I took home loan from ICCI BANK Manama, Bahrain on 2006. That time the interest rate was 9.25%. When I went to India I approached ICICI BANK Calicut Branch. They were telling they want to resanction the loan as didn't recieve the "CAM" (I don't know what is this) from Bahrain. I have no other choices immediately, as I have been given an advance to the seller of the home which i will lose if I am not buying it. I admitted to resanction it. That time they made the interest rate 10.25% which I am forced to accept.
This is the first cheating from the icici bank.
Unfortunately I sanctioned it in Floating rate. After that the inflation in India was increasing and Reserve Bank of India increased the Rippo and Reverse rippo rates. Each time ICICI bank increased my rate and it reached at 14% on 2008.
Fortunately on the middle of 2008 onwards the global recession started the inflation went down RBI decreased rippo and reverse rippo and now it is in an ever time low. But still ICICI bank is not ready to decrease the loan rate. I contacted them and their reply is this; "The Floating Reference Rate (FRR) and margin points is a benchmark reference rate of the ICICI Bank Home Loan. This is determined based on the market conditions and the cost of funds of the bank. As the cost of funds have increased, we have increased the FRR." which is quiet illogical.
So my feeling is that ICICI bank is a is doing all the frauds with slick marketing to cheat all their customers in different means. See other rippof reports.
From 2008 onwards
Pankaj
manama, Alabama
Bahrain
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