As advised by Mr. Sarmah kindly study your loan application and loan agreement. If either of these has not been provided by the bank, you are within your rights to obtain certified copy under seal and signature of the bank without any fee. You may submit a letter to concerned BM in writing under proper acknowledgment and demand its supply by redg/speed post only.
The bank and its staff shall not agree to verbal staements now. However if you can establish you may lodge your greivance with the redressal mechanism of the bank in writing.
You may evaluate the option of take over by another institutions including LIC housing finance, offering lower rates and compare the total amounts to be paid by you including processing fee etc.
Kindly look into the attachment.
Rate of Interest of ICICI fixed and floating, is one of the highest.
How is an EMI calculated?
EMI Formula: l x r [(1+r)n /(1+r)n-1 ] x 1/12
l = loan amount
r = rate of interest
n = term of the loan
The interest rate can be annual reducing, monthly reducing, and daily reducing.
Comparison should be made by the total amount to be paid by the borrower keeping the term same for various institutions.
Deduction under Section 80C of the Income Tax Act
The portion of the EMI paid towards repayment of principal amount of the loan can be deducted from income. The borrower can get a tax deduction for a maximum amount of Rs. 1 lakh each year under this section irrespective of his tax bracket.
Deduction under Section 24(b) of the Income Tax Act
The interest paid towards home loan is treated as an ‘expense’ under ‘Income from house property’ and is deductible under Section 24(b) from the total income of the assessee. The maximum deduction permitted under this section is Rs.1.5 lakh per annum.