Summary
The signed home-loan agreement made the adjustable rate HDFC’s retail prime lending rate, which HDFC could vary under the agreement. The borrower had repaid the loan and showed no evidence that another lender had offered a better loan; the Court dismissed his refund claim.
Issues
- Did the pre-contract email make the adjustable rate dependent on RBI changes despite the signed loan agreement?
- Could the borrower claim a refund for interest increases after signing the agreement and repaying the loan?
Held
- The signed agreement defined the adjustable interest rate by reference to HDFC’s retail prime lending rate, which HDFC could vary under the agreement. The prior email could not override those agreed terms or HDFC’s policy. (¶¶ 10, 11, 12, 13)
- The appellant, who signed the agreement and repaid the loan with interest under its terms, could not challenge the increased rate for the first time in hindsight. He also produced no evidence that another financial institution had agreed to give him a better loan; the alleged unfair trade practice and resulting loss were not established. (¶¶ 13, 14, 15)
Result
Appeal dismissed; no order as to costs.