Are your Basics right?

Home loan is a product for which a customer needs to go through with the long process to get the loan for the desired property, for which the customer needs to do lot of ground work in terms of his/her profile to get accepted by the bank.

With the current financial markets being more volatile one should make a right move in the view of financial decisions. If you are taking a loan or you are planning for any insurance or any other financial product then please be aware of the financial terms and conditions of the bank. If you planned for any housing loan then take care of your basics which will affect the loan processing. Banks are very keen about the past history of the customer too.

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.

Banks will take the CIBIL statements of applicants with their DOB, Pan Number, Driving license and passport number. 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 which is a recent incident in a leading bank. Please be aware that in the current scenario getting a home loan or any financial product is tougher than before with the considerable changes in the processing.

Coming to the information in application form one should give only useful and appropriate information that will be a positive point to your home loan processing. Banks can take legal action if they feel any information given by the applicant is wrong and it was a trial of misleading the bank.

The second step of home loan processing is legal and technical evaluation of the property. Banks usually have panel advocates and technical valuers for the processing. The value given by the technical valuer is final and report given by the advocates gives the opinion on the legal status of the property. Customer should give the appropriate documents for this processing as it is important to get done for both people.

Last but not least is the processing of disbursement where customer should sign the documents of the bank and request for the disbursal of the loan applied for. Here the customer will be given with the details of the loan amount, EMI and tenure etc. Each and every customer is suggested to read the Home loan agreement which he need to sign to get the loan disbursal done in which bank narrates all the terms and conditions which a customer need to satisfy before and after taking the loan. Home loan is called as a life time contract so take wise decisions before going for it by reading all the documents and by asking the bankers to provide all the information about the loan which you are going to take.

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