ICICI Bank HFC — Increase in loan tenure but not being flexible in taking requests on phone

Address: Bangalore, Karnataka

Hello

I took a home loan in May 2005. The topup request was put forth by myself on October 2008 and the same got disbursed. Thanks to ICICI loan for being flexible at that time who came forward to offer the loan based on my credibility.

However the EMI which they agreed on the document was just around ten thousand four rupees ( approximately ) for a loan of 12,00,000 rupees along with a 33,000 rupees insurance to protect the same. However the first month EMI was about eighteen thousand rupees (18,762) which is about eight thousand higher than what they said. I was told the interest rate was wrongly calculated on the letter given to me but they did not apologize.

When the interest rates were reduced they brought down the EMI to as less as 17,407. Fair enough. Now when the interest rates increased marginally they have increased the tenure of the loan period from the old 15 year period ( 180 months ) to 197 months without my consent and it may be under banking guidelines as per terms and conditions. But they have stopped taking request on phone and wanted me to come in person along with 3 months payslip for a mere 500 rupees raise. This, in my opinion is only to make money as for a job profile like I have it becomes difficult to go to the bank and write a new application for change of tenure. My credit payment history has been very clean and my salary is good enough which has been proved by the bank as they disbursed the loan for 18,762 EMI. Now for a 500 rupees increase they ask me to prove the credibility again which is absolutely not agreeable and looks to have been a plan only to take advantage of situations of people who have taken loan like me. I am sure there would be only about 10% of the customers would go to a branch and the bank enjoys this as additional revenue.

I need the bank to reduce the loan tenure and increase loan amount marginally for the current interest rate. They should be able to take requests on phone and email ( payslips ). If they cant do it, they should atleast do so till the amount reaches to the initial disbursed value.

Its so agonizing and stress for a salaried individual like me. I did discuss this with a lot of my friends, family members & colleagues and all feel the same about banks.... especially ICICI Loan products.

Please prioritize my request and I can submit all documents required if necessary. I can give my credit history & repayment schedules to prove my point here and I have been paying quite a lot of EMIs. Some of them are

Deutche Bank Home Loan EMI : 36891 ( New Loan disbursed in September 2010 )
ICICI Home Loan : EMI 16285 -- Have been paying since MAY 2005
ICICI Car Loan - EMI 8387 - Have been paying since JANUARY 2007
Deutche Bank Personal Loan : Have paid without any defaults and preclosed during September 2010

Regards
Vinoth Kumar
+91 [protected]