ICICI Bank home loan floating rate policy

  • Author:
    n/a
  • Send To:
    CEO ICICI Bank
  • Sponsored By:
  • More Info at:
Are you the Author?
Dear CEO of ICICI Bank,

ICICI bank does not have a 'transparent policy on home loan floating rates', When interest rate goes up, the Bank will immediately revise the floating rate for existing customers.

Currently, RBI has reduced REPO rate and lending rates. In action, PSU banks, IDBI Bank and other banks have their home loan floating interest rate between 9.5\% to 11.00\% as compared to ICICI bank which is running at 12.75\% and above, as compared to the new customers ICICI bank is offering at around 11.5\%.

We are requesting you to have a fair floating rate policy so that when the interest rates start moving down and the time comes for the bank to pass on the benefit to you. Please reduce the home loan floating rate for your existing customers.

you sincerely,

67 Signatures

  • Suneel
    • Comments
    • I Tottaly agree
  • Jayant Sahasrabudhe
    • Comments
    • I agree - it indeed is an unfair policy
  • manoj porwal
    • Comments
    • don't show the address
  • Amit
    • Comments
    • request you to keep with the market. be fair
  • Venkatesh
    • Comments
    • There needs to be transprancy & public supportive
  • Sudip
    • Comments
    • agree
  • Shilpa M
    • Comments
    • ICICI Bank, please take corrective measure
  • Sudhir Kumar
    • Comments
    • unfair treatment between new & existing customer
  • Srihari
    • Comments
    • I can not believe the ICICI
  • Surya
    • Comments
    • Yes, I agree. ICICI should bank as per RBI guidelines and on par with other competing PSU banks.
  • Sameer
    • Comments
    • Should be noramilzed
  • Anil
    • Comments
    • Agree
  • koushik
    • Comments
    • I agree
  • Rajeshwari Sridhar
    • Comments
    • Interest Rate has to be reduced
  • Anil Madhireddy
    • Comments
    • I hve been ICICI Bank customer for the past 7 years and i am pained to see the lack of transparency on this issue
  • kanhaiya Lal gupta
    • Comments
    • The bank policies are really frustating and we dont know how to cope with with the loans which we have taken in a view that ICICI is one of the best bank for home loans but all in vein.
  • S B Khapare
    • Comments
    • I support this petition. I am feeling betrayed and I wonder what is the definition of "floating rate" in ICICI's dictionary.(Currently it seems to be as upward floating, downward fixed)
  • Shashi Singh
    • Comments
    • I agree.
  • ALKA PHADKAY
    • Comments
    • pl explain as to why we should not go to consumer court as you are not reducing floating rates sufficiently.
  • Dhinakaran Srinivasan
    • Comments
    • I took home loan in ICICI bank for floating rate. I request you to reduce floating rate according to market condition.
  • Rajesh
    • Comments
    • Reduce our interest rates, else without any customers you will end up bankrupt
  • srikanth surapaneni
    • Comments
    • Plese review your floating rate policy. You are not even sending any notice regarding the change in interest rate. I have been a loyal customer paying everything on time and icici even doesn't try to take care of loyal customers like me.
  • suresh
    • Comments
    • ICICI bank collecting 13\% Interest rate on my home loan now
  • Venkateswarlu Cheruku
    • Comments
    • I echo with your views.
  • Rao Krishna
    • Comments
    • Please be transparent to your customers and reduce rates according to RBI Guidelines without any conversion fees to the customer
  • manish
    • Comments
    • Be fair.. we need to act by fair trade law.
  • Rajesh Verma
    • Comments
    • I do feel so and it seems I am unnecessarily loosing money.
  • udayaprakash
    • Comments
    • I had took loan @ 7.75 and currently interest rate is @ 12.5.
  • Anil
    • Comments
    • I do not understand their floating rate policy
  • E Manivannan
    • Comments
    • Yes. I agree and we can't migrate our loan to other PSU bank b\c 2\% service charge on the principle outstanding.
