Pr_chary from Mumbai said :

Hi,i am victim of the ICICI home loan. Today 9th Dec 2009 they came up with the attractive interest rate of 8.25%. Friends it is a big trap that ICICI trying to do. Neverever believe in ICICI home loan product and infact any product of ICICI.Here is how i am effected.Took a home loan of 17,50,000 and with the interest rate of 9.25%. i was attracted by ICICI offering of lowest interest rate (9.25%) and lowest processing fee(0.5%) compared to any other bank during that time May 2006.in three months that went up to 11% and then came to 13.25% in 2 years.My initial EMI was 16,000 for 20 years. after six months i started paying 19,000 because of increased rate.in 2.5 years i paid nearly 4,50,000 and the tenure remaining is 482 months i.e 40 years. i am wordless and spent sleepless nights. all my valueble earnings are smartly robbed by ICICI.i contacted ICICI they said if i pay 9% of out standing principal they will increase the discount rate to \\\"-4\\\" units so that the rate will come down to 13.25-4=9.25. i didn’t believe them and opproached friends who are already customers of ICICI.they adviced that transfer the loan instead of paying this. they said they have paid 9% of principal but after one year the same story continued and thus don’t believe in their words.I took big pain in transfering this loan to govt bank and paid 17,70,000 at the end to ICICI and moved to govt bank.