My home loan is on a floating rate with a multinational bank (havings its indian operations) stating the margin on its published base rate. I was assured at the time of availing the loan by the salesman who sent me a mail ( from his provate mail ID) stating that the margin would be fixed for the whole tenure of the loan.
However, at the first interest review milestone, the bank increased the margin significantly. All my enquiries have yielded no result. They state that the agreement does not state that they mad a commitment to keep the margin constant. Also they have disowned teh commitment made by their salesman.
I am now afraid that my loan is now totally uncontrolled on interest rate changes and teh bank can increase it at its convenience .
What redressal avenues do I have?
