I had taken a housing loan of Rs.12 lacs from Can Fin Homes Ltd., which was disbursed between Oct.05 to Oct.06. The rate selected was fixed rate at 8.5% against floating rate of 7.25%. In July 2007 they started charging 11%, which has now come down to 10.25%. My point is when I have selected fixed rate, how can they charge a higher rate? They cite a clause in the agreement saying that in case o[censored]nforeseen or extra ordinary changes in the money market conditions take place, they can increase the rate of interest as they wish. How can they invoke this clause immediately after 6 months of taking the loan? I understand other PSU Banks have not done so. How can Can Fin only invoke such a clause and charge higher rate from existing customers? I had also opted for a fixed rate to save from the uncertain situations the money market, otherwise I would have selected floating rate. Can someone pl advise further legal course open to me to get redessal of this issue? Was this information helpful? |
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