Bank charged 16.5% on 12% home loan, pays ₹13L
Synopsis Citi Bank has been ordered to refund Rs 12,91,248 to a home loan borrower after the Delhi State Consumer Disputes Redressal Commission found it
Synopsis Citi Bank has been ordered to refund Rs 12,91,248 to a home loan borrower after the Delhi State Consumer Disputes Redressal Commission found it charged interest at rates up to 16.5 per cent against an agreed rate of 12 per cent, and withheld information about an RBI circular that gave the borrower the option to switch to a lower rate system. The bank has also been directed to pay Rs 1 lakh in compensation and Rs 50,000 in litigation costs.
The BriefWire