BANK OF BARODA Vs. R. KAMAL GUPTA

JUDGEMENT

(1.) This revision petition has been filed by the petitioner Bank of Baroda against the order dated 12.04.2019 of the State Consumer Disputes Redressal Commission, Punjab, (in short 'the State Commission') passed in MA Nos.2804 of 2018 and 552 of 2019 in FA No.683 of 2018.

(2.) Brief facts of the case are that the respondents took a home loan from the petitioner bank. The petitioner bank charged commercial rate of interest after three years as per circular dated 01.10.2016, which allows bank to charge commercial rate of interest, which is roughly 1.5% higher than the rate on which loan was sanctioned.

(3.) The respondents repaid total loan amount even before the expiry of the total period of loan and the bank accepted repayment without any charges for early repayment. The complainants later on filed a consumer complaint before the District Consumer Disputes Redressal Forum, Jalandhar, (in short 'the District Forum') being Complaint No.217 of 2017 alleging that the bank was not entitled to charge commercial rate of interest on home loan sanctioned to the complainants. The complaint was resisted by the petitioner bank. However, the District Forum allowed the complaint vide its order dated 23.10.2018 and directed the opposite parties bank to refund the extra amount charged on the basis of commercial rate of interest.