I'm facing a hard time dealing with ICICI bank. My dad took a loan of 8,61,632.00 Lacs in 2002 from ICICI bank. My dad passed away on 7th January 2019. Total amount paid to the bank so far is 16,39,950.00 Lacs. However, the pending amount still remains 904,963.42 Lacs. And also, the interest rate on this loan is the highest currently at 14.70%, this also peaked to 15.75 % in 2013. The current interest in the market for home loans under pclr is around 9%. Not only this, but there are also some bogus other charges of 1.55 Lacs, which according to my understanding shouldn't be there.
After my father's demise, I've been to various branches of ICICI to understand why there's a gap between market rate and our current rate of interest but had no luck with any of the branches so far.
There many things which went wrong with my case since a long time.
Firstly, most nationalised bank automatically converted PLR to MCLR in 2010, but I fail to understand why ICICI didn't do it? Are policies different for ICICI?
Secondly, even after recovering almost twice the principle amount from us in this case, why principle still to be recovered stays at ₹7.xx lacs?
Thirdly, my late father gave a written application requesting ICICI bank to close his salaried account, still till today we are charged with a fine of ₹200 in every month on EMI. why is that even after giving a written application copy of which I have, account wasn't closed and fine is still charged?
Fourthly, why we never received any letters from ICICI regarding latest interest rate?
I'm looking for honest help from experts in this topic.
Asked 3 years ago in Civil Law
Their managers keep on changing and their replies are also absurd which shows that they're just passing time and trying to raise penalties every month.
Moreover, I've not paid the EMI's for the last 2 months. Can I still raise this with banking ombudsman and consumer forum or should I pay the EMI's 1st and then raise the concern with these bodies?
Asked 3 years ago