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  #1 (permalink)  
Old 01-22-2009, 02:16 PM
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Default ICICI NRI loan Issue

I have an NRI home loan from the ICICI bank. I have been making the payment using my ICICI NRE account (via transferring money using ICICI Money2India service).

They have been charging me higher rates on the home loan also they do not give good conversion rate for the $ on the top of that they charge various fees & they held the $ transfer for week to give the lowest possible rate.

Anyway so, I decided to pay off the entire amount. I spoke to one of their bank officer that I want to pay off the entire loan and to my surprise I was told that I have to pay 2% fee for early payment of the loan.

I am wondering if some one else is also in the same boat & give me some advise how to save some money as money is really tight in this economy.
Thanks

Last edited by Picasa; 01-22-2009 at 02:22 PM.
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Old 01-22-2009, 02:42 PM
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Default Unfortunately its a must

Yes, I am also going through the same process. But if you pay off everything, you have to pay 2% of your loan amount as penalty fee.

So, I am advised, that we can just keep the last 13months EMI, and pay off the remaining to avoid that 2% fee And let the 13months EMI be paid normally.

Its same for every bank in India.
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Old 01-22-2009, 03:10 PM
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Quote:
Originally Posted by oliTwist View Post
Yes, I am also going through the same process. But if you pay off everything, you have to pay 2% of your loan amount as penalty fee.

So, I am advised, that we can just keep the last 13months EMI, and pay off the remaining to avoid that 2% fee And let the 13months EMI be paid normally.

Its same for every bank in India.
This is an option. I did one more trick. Made big part payment and asked them to reduce my EMI. Now I have EMI of Rs. 1200 for next 13 months. No penalty.
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Old 01-22-2009, 03:40 PM
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Thakur saa'b & Oil Twist thanks for the suggestions.
Rajiv did you have a loan with ICICI bank and would you please explain how big part of the payment you made that drastically reduced your payment to Rs 1200.
Please check your messages I have sent you PM as well.
Thanks,
Quote:
Originally Posted by thakurrajiv View Post
This is an option. I did one more trick. Made big part payment and asked them to reduce my EMI. Now I have EMI of Rs. 1200 for next 13 months. No penalty.

Last edited by Picasa; 01-22-2009 at 03:43 PM.
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Old 01-22-2009, 04:12 PM
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Most of the Nationalised bank ( SBI, PNB ) do not charge Pre-payment penalty. Though it clearly mentioned in their policy , you should check while taking the loan. It is negotiated also. I have IDBI loan with facility of no pre-payment penalty.

Tell your banker not to extend the tenure of Loan when they increase the loan percentage. As they keep your EMI same but they change the tenure. That makes you nervous when you want to payoff your loan minus 13 months.
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Old 01-22-2009, 04:13 PM
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Also note - you are allowed only 4 part payments in a year. Especially with ICICI bank. So plan carefully. That way you are left with only 13 EMI's with a smaller amount.
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Old 01-22-2009, 04:17 PM
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Default I

had loan with IDBI with no penalty if self paid. If you transfer to another financial institue then they charge 2%.
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Old 01-22-2009, 04:48 PM
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What do you mean by 4 part payments?
Here is the scenario
Lets say I have Rs 100,000 principal loan and I can make 4 payments of Rs 22,000 (4X22,000= 88,000) and tells ICICI bank to span rest of Rs. 12,000 (100,000-88,000=12000) in 13 EMI.
Please correct me if I am wrong.

Quote:
Originally Posted by bbct View Post
Also note - you are allowed only 4 part payments in a year. Especially with ICICI bank. So plan carefully. That way you are left with only 13 EMI's with a smaller amount.
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Old 01-22-2009, 05:29 PM
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Yes, ICICI bank do not allow more than 4 part pre-payments in a year. I am not sure if it is a calendar year. You can ask ICICI for the part pre-payment terms. When I inquired, they sent me a PDF file.

I had this issue because I wanted to pay-off my loan to avoid the increasing interest rate. Mine was floating. The officer who sold me the loan gave some misguiding concept "interest rate will go down when the economy is booming". But the reverse happened after I took the loan. I had a floating rate of 7% in Sept 2004. But within a year and half it almost crossed 12.5%.

I will try to find the email that ICICI sent regarding the part pre-payments terms.
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Old 01-22-2009, 07:11 PM
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Quote:
Originally Posted by bbct View Post
Yes, ICICI bank do not allow more than 4 part pre-payments in a year. I am not sure if it is a calendar year. You can ask ICICI for the part pre-payment terms. When I inquired, they sent me a PDF file.

I had this issue because I wanted to pay-off my loan to avoid the increasing interest rate. Mine was floating. The officer who sold me the loan gave some misguiding concept "interest rate will go down when the economy is booming". But the reverse happened after I took the loan. I had a floating rate of 7% in Sept 2004. But within a year and half it almost crossed 12.5%.

I will try to find the email that ICICI sent regarding the part pre-payments terms.
Normally when the economy is booming, inflation will go up and central bank will increase the interest rate to contain that. The opposite will happen when the economy is going down
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Old 01-22-2009, 09:35 PM
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Quote:
Originally Posted by Picasa View Post
Thakur saa'b & Oil Twist thanks for the suggestions.
Rajiv did you have a loan with ICICI bank and would you please explain how big part of the payment you made that drastically reduced your payment to Rs 1200.
Please check your messages I have sent you PM as well.
Thanks,
When you make part payment you can request to keep either EMI same( reduce duration of loan) which is default or reduce EMI ( keep duration same). You can make 2 part payments. First one pay big amount and ask them to reduce EMI. Your EMI should go very low as length of loan is same.Make second part payment and then ask them to keep the EMI same. On second one if you keep balance in loan = 13 * EMI, you can best benefit !!
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Old 10-17-2017, 06:45 PM
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Default ICICI is rejecting NRI home loan if H-1B is not stamped- Please help

Hi there,

I am glad that I stumbled upon this old, yet very interesting thread. Yes, as you read on the subject, I've been scratching my head over the response I received from an ICICI NRI banking specialist that they're rejecting NRI home loan applications if the applicant does not have H-1B visa stamp on his/her passport.

This is weird because a visa stamp is totally optional and in my case, my status got changed from F-1 to H-1B and I've not traveled outside of US since then. I do have the I-797A and other relevant documents to prove my legal status but they are specifically looking for the visa stamp it seems.

I would truly appreciate if someone could shed some light on this matter or provide any helpful tips on how I can get them to consider approving my home loan or contact information of an NRI home loan department/manager. I tried getting ahold of them but their customer care IVR sucks. I've been getting conflicting information every time I call.

Admins, I apologize for replying to an extremely old thread but please let me know if this needs to be a new thread and I would be happy to create one.

Thanks much,
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