I took a home loan from a bank in 2006 for â‚¹3.5 lakh and made regular payments for five years. In 2012, the bank sent me a letter with a total balance amount, but when I reviewed my monthly statements, I discovered they charged me an interest rate of 18.5% despite promising 11.75% at the time of the loan. I’ve contacted them numerous times through calls, emails, and in person, but haven’t received any resolution. Now, they’ve sent a letter with an advertisement for an auction under rules 8(5), 9(1), and 13(4). I don’t own any other property, and my family and I live in a single 25 square meter room in a Mahada House in Mumbai. What can I do to resolve this situation?

Last updated: August 25, 2025 1:11 pm

9 months ago

Law Forum › Category: Labour & Service › I took a home loan from a bank in 2006 for â‚¹3.5 lakh and made regular payments for five years. In 2012, the bank sent me a letter with a total balance amount, but when I reviewed my monthly statements, I discovered they charged me an interest rate of 18.5% despite promising 11.75% at the time of the loan. I’ve contacted them numerous times through calls, emails, and in person, but haven’t received any resolution. Now, they’ve sent a letter with an advertisement for an auction under rules 8(5), 9(1), and 13(4). I don’t own any other property, and my family and I live in a single 25 square meter room in a Mahada House in Mumbai. What can I do to resolve this situation?

Vote Up
213
Vote Down

Apni Law Staff asked 9 months ago

I took a home loan from a bank in 2006 for â‚¹3.5 lakh and made regular payments for five years. In 2012, the bank sent me a letter with a total balance amount, but when I reviewed my monthly statements, I discovered they charged me an interest rate of 18.5% despite promising 11.75% at the time of the loan. I’ve contacted them numerous times through calls, emails, and in person, but haven’t received any resolution. Now, they’ve sent a letter with an advertisement for an auction under rules 8(5), 9(1), and 13(4). I don’t own any other property, and my family and I live in a single 25 square meter room in a Mahada House in Mumbai. What can I do to resolve this situation?

1 Answers

Vote Up
20
Vote Down

Best Answer

Apni Law Staff answered 9 months ago

You have a strong case for challenging the bank’s actions. You should immediately file a complaint with the Banking Ombudsman and the Maharashtra Real Estate Regulatory Authority (MahaRERA) as they have the power to investigate and direct the bank to rectify the discrepancies. Additionally, you can seek legal advice to explore options for seeking compensation for the wrongful interest charged.