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Mr. Rahul a corporate employee has forgot to check the Home Loan sanction letter of the bank before signing it, as a result of which he is paying 0.5% of additional interest on his home loan account. This is a very common mistake that many customers do while taking a home loan. Customers blindly trust the home loan service provider and sign the documents with out reading it which is not suggestible to as a Home Loan is a Long Term (Life Time) contract with the bank.
Legal process is very important in every transaction over an asset which may be through a loan or by lump sum cash. Legality of the property should be verified in the terms given below to ensure that the person holds proper right to make a transaction over that particular property.
One of the important stages of the home loan processing is the evaluation of the property in which every aspect of the property is explored.
Home loan is a product for which a customer needs to go through with the long process to get the loan for the desired property, for which the customer needs to do lot of ground work in terms of his/her profile to get accepted by the bank.
Building a home of our dream is a life time achievement to a middle class person. For making this dream come true to a middle class person banks are playing a significant role by providing them with the right home loans at door steps. But if do not plan properly and if we are not aware of the policies, terms and conditions of the bank we will end up paying more to the bank in terms of principal and interest components.