NIKHIL JAIN
19 Gagan Vihar. Trans Yamuna. Delhi – 110051.
Ph: 652 55575, 22460121 – fax, 98110 50706

January 17, 2009 Email : nikhil@chemfilindia.com
For,

M/s ICICI Home Loan Department
M/s ICICI Bank.
ICICI Prudential Branch
E-1 Block, Videocon Tower,
IInd Floor, Ranijhansi Marg,
Jhandewalan Extension,
New Delhi – 110055

Subject: Complaint against excess charge of rate of interest in home loan Account NO: LBNOD 00 00 102 5959

Dear Sir,

Refer your above mentioned home loan account number issued to me in April 2005 with an EMI of Rs. 27390.00 on monthly basis. This loan was sanctioned under floating rate of interest

I have received an sms from the bank in January 2009 stating that the present rate of interest charged to me in this account is 12.5 % and I still have a tenure of 124 months pending for payment.

Please be clearly advised that :

1. I am a very prompt payer of all my liabilities including your loan EMI.
2. The present rate of interest of various nationalized banks is 10 % for home loan which is around 2.5 % lower than your existing rate of interest.
3. Such lower rate of interest are prevailing in the market even for loans above Rs. 20 lakhs.
4. In view of such mal practice at your end, I insist you to reduce the rate of interest on this account immediately and send me a confirmation in writing confirming the new tenure of home loan with reduced rate of interest.
5. I also request a confirmation for subsequent reduction in the rate of interest in future whenever there is a rate of interest cut affecting all the banks equally. I will again lodge complaint for all future rate cut if your rate of interest is higher than the rate of interest of nationalized bank. Hence, you are requested to kindly configure my account in your computer based on competitive and genuine home loan interest charge.
6. If you suggest, I can arrange to pre-pay some amount so that you can reduce the rate of interest. I am keeping this option open subject to your confirmation.

Incase, you do fail to honor my request, :

1. I will firmly approach consumer court and serve you with a legal notice to this effect.
2. I shall also approach banking ombudsman to resolve this matter.
3. I may shift my loan account with other banker and will not pay the loan cancellation fees.

You are a leading banker of our country. Kindly do not cheat your customers on account of filling your profit bellies in books of account.

“ Be honest to your consumers so that they can be honest to the others and others can be honest to you in banking business. “

This is for your information and necessary action. A quick reply in this matter is required from your side.

Sincerely Yours,

Nikhil Jain
( Loan Applicant )