[Resolved]  ICICI Bank — ICICI Home loan - Legal & Technical appraisal process

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India

ICICI charges in several thousands is collected from us for the legal and technical appraisal/evaluation process of property to sanction the home loan. They have the disclaimer that they are not responsible for any consequential losses. When they are unable to take responsibility of losses is it implied that they are eligible for deficiency of services. In that case, why do we need to pay for such service which can never help us. Using this disclaimer they are projecting a fake market rate to provide high loan to collect very high interest for loan amount exploiting the hard earned earnings of the customers. They are not even sharing the reports generated by them stating that its for their internal reference. Why are we being charged for service serving their purpose. For a Government guideline property value of INR 248/sq ft they have rated INR 1721/sq feet. Government is deciding guideline rate based on several developmental factors of the area. For a 1000 Sq ft area how is ICICI deciding the market rate. What developmental factors are they implementing in that area. They are forcing us to register the property for high market rate and the registration charges charged on customers thus increases. This high rate property registration gradually increases the fake rate of the area without any actual developments. Are these all not considered as unfair trade practices. Will law and RBI regulations help only these reputed institutions. Is the law and RBI regulations not aware of this or are they supporting the indirect exploitation of every penny of the hard earned money of the home loam customers. Is there any ways to help the layman who suffers for not knowing the law and RBI regulations.If layman has to understand all these thoroughly to buy a property, we can never continue our job to pay these exploiting Corporate.