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Planning in detail is vital before obtaining a home loan
Source : The Hindu Published On : 2012-01-28 City : Chennai

Planning in Detail is Vital Before Obtaining a Home Loan

Banks and HFCs are increasingly getting strict with their customers, insisting that they obtain a “clean chit” from CIBIL (Credit Information Bureau (India) Ltd.) proving their credit history because, in their quest to own a house many people resort to all kinds of activities which can land them in trouble eventually.

Bhaktavalsalan, AGM, Can Fin Homes Ltd. Jayanagar Branch, Bangalore (a housing finance company) narrated a recent customer's case who had applied for a home loan. A prospective borrower had applied for a loan submitting relevant documents. Since his case seemed genuine he was given an ‘in-principle' sanction letter. But when his credit credentials were verified with CIBIL before the loan was to be disbursed it was observed that he had taken a loan of a few lakhs from a private bank just a week ago. The person had invested none of his own money into the house and had planned to live fully on borrowed terms.

Such cases can create a huge problem for the entire lending and borrowing system of banking which eventually can lead to non-performing assets (NPAs) besides landing customers themselves in repayment problems.

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