[Resolved]  Indiabulls Housing Finance Limited — home loan interest rate jumped from 9.3% to 11.90% at a time.

Hello sir
My home Loan A/c no.HHLDCP00220788 in India bulls housing finance.
Recently my loan interest rate is jumped from 9.3% to 11.90% at a time in January 2019 with out any pre intimation. I have never seen earlier this type of big jump. At a time 2.6% this is very rare. EMI tenure increased by 13 years 9 months (228 months to 393 months). I enquired in my branch also. They told that ” we don’t know anything, it has decided by management committee.”
I was surprised after seeing this high jump in rate of interest .Then I analyzed the interest change pattern through my re payment-schedule. Till now I didn’t see this type of mega variation. Maximum 0.20% hike at a time I observed. Now this is more than 14 times of regular hike. Although my flat was booked under floating rate of Interest this much of hike is irregular. Till now I have not been missing a single EMI payment at least.
When interest rate was changed from 9.10 to 9.30 in Dec 2018, the India bulls housing finance had explained me how much was IMLR rate and how it was related to my interest change. Fine. (Old explanation of IMLR.doc enclosed).
Now I want to know what is present IMLR rate? And how my rate of interest is jumped 2.6% at a time?
Please decrease my interest rate.

I already asked to ‘India bulls housing finance’ grievance cell but they responded like this . (grievance.doc)

Enclosures:
1. Re-payment schedule(dec.2018 & March 2019)
2. Response by ‘India bulls housing finance’ grievance cell (grievance.doc)
3. Old explanation by ‘India bulls housing finance’ When interest rate was changed from 9.10 to 9.30 in Dec 2018. (Old explanation of IMLR.doc)

Interest Changes since 21.03.2015
10.15%: Starting rate
9.95: June 2015
9.70: Dec 2015
9.55: March 2017 (Switch /part payment paid Rs.5900/-to decrease interest rate on 16.04.2018)
8.60: May 2018
8.70: July 2018
8.90: Oct 2018
9.10: Nov 2018
9.30%: Dec 2018
Increased by 2.6% at a time. EMI tenure increased 13 years 9 months
(228 months to 393 months)
11.90%: Jan 2019

P Suresh Bolisetty
[protected]@yahoo.com