Complaint Details

Status	:	Closed
Complaint No	:	0007047/2013
Category	:	Banking
Date	:	30-10-2013
Subject Line	:	Home Loan
Complainant	:	Edward Avil
Address	:	Odyssey,B Wing,1301,Bhakti Park,Anik Link Rd,Nr Imax theatre
Complainee	:	ICICI Bank
Address	:	Bandra-Kurla Complex

Complaint Details
Dear Sir,
My Name is Edward Avil and i am from the Advertising/Media Industry and i want to file a case against ICICI Bank for their fraudulent Loan System.

I Had Taken a 31 lakh housing loan in the year 2008 for a property in Wadala-Bhakti park

The Tenure when the loan was sanctioned was 20 yrs with floating Interest rate of
10.50% I had received 100% loan and my first EMI was 30,950/-

In a few Months i got an intimidation from ICICI saying the interest rate has been revised and due to its raise they raised my tenure from 20 to double of it 40 Years.

After a few months when the interest rate fell down they got the tenure down just by 3 yrs and the EMI down a tad bit.

From 2008 to 2013 not just the tenure but also the EMI jumped from 30000/ odd- to 34000/- plus

In 2013 i realised after paying around 19 Lakh till date the base amount cut from my home loan was only 85000/-

Thats when i decided to move my housing loan from ICICI

To Close the loan I had to pay 30,29,799/- plus a full months EMI which was 34400/- odd

So basically I have paid back ICICI 19 lakh as interest for a Loan of 27,000/-Only


I want ICICI bank to realise that it cannot Con the Common people like this....The entire faith in the banking industry will collapse when they see my case.

Common people will stop taking housing loan from ICICI and all other banks if they learn about my case.

I want this Bank and its fraudulent rules/laws to be bought to the publics notice so that Common people will not be conned by these banks

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