Dec 26, 2017 10:10 PM
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Friends, today I would like to share some very informative & true story with you all which actually faced by one of my Friend.
The story started about 6 months back when one of my friend started to seek Society Flat for his family in Greater Noida west side. He & me search lots of societies, as the budget was around Rs 30-31 Lacs so we were finding a suitable Ready to move flat for that purpose only.
After a searching of Approx 3 months we finalized a Flat in AVJ Heights society. The flat was situated at 11th floor costing of Rs 31 lacs 2 BhK. He approved a Loan by India Bulls Bank & after paying complete payment 20% Down Payment+ 80% Bank he shifted in his Flat on April'17 .
After just passing a month or more he gets to know that the flat in which he is staying is having another Loan by Builder & now bank is sending letter to him to pay the outstanding or vacate the house. Also Govt electricity has been cut by NPCL dept due to non submission of Electricity Bills. Now he is very much suffering due to these two reasons. All society member are now gathered & arranged Electricity at there own collection . Now he is paying ECS+ due to No Registery made yet his Home Loan is not accounting yet & paying Tax Extra for that also. So pls Be careful while selection of flat / Property at any place.
So Friends following are the Things to be kept Remembered while applying for a Home Loan:-
1st Select the Property or Flat at a good location so that Bank approval does not make a issues, as sometimes some Negative Areas are Listed by the bankers.
2nd make proper check about the Builder reputation before purchasing a Flat, is there any fault or not from Builders End. By making such kind of Investigations we will get the proper information about the Flat
Take Home loan for a short period of time for Saving of interest & Maximum payout of principal amount.
Try maximum to Purchase a Ready to move flat so that you do not pay both Loan's EMI or Rent same month
Select Nationalised Banks to take a Loan for lowest Rate of Interest, although it is not necessary that the Property location is approved by Nationalised Bank but can be Try. As some of the Private Banks has Higher ROI+ Hidden File charges.
Always try to take situation in your control, means advance ECS's arrangement should be there for Loan refunding. No Bouncing should be there for avoid extra charges or spoil your Bank statement.
Thanks
