Sir,
I have a home loan taken in 2003 at 8.25%, which has now become 15.75% (almost double the initial interest rate). Now I have 15 more months and Rs 3 lak outstanding. I thought of paying Rs 1 Lak as part payment so that the number of EMIs may come down to 7. But, to my surprise, I was told that as per rules I can not reduce the tenure to less than 13 month and I can pay Rs 30K to reduce two EMIs.
Now I am stuck with a situation to pay entire Rs 3 Laks in one go and preclose. Or live with it where they have at liberty to raise the interest rate in the next 15 months as they like. It is totally one sided. When I do not have option to do part payment, at least the interest shall be fixed for the last 13 months.
Is there any way I can file a consumer complaint?
Ramesh
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