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NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION, NEW DELHI
Judge, J
ICICI Bank – Appellant
Versus
Ramakant Gaikwad – Respondent
| Table of Content |
|---|
| 1. loan agreement details and consumer complaint initiation. (Para 1 , 2) |
| 2. bank's defense regarding interest charges. (Para 3) |
| 3. initial rulings and appeals process. (Para 4 , 5) |
| 4. analysis of contractual obligations and agreement executions. (Para 6 , 7) |
| 5. final ruling on the validity of the complaint and agreements. (Para 8 , 9 , 10) |
1. The respondent / complainant took a housing loan of Rs. 2,90,000 from the petitioner ICICI Bank and executed at loan agreement dated 1.3.2005, incorporating the terms and conditions including the interest payable on the said loan. The interest clause contained in the said loan, reads as under:
E Interest
(a) ICICI Bank Floating Reference rate 8.25% per annum (as on the date of executing of this agreement)
(b) Adjustable Rate of interest : ICICI Bank Floating Reference Rate +“ .75% p.a.= 7.5% p.a.
(c) Ore - EMI Interest 7.5% per annum
F. EMI is calculated on the basis of monthly rests.
On behalf of the bank the loan agreement was signed by its authorized signatory whereas both the borrowers namely Ramakant Gaikwad and Kesarb Bai Gaikward signed the said agreement.
2. The case of the complainant / respondent is that when he noticed that th
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