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