JUDGMENT :

Prashant Kumar, J.

1. Heard Sri Utkarsh Srivastava, learned counsel for the petitioner, Sri Anurag Khanna, learned Senior Advocate assisted by Sri Sumit Kakkar, learned counsel for respondent nos.2 to 4 and Ms. Himadari Batra, learned counsel for respondent no.5.

2. The facts of the case are as follows:-

The petitioner took a loan of 9 lacs rupees from respondent no.5 on 26.12.2006 being “Loan Against Property-Home Saver” at an interest of 12.5% per annum. The repayment was to be made in 144 monthly installment of Rs.12095/-. As per the agreement entered into between the petitioner and respondent no.5-bank, the rate of interest was variable. Clause 16 of the agreement defines variable interest rate. Clause 2.2 of the agreement defines the interest and Clause 2.3 defines the computation of interest. The relevant extract of the agreement is quoted below:-

“2.2 Interest

(a) The rate of interest applicable to the said Loan as on the date of execution of this agreement is as stated in the Schedule thereto, PROVIDED THAT in the event SCB desires to increase or decrease the rate of interest prior to the disbursement of the full loan, the weighted average of the different rate of inte