Buy Your Dream House and not the problem attached with Home Loans

Below are marked some of the common problems faced commonly by common people after taking up home loan. Here are some solutions along with the problems so that you buy your dream house and not a headache for life time.

1. Home Loan Amount and ROI not as per the application

There is actually no solution for this problem except for this that you try and get a written (or even an email will be good enough) acknowledgment from the bank that the processing fee will be refunded if the loan amount is not as per what was promised to you.

2. Processing Fee Non- refundable on the occasion of non-sanction or non-use of the sanction

As said in the above point please have it acknowledged in written from the bank that they will refund your Processing Fee if your loan is not sanctioned. If you don’t get it in written then you would surely not get your fee back.

3. Loan amount getting stopped post-sanction because of the lower valuation of the property by the bank

To avoid this always get your bank to value your property before sanctioning of the loan amount, even though it means loosing of some more bucks as valuation fee. This is especially important for old and resale properties.

4. Legal problem or non-availability of chain of title documents and/or NOCs in the format desired by the bank

Always provide all your property papers, NOC (provided by the property lender or RAW) along with the application form so as to avoid any kind of complication in the later stage.

So in short, always remember to do all the transactions in a written format and provide all the papers that might be require now or on a later stage to the bank on the initial stage itself.