Legal Question in Banking Law in India
Dear Lawyer
I want to ask you one thing I want to get my home loan sanction. If i get it sanctioned through Standard chartered or HDFC bank, Can they rise rate of interest on their own without any guidance from RBI or not?? or they have to act as per RBI guidelines. Also let me know Is there any negatives for getting loan from private bank rather nationalised bank. pl clear my doubt as I am afraid of extortion in terms of getting extract money more than interest rate by private banks. Anxiously waiting..pl answer
1 Answer from Attorneys
any loan document taken by a private or public sector bank will contain clauses for revision of interest. RBI has not stipulated any particular rate of interest. Check with the bank whether private or nationalised bank whether they would enhance the rate of interest even in cases where emis are being paid regularly. Choose the bank private or nationalized which offers a favourable rate.
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