Loan Matter Advocate in Delhi

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Loan Related Problems and opinions of

• Loan Matter Advocate

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• On television, newspapers, magazines, internet
  and even on street billboards we have been
  enticed by banks and other financial institutions
  for easy accessibility of the home loan. The
  paradox it is not as simple as promoted by
  majority of lenders in India. With the rapid
  growth in the realty industry and flourishing of
  private banks the demand for home loan increased
  to many folds in last one decade and problems
  encountered by borrowers increased too with the
  same pace. According to Mr. Kislay Pandey-Loan
  Matter Advocate, the Supreme Court of India,
  "Interest rate in India changes so frequently
  that it affect the borrowers in all types of
  loans and processes. Discrepancies in the
  interest rate between the existing and new
  borrowers often saddens the people. Home loan
  borrowers quite often face problems like porting
  of home loan, difficult clauses and complex rules
  by the lenders." These are some of the major
  issues which annoy a home loan borrower.

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• Right from the application submission borrowers
  face some problems like rejection of the
  application even on minor issues. No doubt, many
  borrowers failed to furnish mandatory
  information, so they should be very cautious in
  furnishing the details. Secondly, the wrong
  assessment of the worth of property and
  miscalculation of annual income often lead to
  rejection of the application. According to Mr.
  Kislay Pandey-Loan Matter Advocate, the Supreme
  Court of India," To avoid all such issues at the
  initial stage an applicant must thoroughly read
  the eligibility requirements of the bank or other
  private lenders. After going through the
  eligibility criteria of all such institutions an
  applicant must only choose a bank that suits to
  your profile. In case of any problem pertaining
  to the clauses or legal issues, the applicant
  must immediately consult it with a qualified loan
  matter advocate."

4

• In recent times, borrowers sometimes face tough
  conditions about amount one need to pay as the
  stipulated EMI and meeting the time deadline.
  According to Mr. Kislay Pandey -Loan Matter
  Advocate, the Supreme Court of India, " Such
  problems arouses due to the bank's rigidity in
  fixing the EMI amount and its tenure. Here, banks
  too have some genuine problems as it is
  impossible to predict the interest rate
  revision." It is very much true that reducing the
  tenure rather than EMI amount is a better option
  for a borrower, where he/she can save interest
  costs.
• the issue of the inflexibility on the bank's part
  to adjust the EMI amount or tenure in case of an
  interest rate revision. The hassle of reworking
  EMIs as well as changing ECS mandates may deter
  banks from changing the EMI amount. However, from
  the customer point of view, it must always be
  remembered that reducing the tenure is a better
  option compared to reducing the EMI amount in
  case of a downward interest revision, to save on
  interest costs.

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• On an average a borrower usually pay 0.5 to
  0.75 of the loan amount to the bank/lender in
  the processing of the application. Therefore, it
  is not wise to readily shift the lender. To avoid
  porting expenses one should thoroughly read all
  the relevant documents of the lender.