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How to avoid common problems while taking a housing loan

Some common problems faced by home loan customers along with possible ways to avoid them

Harsh Roongta

14 Aug 2007

Here are some common problems faced by home loan customers along with possible ways to avoid them:

1. Desired/promised home loan amount not available

No real solution except that you can try to get a written (or even email) acknowledgement from the lender or his representative that the processing fee will be refunded if the loan amount is not as per application.

2. Promised interest rate not available

Same as above

3. Non-refund of processing fee in the event of non-sanction or non-use of the sanction

Same as above

4. Loan amount getting restricted post-sanction due to lower valuation of the property by the bank

Try and get the bank to value the property even before getting the sanction, even if it means paying a small valuation fee. This is especially important for old resale properties.

5. Non-availability of chain of title documents and/or NOCs in the format desired by the bank or problems with any other legal/title document

Give copies of all property papers along with the application form so that any problems can be highlighted quickly. Obtain copies/formats of the NOC issued by the society/other authority in earlier cases and ensure that the particular format is acceptable to the bank. The society or other authority is unlikely to change its format for your lender.