LIC Housing Finance — Fixed rate of interest

Address:	Hyderabad, Andhra Pradesh, 500020
Website:	www.lichousing.com/Fair_Practices_Code.php

LIC Housing Finance intentionally approves the home loans to the eligible borrowers on the fixed rate of Interest for 2 years without even giving / explaining the option of Floating / Fixed rate of Interest.
Borrower assumes that LICHFL is doing a great service as the Interest rate is quite reasonable and he blindly chooses the LICHFL for buying his dream house. Initially at the time of property valuation in collision with Engineers they under value the property and sanction the loan and state that top up loan can be availed after couple of months.
It is obvious when the property is undervalued you will not get the required amount and when we approached them for the top up loan for interiors / repairs they state that though you are eligible for higher loan but they we will be able to provide you only a small amount and when we ask why the property was undervalued and sanctioned loan was less then they advise you to move to some other financial institution and if you want to move to other bank then they are asking us to pay the 2% on outstanding balance because the loan sanctioned was on Fixed Rate of Interest. Based on this I would like to tell the facts about the lichfl
From the beginning of application - Agents or brokers are attached to you who are hardly able to explain the details or conditions of loan
No one makes visit to the property for inspection or valuation as happened in my case and the Agent takes the photographs of the property and submits them to lichfl and Property Valuer gives report based on his own assumption and we can manipulate anything because corruption is so much rampant in lichfl.
LICHFL intentionally puts the borrower under fixed rate for 2 years instead of 6 months and without even explaining the option of floating rate and this is nothing but a cheating and against the fair practice code which is written on its website.
lichfl does not bother to service the customer as no one is there is to explain or resolve the problem and frankly asks to move out by paying the 2% on outstanding loan balance as they have clearly achieved their business targets and have got the bonus.
I do not know how to get the justice because lichfl does not come under the RBI but NHB which clearly says that financial institution (lichfl) and the borrower is responsible for the deeds. NHB and LICHFL higher officials are not bothered to do any justice to the borrowers. When RBI passes the guidelines to the banks it usually says that there is no pre-closure charges for floating rate and I donot know why RBI does not allow or waive off the pre-payment charges on home loans on fixed rate of interest so that it helps lakhs of borrowers who are at the mercy of financials institutions such lichfl which demands 2% as pre-closure on outstanding loan for transfer to other banks. Request to please do justice as the borrower is borrower either the home loan on fixed rate or floating rate why this discrimination. Thanks