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Date : Apr 6, 2009


Hello Sir, I am having home loan from ICICI for last 3 years, and it increased from 9.25% to 12.75% now. Recently when I contacted them for reduction of ROI, they told me over phone that there is one scheme where I can pay around 0.5% of outstanding and reduce my ROI to 9.75%. When I visited their branch on 4th April 2009, they told me that the offer was only till 31-Mar-2009. When I protested about not being informed they told me that this offer was only for customer who called customer care or visited the branch. Looks like ICICI is making fool all of us, even after ready to pay 0.5% outstanding they are not reducing the ROI. Any idea what to do in this case?


Since you have taken a home loan at a floating rate of interest, it is anyways subject to change. You should explore the option of changing your home loan lender if you have maintained a good track record of repayment on the loan. If you have surplus funds and you can also pre-pay a part of the home loan as it will reduce the monthly EMI burden. Quite a few banks do not charge pre-payment penalty if the loan is prepaid partially. The definition of what constitutes partial pre-payment varies from bank to bank. This will ensure savings in pre-payment penalty and at the same time help you to save on high interest costs on a substantial portion of the loan. However, before you decide to pre-pay a home loan, it is in your interest to first clear off all unsecured dues like credit card dues and personal loans. Also, make sure that you have some money set aside to meet emergency expenses. Tax calculation can change the view on pre-payment. You can also check the 'Should I switch my loan' calculator on Apnaloan to check whether it makes sense to change the lender.

You may want to consider the prepayment charges payable to the exisitng lender and the processing fee to the new lender. You can check the home loan comparator to compare offers.



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