CCI dismisses complaint against Indiabulls Housing Finance

The Competition Commission has dismissed a complaint alleging unfair and discriminatory trade practices by Indiabulls Housing Finance and several of its employees pertaining to loan agreement.

While dismissing the complaint, the fair trade regulator said it found no contravention of the Competition Act by Indiabulls Housing and its employees.

The ruling came on a complaint filed by advocate Kanhaiya Singhal who had availed a loan facility of Rs 1 crore for which he entered into a loan agreement with Indiabulls Housing during June 2018.

The complainant alleged that the rate of interest was increased from 8.75 per cent to 11.15 per cent within four months and the period of loan was increased to 364 months from 240 months without taking any consent from him.

Moreover, the complainant alleged that the terms and conditions of the loan agreement are one-sided and discriminatory in nature. He further alleged that despite the central bank reducing the market interest rate, the company was not