The deceit and loot in home loans

Shriniwas Marathe, a volunteer with Moneylife Foundation, is a retired banker. In September 2015, his wife and son took a home loan from a public sector bank at a floating rate of 10 per cent. On March 1, 2017, when he enquired about the rate of interest rate applicable to him, the bank told him that the interest rate was 9.75 per cent. By this time, the Reserve Bank’s repo rate had dropped from 7.25 per cent to 6.25 per cent while the bank’s base rate, the benchmark, was down from 10 per cent to 9.75 per cent. But the

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