IndiaBulls — home loan interest rate fraud

Address: 641006

I was holding my housing loan in dhfl. I paid the dues for two years. Due to some reasons, i needed extra money. A friend of me, tried to help me and he suggested an employee from india bulls. He convinced me to transfer the existing loan from dhfl to india bulls since the interest rate will be changed from 10.65% to 8.75% and the interest rate for the topup loan will be only 10.65%. I mentioned that i needed some time to think. He manipulated me stating what is there to think sir. If you see the interest rate it is very transparent and even a child could notice that the benefit is on our side. Also our bank name itself says that we are the best in providing home loans. As suggested i converted my existing loan to this bank and paid dues for around 3 years. On jan 11, 2019 i received a letter to my home address stating that the home loan interest rate is revised to 16% due to market conditions and this is implied from last december month. I called the customer care and asked them to explain whats happening. They said they will arrange a call back in 3 days. I received a call back today (From last friday to this friday is 3 days) and the lady who spoke to me repeated the same slogan. Sir “your loan interest rate is 16% due to market conditions” and you are not the only person. All our customers need to accept this. I asked for how many months and what is the percentage of interest when i took this loan. She said 120 months and the interest rate was 10.65%. I asked what is the balance tenure. She said 167 months. I was surprised. I asked her i took this loan for 120 months and i already paid 30 months approx. And how come 167 months. I am disappointed and don’t know what to do. I called the bank person who convinced me to take this loan. He replied sir we are paid to do our job. We will say what ever we want but it is your responsibility to decide and choose what is best for you. I want clear explanation on how can 10.5% interest can be extended to 16% and how can they send letter on january stating that the change is from december and how can 120 months tenure will get increased to 167 months even after paying 30 months tenure?