Mumbai, Oct. 14 -- Rashi and her husband got quite a shock when they realised the principal on their home loan was no longer reducing at the same pace. The loan from a housing finance company had become more expensive, with the interest rate rising from 6.9% to 9.25% per annum, and the tenure had also increased.

The young couple had taken the loan during the Covid-19 pandemic for an under-construction property, when the lender was offering a lucrative 6.9%. The loan started in February 2021. In March 2023, just two years later, they found out the cost had gone up significantly without any prior intimation by the lender.

They felt cheated at being kept in the dark. Then, transferring the loan to the private bank where she was working cos...