Legal Question in Banking Law in India

housing loan

can bank charge a usurious rate of interest?


Asked on 9/22/08, 6:24 am

6 Answers from Attorneys
Urvi Rathod UR Legal (International Law firm) Advocates & Legal Consultants

Re: housing loan

no. bank can cahrge only contactual rate of interest.and if the rates have been increased it should be intimated to the customer.

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Answered on 9/23/08, 3:23 am
Fahri Toga TOGA//OKSUZ

Re: housing loan

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Answered on 9/23/08, 5:56 am
J. Radhakrishnan independent Practice

Re: housing loan

what is usurious rate of interest depend upon the contract rate, taken in conjunction with the RBI guidelines if any relating to housing loans. No general answer is possible.

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Answered on 9/25/08, 2:33 pm
Nasir Butt Nasir Law Associates

Re: housing loan

Bank can charge the rate of interest whichever has been contracted at the time of advance of loan. Rate of interest is also to be within limits of central bank of India.

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Answered on 11/06/08, 5:44 am
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: housing loan

Which Bank are you referring to? The interest rates should be within limits decided by Reserve Bank of India from time to time.

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Answered on 9/22/08, 6:53 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: housing loan

The bank can charge the contracted amount/rate of interest unless it violates RBI Regulations.

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Answered on 9/22/08, 7:04 am


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