The Institution of Valuers has sought valuation fee from banks in accordance with the rates prescribed by the institution’s guidelines. They have also urged the Reserve Bank of India to frame a reasonable one scale of valuation fee for all banks.
Chairman of the Chandigarh branch of Institution of Valuers, BL Luthra said, “Different banks in the private and public sectors have different scales of valuation fees and methods of payment. Further, every financial institution has a regional office at Chandigarh, with so many branches here and nearby area, every branch has fixed its own valuation fee tariff and payment system.”
According to the Institution of Valuers’ guidelines, a valuer (those who evaluate properties, plant and machinery) should be given Rs 125 for a property valued at Rs 1 lakh (suppose a property is valued at Rs 1 crore, the valuer’s fee is Rs 12,500).
“Since all the banks are working as per the guidelines of the RBI, we request the RBI authorities to kindly redress our grievances and fix the valuation fee scale as prescribed by the Institution of Valuers, New Delhi,” he said.