» » CAN FIN HOMES LTD - Arbitrary increase in interest rate | #163104

Complaint / review / scam report
CAN FIN HOMES LTD
Arbitrary increase in interest rate

I took a housing loan of 12 lacs from Can FinHomes Ltd. Bangalore in 2005-2006

at 8.5% fixed rate against then prevailing floating rate of 7.5%. In July 2007 they hiked the rate of interest to 11% citing a silent clause in the agreement, i.e. "unforesenn and unexceptional market conditions". Now they have fixed rate of interest at 10.25%. Arbitrarily they have converted the loan from fixed to floating rate of their own. Even now they and other financial institutions/banks are offering loan at 8-9% to new customer, whereas an old customer who took loan at fixed rate of 8.5% is being charged at higher rate.Can anyone offer any help/suggestion how to fight this case against the firm?

KRK Kutty Nai
Author: KRK KUTTY NAIR


Offender: CAN FIN HOMES LTD

Country: India   State: Karnataka   City: Bangalore

Category: Business & Finance

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