I had taken a housing loan of Rs.12 lacs from Can Fin Homes Ltd., which was disbursed between Oct.05 to Oct.06. The rate selected was fixed rate at 8.5% against floating rate of 7.25%. In July they started charging 11%, which has now come down to 10.25%. My point is when I have selected fixed rate, how can they charge a higher rate? They cite a clause in the agreement saying that in case of unforeseen or extra ordinary changes in the money market conditions take place, they can increase the rate of interest as they wish. How can they invoke this clause immediately after 6 months of taking the loan? I understand other PSU Banks have not done so. How can Can Fin only invoke such a clause and charge higher rate from existing customers? I had also opted for a fixed rate to save from the uncertain situations the money market, otherwise I would have selected floating rate. Can someone pl advise further legal course open to me to get redessal of this issue?
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