I availed a home loan of Rs.5 lakhs from Federal bank Ltd in June 2013 at floating interest rate 10.25% p.a.In the loan document ,it was written that the payable interest will be 0.05% above the base rate or any rate ,as fixed by the bank from time to time.At the time of availing loan,the base rate was 10.20%.
In November 2013,I got a letter from bank that they're going to increase the base rate by 10 basis points and the new interest rate payable by me will be 10.60% p.a.
I've been paying the EMI at these rates without making any default.
But,now,I came to know that bank's base rate has not changed since I availed the loan.The bank was telling lie to me that they revised the base rate and thereby increased my loan interest rate.
Also,eventhough the bank set my loan interest rate at 10.60 p.a,they give loan to new borrowers(irrespective of their credit score/risk) at 10.25% p.a.
I think the bank has cheated me.Can I get the refund of the excess interest they've charged from me?Please help me.