HDFC Bank — Interest rate

Hi,
I have home loan from HDFC since last 4 years on floating rate basis. When I was first looking for the home loan to purchase a home, I was given a major attraction from HDFC in terms of rate of interest being 9% at that time. I was in need and they processed everything very quickly. Since then they raised it to 10% within a few months, then to 10.5 and also 11 on a few ocassions. I talked to them and they said it is market driven. They kept it at 10.5 all the time which is still acceptiable somehow. Now in last couple of months, they increased it to 11.75% from 10.5% without even notifying me. I sent them an e-mail more than a month ago. I haven't got a response yet. Their phone service is irrelevant as you may never be able to get hold of a person on phone and even if you do, it disconnects within a few minutes.

Such a high rate of interest (when other banks are offering such lower rate) without any notification is unacceptable. I understand that it is floating but isn't there any regulatory body on them or they would just do what they want as a customer is helpless? Now this raise has led to increase in my tenure to another 1 year. To add to this, my principal amount deducted every year is negligible and they keep on deducting interest. I can understand that but at least I had some fixed tenure. If they keep on increasing the ROI as per their wish, I doubt if I would ever be able to clear my debts. Is this what their plan is?

Thanks,
Vikas Malhotra
er.[protected]@gmail.com