Canara Bank charges ‘excess’ interest on home loan, father and son win Rs 1 lakh

The Hyderabad Consumer Commission has ordered Canara Bank and two of its officials to pay a father-son duo Rs 99,996 for charging excess interest on their Rs 20 lakh home loan. The commission found that the bank had collected around Rs 1.32 lakh in excess interest and charges, which they had only partially refunded. The bank initially shared a calculation sheet showing the excess charges but later disputed its own figures.

The commission ruled that the bank's actions constituted a deficiency in service and ordered the payment of the outstanding amount.

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