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Home Loans - Are your Basics right?

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2. With the current financial markets being more volatile, one should make a careful and right move in taking financial decisions. 3. If you intend to take a loan, or…
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  • 2. With the current financial markets being more volatile, one should make a careful and right move in taking financial decisions.
  • 3. If you intend to take a loan, or plan for any insurance, or for that matter any other financial product, make yourself aware of the terms and conditions laid by a bank.
  • 4. If you have planned for a housing loan, then take care of the basics that will affect the loan processing.
  • 5. Banks are very keen about the past history of the customer.
  • 6. Credit Information Bureau of India limited (CIBIL) is a service that provides the details of customers’ past records and accounts in association with all major banks in India.
  • 7. When verifying the credit history of an applicant, Banks will obtain statements pertaining to the applicant from Credit Information Bureau of India limited (CIBIL).
  • 8. Banks usually make use of PAN (permanent account number), or passport number or driving license number along with the date of birth of the applicant to obtain such statements from the CIBIL.
  • 9. A customer who applied for a home loan was rejected due to the written off of the credit card accounts in the co-applicants CIBIL statement.
  • 10. Please be aware that in the current scenario getting a home loan or any financial product is tougher than before with considerable changes that have been brought up in the processing of a home loan.
  • 11. Secondly, when providing information in the application form, a home loan seeker should give complete details so that the process becomes easy.
  • 12. Also, this can create a positive opinion about you among the bankers.
  • 13. Never provide any wrong or misleading information, as the banks can take legal actions if they find the information incorrect and deceptive; and it would be a trial of misleading the bank.
  • 14. Further, the next step in the processing of a home loan would be legal and technical evaluation of the property that a home loan seeker intends to buy.
  • 15. The technical evaluation and the property valuation would be done by the technical valuer (evaluator) appointed by the bank.
  • 16. Similarly, a panel of advocates appointed by the bank examines the property and provides an opinion about the legality of the property.
  • 17. In this regard, a home loan seeker should provide the bank with appropriate documents to enhance the processing.
  • 18. Finally, during the process of disbursement where a home loan seeker requires to sign the documents and request for the disbursal of the loan amount, he/she will be given details about the loan amount, EMI, tenure etc.
  • 19. The home loan seeker must make a careful study of all these aspects before signing on the documents.
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