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I had ap­proached Bank of In­dia (BOI) for a hous­ing loan, and they ver­bally agreed to sanc­tion it af­ter go­ing through my fi­nan­cials. They then told me to get a 'val­u­a­tion' and 'legal opin­ion re­port' done for the prop­erty on which hous­ing loan was to be availed. I got the same done from their valuer and ad­vo­cate on the ap­proved panel. The same cost me Rs 3,000 and Rs 3,500, re­spec­tively. How­ever, af­ter all of this was done, they ver­bally re­jected my loan ap­pli­ca­tion stat­ing that my credit score was be­low a cer­tain level. It was nei­ther told to me in the be­gin­ning nor is it men­tioned any­where in the loan ap­pli­ca­tion that there is a par­tic­u­lar level of credit score to be ful­filled. The val­u­a­tion and legal opin­ion re­port are ad­dressed in the name of BOI, there­fore I can­not use it else­where. Also, it is not nec­es­sary that the same ad­vo­cate and valuer be on the ap­proved panel of other banks. Fur­ther, the bank has re­jected my let­ter in writ­ing with the same rea­son till date. I want to know who is re­spon­si­ble for my loss of Rs 6,500. Am I not el­i­gi­ble for a re­fund of this from BOI? A bank is the cus­to­dian of not only public monies but also public in­ter­est. They can al­ways ad­vise the cus­tomer to take a CIBIL re­port them­selves (which costs Rs 470 only) and if the score is not at par with the re­quire­ments of that bank, the cus­tomer can al­ways go to an­other bank, and keep do­ing this till he finds a bank that is com­fort­able with the score re­flected in the re­port. Would not that be fair to the cus­tomer and the bank also? KA Kulka­rni You may send a com­plaint to the cus­tomer care of BOI stat­ing that due to their mis­in­for­ma­tion you have taken val­u­a­tion re­port and legal opin­ion and in­curred an ex­pense of Rs 6,500, which they are obliged to re­im­burse to you, fail­ing which you may re­port to the higher author­ity and a con­sumer fo­rum.

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