I have availed fixed interest rate home loan from Bank of Maharastra BOM). The bank has BPLR cluase in agrrement but I was assured that there will not be any change in intereset rate for next filve years. This assurance was verbal although the sanction later has mentioned loan interest type as Fixed interest rate for entire tenure.
The bank has chnaged the interest rate immedeatly after 3-4 months. BOM never intimited nor send me any communication on change in intereset rate. I have every year recieved a letter for tax exumption it only mentions about the Intereset and Principal recovered every year, but does not provide details of interest rate. Now the Bank Manager is denying to update the statement with fixed intereset. The justification given by the manager is interest rate is changed based on the communication from his head office. This is cheating from bank and I am looking for help to resolve this issue. Please tell me the procedure to fight agaist such cheating.