Jun 26, 2010 02:57 AM
6204 Views
I don't know what to say about this bank. They should win the award for making the people fool in every way. I took a home loan from ICICI bank four years back at 7.25%. It continued well til first 2 -3 months but after that the interest rates went on rising from 7.25 til 12.50% in 1 year and my loan tenure which was of 10 years went up till 35 years.
In the first 3 years I paid almost 4 lacs as EMI but when I got my amortization schedule (which informs about the paid and remaining loan), I got shock by watching that only 50, 000 rs. went on to my princpal and the remaining 350, 000 gone as an interest. and every month when I pay the EMI only about 750 rs. goes into my principal and the remaining 10, 000 goes as an interest.
Whenever the inflation rises they are the first ones to rise the interest rates among all the banks but they have never decreased the interest rates even a single percent even when the market went from 21000 to 8000 levels. They offer one of the lowest interest rates but its only for the initial period, after some time they get your interest rates at the top and gets your life completely messed up. I believe all that the bank knows is how to give the best advertisements to attract the customers, nothing else.
