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Common Hampers faced by Home Loan Borrowers

Returning home advance is an unwieldy procedure. It looks less complex in bank ads however harder it is to profit as you need to face some rough streets in the whole procedure. To make it a bother free process, the most widely recognized issues with cures have been talked about here.

Initially Stage Rejection

It might appear to be interesting however many home credit candidates get rejected at the main stage because of the hole between moneylender’s necessities and borrower’s qualification. In this way it is recommended to know the prerequisites and states of the bank that you expect to apply and after that make a tick list whether you qualify the conditions or not.

Processing Fees

Generally banks state that the processing fee of home loan is non- refundable no matter whether your application is approved or rejected. In some cases banks state that the fee is refundable but when it comes the stage of refunding you do not get it. You should get the statement in written about the fee refund.

Desired Loan Amount Not Sanctioned

If you have been rejected for the loan amount that you have applied due to the repayment capability, then you can enhance your eligibility by adding any of your earning family members as co-borrower. In addition you can keep NSC’s funds, provident funds, and LIC policies as collateral and may increase your chances to get the desired loan amount.

Interest Rate Dilemma

It is the biggest dilemma that a borrower faces- floating rate or fixed rate? If you are opting floating rate, you need to check and verify the history of banks when the rates were lowered and how the bank dropped the rates during that times. In case of fixed rate also you need to read carefully the terms and conditions.

Property Valuation

The value of the property quoted by you and then valuated by bank may vary with a significant amount. To avert this gap you can do the proper valuation of your property by appointing a bank approved valuator.

The Down Payment

A borrower is liable to fund a fixed amount as down payment which is generally 10 to 20% of total value of the property. This amount needs to be deposited before the disbursement of the loan.

Documentation Problems

There is a particular format in which the title deeds and NOC documents must be furnished. If you won’t provide necessary documents in the prescribed format then you may get yourself in trouble. To avoid these kind of situations know all about the documents beforehand and furnish them in stipulated time.

Due to the massive competition in the market banks often come up with the lucrative advertisements but end with the heartbroken applicants.