Bank ‘charges’ 16.5 per cent home loan interest, woman to get Rs 14.41 lakh payout
A Delhi woman received Rs 14.41 lakh from Citibank after the bank admitted to charging up to 16.5 per cent interest on her home loan, instead of the agreed 12 per cent. The Delhi State Consumer Disputes Redressal Commission awarded her Rs 1 lakh for emotional distress and Rs 50,000 for legal fees. Citibank was found to have failed to inform her about a 2010 RBI circular that allowed her to switch to a lower base rate system, and did not provide proof of notifying her of previous interest rate changes.
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