Possible issues in a home loan
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Possible issues in a home loan

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Every customer need to know about the issues that may arise during the home loan process and their solutions which make it easy to clear the home loan with least no of days for processing

Every customer need to know about the issues that may arise during the home loan process and their solutions which make it easy to clear the home loan with least no of days for processing

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Possible issues in a home loan Possible issues in a home loan Presentation Transcript

  • Possible issues in a Home Loan
  • © MyLoanDetails.com - Possible Issues in a Home LoanA Home loan is a long term legal contract between a bank and the customer, soknowing the legal terms and conditions included in the process is better for thosewho are planning a house in coming future.While going through the process of a home loan a customer might face differenttype of legal issues. So avoid all those issues and to have a hassle free home loanexperience, please follow the below tips and please be aware of the legal factorsincluded in your home loan application.
  • © MyLoanDetails.com - Possible Issues in a Home LoanHome loans process starts with the documentation in which the documents whichyou submit will have a great value in completing the case, so please do not submitany fake documents and don’t try to misguide the bank to avail the loan as thebanks have the right to take legal action against those persons who tried to misguidethe bank. Details which you mention in the application form should not have anydiscrepancy, banks will verify the details mentioned in the application and if the banknotices any discrepancy then it can reject the application form with out any priornotice. View slide
  • © MyLoanDetails.com - Possible Issues in a Home LoanPlease keep all your receipts of the amount paid towards the credit cards which yousettled previously because bank may ask for the receipts of the payments once thedetails are found in CIBIL. View slide
  • © MyLoanDetails.com - Possible Issues in a Home LoanWhen the customer submits the property documents banks will verify the propertydetails given by you and the documents will be scrutinised by the advocates andsearch report will be obtained from the concerned sub-registrar office for the detailsof deeds and the vendors. If there is any discrepancy in the documents banks will askthe customer or vendor for clarification or for other supporting documents.
  • © MyLoanDetails.com - Possible Issues in a Home LoanProperty will be evaluated by the technical valuers and if any deviations observed inthe property then customer need to submit additional documents. Customer need toregularize all the deviation with the concerned authorities and submit thedocuments.
  • © MyLoanDetails.com - Possible Issues in a Home LoanOnce all process is completed the vendor need to verify all his original documentswith the bank official before disbursement of the loan and the customer need tosubmit latest EC recording all transactions of the property in original.
  • © MyLoanDetails.com - Possible Issues in a Home LoanCustomer need to sign all the legal documents and the Home Loan agreements inregard of the disbursement of the loan and the property will be hypothecated to thebank till the loan is repaid back in full after the registration. Customers aresuggested to read the agreement copy before signing it.
  • © MyLoanDetails.com - Possible Issues in a Home LoanIf the customer gets defaulted in repaying the loan bank can appoint agents tocollect the EMI’s from the customers and the customers will have to co-operate withthem.
  • © MyLoanDetails.com - Possible Issues in a Home LoanIf the customer fails to pay the EMI’s then the bank will cease the property to coverthe loan amount taken by the customers, and once this happens the customer willbe added into the defaulters list of the CIBIL (Credit Information Bureau of IndiaLtd).
  • © MyLoanDetails.com - Possible Issues in a Home LoanEvery customer is suggested to take as much less amount as possible from thebank to save the interest paid on the loan to be punctual in repaying the loans tokeep your credit history good.