  • Satheesh
    • Comments
    • Please reduce the interset we people are in recession .
  • Puneet Gupta
    • Comments
    • ICICI should reduce the rates for the existing customers
  • T S Sridhar
    • Comments
    • With all non-sense details available in their website, no word about the what is the interest currently they are having on loans
  • Jaswant Singh Rana
    • Comments
    • Although a loss of 2\% for loan transfer at this moment, but for sure I will never recommend this bank to anyone in my life. I have already closed my bank account, Credit card and personal loan in last 15 days, and am looking for transfer of Home Loan to LIC Housing at 8.75\% rate (A net saving of around 10,000 per month in EMI).
  • umang
    • Comments
    • currently rate of interest is 11 percent but charging 12.5 perc as on 13/2/2009 and saying to take icici lombard insurance to get 11 percent rate of interest at surat branch
  • Gopal Gora
    • Comments
    • ICICI Bank is following monopolistic trade practices. Bank has been ruthless to existing customers who have given interest to the bank.
  • V. Srikanth
    • Comments
    • Unfair ICICI home loan policy
  • Hitesh Kumar
    • Comments
    • Please act on this petition asap, otherwise we will have no other option except to switch to other banks.
  • Tarun Kanal
    • Comments
    • Why is it that ICICI does this type of gameplay with existing customer?
  • Mahendra Akkina
    • Comments
    • Don't know why ICICI does not do that. I guess they no longer care about customers or future loans
  • Srinivasulu Alampally
    • Comments
    • I am also sufferer of ICICI home loans.
  • Kamlesh Kumar Singh
    • Comments
    • We should try to take this to media...is it possible ?
  • ravi venkitaraman
    • Comments
    • ICICI BANK DOES NOT REDUCE HOME LOAN FLOATING RATES WHEN ALL OTHER BANKS PASS ON THE BENEFIT TO EXISTING HOME LOAN CUSTOMERS. IF ONLY RAISES THE FLOATING HOME LOAN RATES WHENEVER THERE IS A RATE POLICY CHANGE BY RBI. THIS IS QUITE UNJUSTIFIED AND UNFAIR TO EXISTING FLOATING LOAN RATE HOME LOAN CUSTOMERS. IF NOTHING IS DONE TO REDUCE THE EXISTING HOME FLOATING HOME LOAN RATES IN LINE WITH OTHER BANKS INCLUDING SBI, ICICI BANK WOULD LOSE ITS EXISTING CUSTOMERS OF HOME LOAN ENCOURAGING THEM TO SWITCH TO OTHER BANKS PENALTY OR NO PENALTY. THIS IS THE ONLY BANK IN MY VIEW WHICH BELIEVES THAT THE FLOATING LOAN RATE ONLY GOES UP NEVER COMES DOWN.
  • VKV RAMAN
    • Comments
    • ICICI Bank it seems does not believe in encouraging existing floating loan rate home loan subscribers below 20 lakh rupees, to stay with them. The bank fleeces its existing customers and gives ;benefit of reduced floating rates only to new customers. This is unjustified, arbitrary and unfair. The Bank should change its policy of fleecing existing customers and stop entrapping new subscribers who may not know its policy of keeping floating rates high when every other rate comes down, even with other banks. It will only encourage people to switch to other banks to service existing floating rate loans. Please reduce your rates immediately for existing floating home loan customers to stay with you.
  • manognasree
    • Comments
    • this is not fair u must reduce the floating rate for the exisisting customers also
  • sanjay
    • Comments
    • when interest rates increase it is applicable to all but when the floating rates decrease it is not applicable to existing customers ??????Can this be justified, its unfair .
  • tkanniappan
    • Comments
    • sucks blood from customer. please advice all not to have any loan with icici bank
  • Deepak Agarwal
    • Comments
    • RBI, please bar every operation of ICICI Bank
  • nis
    • Comments
    • Please be fair and transparent
  • Ram
    • Comments
    • Take your home loan plan to SBI.. it will never give you a home loan. It will have 1001 litigations.. plan deviations.. icici still give u a loan.. even though your salary is not worth ur loan amount..