years. When asked can you provide me that where this clause is mentioned, there was no answer to this. I am not sure what these guys are doing. Anyone faced this issue please let me know. | |
| Prakash Vazirani | Yes, the ICICI Bank is cheating its customers and there are so many complaints with RBI but RBI is afraid of taking any action against the powerful ICICI Bank and hence it has appointed a working group on BPLR to look into these complaints. Although the RBI has appointed the above working group to review the concept of BPLR(Benchmark Prime Lending Rate) since RBI feels that BPLR has lost its relevance and hence it require some change, otherwise Banks like ICICI Bank will hoodwink its customers and loot them with impunity. | |
| Manish Garg | In May 2006,I took a Home loan of Rs 23,59,547 at the rate of 9% for 20 Years from ICICI Bank. This was a Flip Loan where for first 9 years my EMI was about Rs 23K and for rest of 11 YEars it was something about Rs 17K. With in two years,the ROI jumped from 9% to 13.75%. WIth this increase, my Home loan has been restructured for 35 Years with EMI of Rs 28407 for first 9 years and Rs 19K for rest of 11 years. I have no clue what so ever what they have done and how they have calculated. Its now almost more than a month I am visiting Customer care branch in Sec 50 Noida. but no one is able to give me any kind of explantations. I have written to RBI for this and will take it to the higest level and will fight for it. | |
| binil | Rate of interest has been reduced since may-09, but the still it has not been updated in the system of ICICI BANK.Since I need to plan my future activity, hence pls. provide me the tenure which will be 9% for loan outstanding of Rs.2500000/- regards, binil | |
| pkbarre | Iam to sufferer like this for the tenure increasing and EMI also | |
| Ganesh chandra | My wife taken home loan of Rs.1,049,841/-in sept'06 from icici against home loan a/c no.LBDEL00001402826.At the time of loan sanction total tenure was 240months(20 years) with premium of Rs.10400/-.Now I have received statement having EMI of Rs.11682/-with total tenure of 361 months i.e.aprrox.30 years.I think icici bank is the biggest cheater in the world. |
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