IN THE MATTER OF

1. Shri Zeeshan Khan aged about 41 years S/o Shri Jameel Khan
2. Smt. Mahenaz Subhani aged about 36 years W/o Shri Zeeshan Khan Both Resident of HNo. 1091 Usman Pada Delhi Gate Aligarh

                                                     V/s

1. M/s Piramal Capital & Housing Finance Limited (formaly known as DHFL) Rannak Towers, Nr Jain Mandir, Samad Road, Aligarh through Branch Manager 
2. M/s Piramal Capital & Housing Finance Limited, having Registrered office at 601, 6^th Floor,Piramal Amiti Building, Piramal Agastya Corporate Park,Kamani Junction, OPP Fire Station LBS Marg,Kurla(West) Mumbai,Maharashtra through its Chairman

CORAM

 Present:

1. Shri Hasnain Qureshi, President
2. Shri Alok Upadhayay, Member
3. Smt. Purnima Singh Rajpoot, Member

PRONOUNCED by Shri Hasnain Qureshi, President

JUDGMENT

1. The present complaint has been filed by the complainant before this commission for issuing direction to ops to withdraw the illegal demand raised against the complainant in the loan account no. 23400002298 and to restructure the loan account and also to pay compensation.
2. Complainant has stated that on 20.9.20017 Ops sanctioned a home loan to the complainant of the amount Rs. 1860251 with interest at the rate 10.42% per annum and an amount Rs.1762995 was disbursed vide loan account no. 23400002298. As per loan agreement the loan was for a period of twenty years and EMI was fixed at Rs.16303 per month. Complainants never defaulted in payment of any installment. Ops without informing the complainants unilaterally increased the interest rate and number of installments. Complainants sent a legal notice on 16.8.2023 communicating the illegal acts of the ops. The reply notice dated 11.9.2023 was sent to the complainants whereby they came to know that the Ops disbursed the amount Rs.850000 in favor of Qasim Siddiqi  and Rs.850000 in favor of Sharya Bano on 30.9.2017 from whom complainants had purchased the house. Amount Rs.20060 and Rs.4012 were invested in Chola MS General Insurance Company and Rs. 40735 in favor of DHFL Parmerica Life Insurance Company on 30.9.2017. Complainants again sent notice dated 21.9.2023 which was not answered. Complainants have paid sum of Rs.1375801 through installments. The OPs areI illegally increasing the loan amount and the complainants are not liable to pay the amount demanded by the ops.                    
3. Ops did not contest the case despite of sufficient service and case was proceeded ex parte against them.

4. Complainant has filed his affidavit and papers in support of his pleadings.
5. We have perused the material available on record and heard the parties counsel.
6. It is evident from the repayment schedule report dated 11.10.2022 furnished by the ops that on 1.10.2017 the rate of interest was fixed at 9.20%. The loan was sanctioned on 20.09.2017 and thus interest may be charged @ 9.20%. Complainants have stated that the rate of interest was increased without informing the complainants. It has been deposed on oath on behalf of the complainant in affidavit which was not controverted by the Ops and thus it is concluded that the rate of interest was increased without their consents. Complainants are liable to repay the loan amount with the rate of interest 9.2%. There is a calculation report of the loan amount on the record where is the amount due has been calculated with interest @9.2%. As per report complainants are liable to pay the amounton the date of filing the case in the month of December,2023 is Rs. 1369762.42. Complainant has pi the amount Rs. 103444 by the month of May,2024. Thus the complainants are liable to pay the loan amount Rs.1369762.42- Rs.103444= Rs.1266318.42.          
7. We hereby direct the Ops to permit the complainants to pay the amount Rs. 1266318.42 within a month. Ops shall pay the litigation expenses Rs.10000. 
8. Ops shall comply with the direction within 30 days failing which Ops shall be prosecuted for non-compliance in accordance with section 72 of the Act for awarding punishment against him.
9. A copy of this judgment be provided to all the parties as per rule as mandated by Consumer Protection Act, 2019. The judgment be uploaded forthwith on the website of the commission for the perusal of the parties.
10. File be consigned to record room along with a copy of this judgment.