While I was installing it, suite crm created an .htaccess that caused this error. I checked the apache error log and found the following line:
Option FollowSymLinks not allowed here
A little bit googling revealed this page where someone mentioned to open the .htaccess file and change FollowSymLinks to SymLinksIfOwnerMatch and voila! It worked!
The problem in my case was due to VirtualMin blocking the usage of FollowSymlinks for security concerns.