V.K. Jain, Presiding Member—The complainants availed home loan to the extent of Rs.13,35,100/- from the petitioner-ICICI Bank for purchase of a flat in Zirakpur. The loan was sanctioned vide letter dated 14.11.2005 and according to the complainants it carried interest @ 7.25% per annum. According to the complainants, the petitioner bank later confirmed that with effect from April, 2006, the loan would carry interest @ 7.75% per annum. An additional loan of Rs.3,00,000/- was sanctioned to the complainants on 30.10.2006 and the said loan, according to the complainants, carried an obligation to pay interest @ 8.75% per annum. Expressing a grievance that instead of charging interest at the agreed rate, the bank had charged the same @ 11.25% p.a. for the period from 01.4.2007 to 31.3.2008, besides charging interest during pre-EMI period @ 9.5% per annum, the complainants filed a complaint before the concerned District Forum, alleging deficiency in the service provided to them by the petitioner-Bank.

2. The complaint was resisted by the bank on the ground that the loan was sanctioned on the floating rate of interest, which at the time of sanction was 8.75% per annum and could be enha