Supreme Court of India
Rajesh Monga v. Housing Development Finance Corporation Limited & Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that no error has been committed so as to call for interference.
Judgment, page 9
From the headnote
Issue for Consideration Whether an adjustable rate of interest on home loan would apply based only on the rate of interest being fixed/altered by RBI or the rate of interest fixed/ altered by respondent No.1-Bank. Headnotes Consumer Protection Act, 1986 – Rate of interest to be charged on home loan – Home buyer filed loan application, opting an adjustable rate of interest – Manager of the Bank assured that the rate of interest would be charged based on the Prime Lending Rate of RBI – Loan amount disbursed, and thereafter, the rate of interest was revised from 7.25% pa to 8.25% pa despite RBI
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