I have availed a home laon from ICICI bank in 2005 at a floating rate of 7.75% for 15 years.during the course of time the bank has been regularly increasing the rate of interest and has been charging 14.75% from last few years. the emi has also increased from Rs. 22822 to Rs.28770. the bank has also arbitrarily increased the tenure of loan. The current rate of Interest charged to me is extremely exorbitant @ 14.75%. Whereas the current rate of interest charged by other bankers range between 9-10%.
More surprising element is that the bank have always increased the rate of interest with the increase in repo rate by RBI but have never reduced the rate in case of any reduction in repo rate while all other bankers have been increasing and reducing the rates with corresponding increase or reduction in the rates by RBI.
Even after paying huge instalments for 10 years, my principal loan amount is more or less the same. Shocking facts are reflected in the statement of accounts supplied by the bank
The rate of interest reminds me of the old times when it was impossible to escape from the clutches of money lenders and money lenders like sharks would usurps the property of poor people mortgaged with them as according to the statement of bank I will have to pay for next more than 20 years, although I have taken loan for 15 years only and have regularily paid for last 10 years.
kindly help with the legal remedy available to me. I had even requested the bank for reduction in interest but they insist on buying an ICICI lombard policy to reduce the interest.