Reducing Interest rates for existing floating rate home loan borrowers sign now

To the Reserve Bank of India, Finance Ministry and Prime Ministers Office:

Dear Sir,

This is with respect to the recent reductions in Interest Rates by various banks. I am an existing home loan borrower from ICICI Bank and my interest rate was increased from 9\% in December 2006 to 11.5\% in March 2007. However, an ICICI Bank executive told me that the interest rates have been reduced for new loans and current loan rates are at around 10.5\%. I think this is grossly unfair since I have taken a floating rate housing loan and any reduction in Interest rates should take effect for all floating rate home loan customers. Banks are trying to say this is a festive loan offer etc and thus this rate is not applicable to existing customers. Also in case I want to pre-pay the existing loan and shift to a new bank which offers loans at lesser rates, I have to pay a pre-payment penalty of 2.25\%. This is again unfair since if interest rates are not reduced for me, I should atleast benefit from any lower interest rates in the market and be allowed to shift free of cost. I hope the Reserve Bank of India, the Finance Ministry and the Prime Minister's office will take necessary action - either ensure interest rates are truly floating and any reduction is given effect to or pre-payment penalties are waived off when banks do not reduce interest rates for floating rate customers so that customers can switch loans to another bank. Request you to do the needful as soon as possible.

Thanks and Regards
Madhusudan Rajagopalan.

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Goal reached !
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Latest Signatures

  • 23 December 2015100. Giridhar U
    I support this petition
  • 01 December 201599. Murthyc Faulkner
    I support this petition
  • 19 November 201598. Ms Woodward
    I support this petition
  • 18 July 201597. Tapsi Davenport
  • 18 July 201596. Ratkal B
    I support this petition
  • 24 April 201595. Seshadri G
    Hope the concerned authorities do something about this.
  • 08 April 201594. Sai Sankarm
    Same with HDFC Home Loans too. Help please!
  • 23 March 201593. Shantanu Mclean
    All the banks raise interest rate for all customers when the rate is increased but the same is not done for all customers when the rate is reduced. WHY?
  • 13 March 201592. Prataksh V
    Stop the banks ftom cheating the common man,
  • 19 February 201591. Shine Shah
    I support this petition
  • 16 February 201590. Uzma Shelton
    I support this petition
  • 05 November 201489. Radhakrishna Diaz
    It will be fair to keep same interest rate for existing customers and new customres. otherwise I don't have option to move to other bank for one time preclosure charges.
  • 31 October 201488. Leroy C
    I truly agree
  • 12 October 201487. Chandramouli Gallegos
    I support this petition
  • 09 September 201486. G S
    I hope that the Banking Ombudsman would take appropriate steps.
  • 06 August 201485. Praveen K
    I am an ICICI home loan customer too. I totally agree with the original petitioner's arguments
  • 03 July 201484. J Bharathaparthas
    I support this petition
  • 27 May 201483. Babu Mk
    I support this petition
  • 12 April 201482. Balmukund Pearson
  • 08 January 201481. Navneet G
    I agree
  • 17 December 201380. Ashish P
    I support this petition
  • 13 December 201379. Nikhil T
    I support this petition
  • 10 November 201378. Nitin M
    I support this petition
  • 09 August 201377. Saranya S
    I support this petition
  • 04 July 201376. Srikanth S
    I support this petition
  • 26 June 201375. Jagadish Higgins
    I support this petition
  • 29 May 201374. Amarratan Kartikk
    I support this petition

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Magdalena MataBy:
School and EducationIn:
Petition target:
Borrowers from leading Indian Banks


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