[Resolved]  Indiabulls Housing Finance — enhance of rate of interest from 9.25% to 12.45%

Address:

Chandigarh, Punjab, 140901

I have obtained home loan from indiabulls in january 2016 for 15 years term. At the time of siginig the agreement the indialbulls told me that the rate of interest will be floating rate as per rbi repo rate. But from july, 2018 it started increasing my rate of interest from 8.80% to 9.05% to 9.25% and lastly in nov, 2018 12.45% at their own. I have written so many mails to reduce the rate of interest as per rbi repo rate but the company said that rbi repo rate is not applicable on their company. Though the company has not increased our instalment but our term of repayment have been increased upto 2037 which is not acceptable to us. Now when we ask them why this happened, the company officials say that it depends on the market borrowing conditions of indiabulls. We are being cheating by the company by increasing our loan term. We never given our consent to increase our laon term. The company officials says that at the time of agreement before the disbursement of loan we have signed the terms and conditions written by the company but we were promised that the floating rate of interest means that when the report rate will beincreased by the rbi, the rate of interest will be increased and when the repo rate will be decreased the rate of interest will be decreased automatically. But now the company is saying otherwise and have increased our rate of interest to 12.45% which is very painfull to us and we feel harassed on the part of indiabulls.
Regards
Gurdev kaur