Mar 17, 2008 01:11 PM
4097 Views
Once again jotting few words for all which may be useful to the pals who is planning to go for Housing loan.
I am a IT professional working in an MNC @ chennai, Since my mom cursed me day after day paying rent of 8k a month, decided to go for a flat in chennai.
After doing lot of market research, i was shocked to see the flat rates the least I heard was 2500/sqft ( in chrompet, kovilambakkam, sluggish areas in Madipakkam) and for a decent flat costing 3800/sqft, even a second hand flat of 800sqft in unuasable conditions went upto 18 lakhs (excl of registration)my budget was within 20 lakhs for a decent one.
After months of struggle I ended up in a progressive flat at the range of Rs 1600/sqft in medavakkam, after paying I lakh advance I decided to apply for housing loan, my choice were
1) HDFC ( 10.25 % ) - since I had salary account
2)SBI (10.15 %) - nationalised bank so no hidden charges
3) IDBI (10.5 % ) - good word of mouth.
Finally after few researches I found hdfc is better since I had my salary account there though my processing could be easy, i rejected SBI because the process is too complicated and not so good service since it is a very large network, IDBI was rejected since I heard they dont keep the document safe and intrest was way high.
My builder told me he could avail loan from HDFC for me, since I thought few things may be masked I decided to go by myself just to ensure things are pretty legal, When I walked up to HDFC enquired the details they told they will be glad to gimme loan, they promised to send me an exceutive which is when things started moving badly
Before we continue with story we need to know what are documents required for a flat and for us.
For Flat :
EC - For 25 years till date (where the selling n buying details are listed)
Parent document- the builder should have original and xerox should be submitted by us
Power of patta - generally all builders get this but legally it is good only for 6 months after which we need to renew it, but builders dont do it since the original owner may ask for more money and the case may be filed by their generation, however things can be fine if the registration is completed on the buyers name
Original sale agreement : To show that we have made some contribution towards the building.
for me all the documents are okay except for power of patta since it was over 1.5 years, in general if builder is a genuine one the bank lawyer will through the application but since I went alone there was a query for this and the builder told me all above story, the HDFC lawyer was not ready to through the application since she asked for Document to confrm that it is still in power which the builder was refusing to submit.
After making some underground works by me I found that my executive was a new guy and not a smart guy as well, thats the reason my application went to that lawyer who is a troublesome one always.
When I told the lawyer of 12 flats 10 was sold and all of them got loan and mine was one which is getting delayed she was still insisting on the document which can be bypassed, when I checked with my lawyer he said the same that it can be bypassed.
Finally I decided to giveup got back all the documents closed my file , after few neogtiation reveresed my processing fees, finally I went through the builder to the same HDFC.his executive was a very smart guy proceesed it through a different lawyer in the same bank, things were very smooth, I got the cheque with in a weeks time registration completed legally things were fine.
So here is the sum up when you apply for the housing loan go through builder or if you wish to go by yourself make sure that the executive is not a new hire and is a very smart guy who knows the bank well.
And more over before handing over the documents walking to a bank show the legal documents confirm if they can avail a loan then process it through an executive so that things will be smooth.
Thanks for reading.
BR,
Krishna
So when you have a plan to go for
