Wednesday, 8 February 2017

CCI rejects complaint against Indiabulls Housing Finance

Ripples Advisory Private Limited, Indore @9303093093

Fair trade regulator CCI has rejected a complaint of unfair business practices made against Indiabulls Housing Finance with regard to allegedly abusive terms in a mortgage loan agreement. Rejecting the complaint, the watchdog said Indiabulls "does not possess the ability to operate independently of the competitive forces" in the relevant market. 

The complaint, filed by rating agency Onicra Credit Rating Agency of India, alleged that the company abused its dominant position by imposing a pre-payment penalty for premature foreclosure of the mortgage loan taken by it. Further, the complaint alleged that Indiabulls levied hefty foreclosure rate which amounts to imposition of unfair conditions.

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