I had taken a home loan of Rs 9.50 lacs from ICICI Bank in 2003 and and the full amount was disbursed to me. Subsequently the letter issued by the bank for claiming Income Tax rebate, reflected Rs 7.90 Lac only as the final amount disbursed. As an honest customer, I brought this to the notice of the bank officials and visited the bank more than ten times to get this anomaly rectified. Even after number of visits and lot of persuasions, only the amortization schedule was amended and the disbursed amount was being shown as Rs 7.90 Lac. Finally, I had to approach Sh KV Kamath through e-mail who got the corrective action was taken and a new loan account number was allotted to me.
Recently when I compared the home loan interests being charged to the existing customers by ICICI bank and other public sector banks, I was surprised to learn that ICICI was charging 12.50% whereas most of the public and private sector who are charging only 11.25% to 11.75%. The same bank i.e. ICICI bank is extending fresh loans to the new customer @ 12% interest. It is only the existng customers who are bearing the brunt of high interst rates.
Hoping that the Bank would show some consideration for the honesty shown by me, my request to them to reduce my interest rate to 12% as a special case, fell on deaf ears as they do not seem to have any have any consideration for the honesty.
Had I not brought out the anomaly, I would have been richer by a whopping Rs 1,60,000/- !
