In the coming months the country’s home loan consumers in India might get good news as the biggest private lender ICICI bank said that it can cut interest rates in the first quarter of next fiscal. ICICI Bank’s MD and CEO KV Kamath told that the lower rates will not only be for new customers but the existing floating-rate clients will also get benefit.
"We expect the rates to drop in Q1. After that we will see if we can write down the rates," he said when asked if ICICI Bank would cut housing loan rates. ICICI is also looking to start risk-based pricing, under which it would start offering lower rates to consumers with better creditworthiness, in about two years, he said.
Therefore, any rate cut for consumers, who have had to spool under a number of interest rate hikes in the current fiscal, will depend on benchmark interest rate trends developing over the coming months.
Any decision on the possibility of interest rates firming up in the near future, the ICICI bank chief said, “I do not foresee an immediate increase in home loan rates. To me that is a good news. At least, you are able to contain the rates.”
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ICICI bank - home loan department is a very unethical bank.
People should never opt for the same. Compare the rates of any bank for the existing customers. It always show the less interest rates to attract the new customers, but can't stick to the ethics.
I am a potential customer of ICICI for the last 10 years with S/B Acs, Pru Life, ICICI Direct, Credit Card division....
The potential customers itself is giving this sort of remark means, think about it, how unethical the ICICI BANK HOME LOAN Department is.
Small Example:
I have taken two loans in year 2005Oct/Nov on the same day from ICICI & UTI (Axis).
When I took the loan from UTI/Axis the interest rate is 7.75% and ICICI interest rate is 7.25%. Both banks have increased the interest rates. If I compare today's (Since Apr 2007) interest rate: UTI/Axis bank was charging 10.5% to me but ICICI is charging 11.25%.
When I cross check with the different home loan department heads at in hyderabad, they simply said, we have also reduced to the new customers, when I gave example of my UTI/Axis bank which I have taken the same thing, he gave an arrogant answer stating that we are not required give any explanation to you. We least bothered about the existing customers.
Is any one(ICICI Employees) can accept that ICICI Home Loan is not an UNETHICAL service provider?
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Disclaimer: These words are purely my opinion with my experience with ICICI Home Loan department, with clear proofs of bank interest rates.
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