Panel sets aside district forum order in dispute over home loan interest

Ramkrishan Upadhyay

Chandigarh, July 10

While setting aside an order of District Consumer Disputes Redressal Commission, the State Consumer Disputes Redressal Commission, Chandigarh, has allowed an appeal of Surinder Singh, proprietor, Surindra Vision and Surindra Radios Pvt Ltd, in case of “extra interest” of over Rs 33 lakh charged on a home loan by a private bank.

Surinder Singh (74) challenged the district commission’s order dated July 1, 2019, under which his execution application was dismissed. The state commission directed the district forum to decide the execution application afresh while considering a calculation sheet of interest prepared by a CA, which claims that the bank allegedly charged exorbitant interest of Rs 33,53,886 from the appellant.

Surinder Singh alleged the district commission failed to take note of the calculation sheet and considered the claim of the bank that only Rs 26,869 was payable to him as excess amount.

He had filed an application for implementation of the order of the National Consumer Disputes Redressal Commission, New Delhi, (NCDRC) passed on November 20, 2014. The NCDRC while disposing of a revision petition of the bank asked both parties ICICI Bank and ICICI Home Finance Company Ltd and Surinder Singh to settle the dispute as per certain conditions.

Surinder Singh said in 2005, he took a home loan of Rs 1 crore from ICICI Bank at floating rate of interest 9 per cent. He alleged the bank, in violation of agreement, kept on hiking the rate of interest without due notice to him.