Rate of interest issue under home loan

Querist : Anonymous (Querist) 06 March 2023 This query is : Resolved
Dear Sir,
Before sign the loan agreement rate of interest was 8.65 % but I requested revised loan agreement letter because insurance charges was higher side and I wanted to reduce the same.
Banker came with revised letter and taken my sign very hurry on the same before read the loan agreement by me after that I received the disbursement letter with 8.75% rate of interest which is higher than previous rate.

Please assist how can solve this issue.

Thanks

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Quick Summary

A homeowner is seeking assistance after their home loan interest rate increased from the initially agreed 8.65% to 8.75% following a revised loan agreement. The change occurred when the borrower signed a new agreement hastily, and they are now concerned about the higher rate. Advice is being sought on how to resolve this discrepancy with the bank.

kavksatyanarayana (Expert) 06 March 2023
You have not mentioned whether you are taking a personal/business/home/car loan and the bank's name. For personal loans, the interest rate is a minimum of 8.75% (only bank of India). So you clarify.

Dr J C Vashista (Expert) 08 March 2023
Rate of Interest to be charged by Bank(s)/ Banking Financial Institution(s) is governed by rules framed by Reserve Bank of India.
When you have agreed to avail loan @ 8.65% simple interest per annum, what is the problem / dispute between insurance and you ??

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