Legal Question in Banking Law in India

Dear Sir,

I have asked you a question related to my Home Loan Earlier also but did not got the response till date apart from your team could not understood my Question Hence forth i would like to enlighten you once again in the said matter of mine as follows:

"I have a home loan with icici bank for 24 lacs for 20 yrs @11% at the time of disbursement in the year 2007. Wherein till date i have almost paid my EMI of Rs.10 lacs the bank have charge me more then 95% interest and 5% principal in last 3 years the EMI i have paid stand as Principle paid to the bank is Approx 42500/- and rest all gone into the Interest. which i feel is unethecal and wrong more over my loan is in Floating mode and whenever there is rise in rate they have increased my EMI as well as Tenure but when it comes to down they have different laws which is not applicable for old borrowers".

What is the actual component of interest and Principle ? what is the basic rule for all the banks in india ? is there any law guided by RBI in the said matter? Or it's simply soaking g the blood of simple citizen of india.

I hope this time my question is quit clear and load in nature hope to see the most awaited answer from your side.


Asked on 7/31/10, 1:46 am

1 Answer from Attorneys
Fahri Toga TOGA//OKSUZ

Dear contactor thank you for contacting us.

We have just received your message. For giving a precise and a detailed answer please send to us on the following e-mail address more information and the document regards this problem. We will be able and available to answer any of your questions. So if you will have any question please do not hesitate to contact us.

Not: [email protected]

Best regards and best wishes.

Attorney at Law

Fahri TOĞA

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Answered on 7/31/10, 3:57 am


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