India — excessive charging of interest for the loan agreement no ; hlapcoc00060982

Address: Ernakulam, Kerala

Dear sir,

I availed a loan of rs. 25, 79, 712/- in the month of march,
2010 from m/s. Indiabulls as loan against property as per the loan
Agreement no. Hlapcoc00060982. The said amount has to be repaid within
A period of 10 years by way of emi of rs 37012/- and the agreed
Interest rate was 12% per annum. However, the copy of the said
Agreement was not provided to me even though i requested to provide
The same on several occasions.

However, without informing me and without my consent m/s.
Indiabulls hiked the interest rate being charged even up to 16.75%
Contrary to the agreed terms as informed to me originally. Now i am
Told that there was an option to switch over to another type of
Charging interest (Lower rate of interest) for the said loan after
Remitting certain percentage of amount of the outstanding balance loan
Amount remaining to be repaid. However, i was not informed of such
Option at any point of time and i do not know for what reason they
Were charging some percentage of amounts for such switch over.

In such circumstance, after making several request to the
Officials of india bulls seeking to stop illegal charging of interest
Contrary to the agreement, i sent an email dated[protected] to the
[protected]@indiabulls.com, [protected]@indiabulls.com,
[protected]@indiabulls.com, raising the issue of charging high rate
Of interest contrary to the agreement. Copy of the said email send by
Me is enclosed herewith for your kind reference.

As per the said email i specifically requested m/s.
Indiabulls that the interest charged over and above the rate of
Interest agreed, i. E. 12% per annum may be accounted towards capital
And i further requested to provide the modified statement of account
After accounting the excessive amount charged towards interest,
Towards the capital and also showing the outstanding amount of capital
In the above mentioned loan account by reducing the interest charged
To 12% per annum.

However, even now m/s india bulls have not issued any
Reply to me to the email dated[protected] send my me. Copy of the said
Email communication dated[protected] send by me to the designated
Email ids of m/s. Indiabulls is enclosed herewith for the kind
Reference of this esteemed authority. After sending the said email
Communication i tried to talk to the indiabulls officers over phone.
However they never attended the phone calls made by me for the same.

In the above circumstance, i humbly request that urgent
Action may be taken against m/s. Indiabulls and compel them to reduce
The interest rate at least as agreed between the parties and further
That if they are not authorized to charge even the interest at 12% per
Annum in view of the reduced interest rate fixed by rbi from time to
Time, compel them to charge only the permitted rate of interest as per
The rbi guidelines and directions issued in this regard in view of the
Fact that presently the interest rate had come down substantially
After the availing of the loan by me from m/s. India bulls.