Home loans are a useful and extremely necessary financial scheme that can give wings to your dream home even when you cannot afford to empty your pockets on the same. It has been a blessing to millions of Indians for whom home is more than just a place to stay; a home is considered an important landmark in life. Home loans have now become easily accessible, and with lower interest rates, it is every man’s piece of cake. But caution is to be exercised when dealing with schemes that involve significant sums of money. Thus, let us go through some of the common errors and miscalculations that can occur when you choose home loans, so that you are not in the dark when choosing the right one for you.
he processing of home loans does not require any additional payment except for notarization of your documents.
Interacting with the DSA
Home loans as in many banking schemes are usually facilitated through intermediaries like a DSA agent. He explains to you the various schemes and options available and makes paperwork convenient by showing up at home and having the proceedings done then and there so that you can avoid many trips to the bank. But be wary that they also operate for commissions or achieving targets, so you need to confirm with the bank directly regarding the terms and conditions of the scheme before getting fully invested in it. Do not get cheated by extravagant schemes that are quite unbelievable, do confirm the terms of the agreement before you proceed with it.
Rejection of Home Loan
Small banks and PSUs in rural areas can impose certain criteria for the qualification of your home loan. They may coerce you to be part of a bundle financial project to approve the validity of your loan. This approach can almost sound threatening to uninformed applicants. In case of any such issues where you are being forced to join bundle schemes, be sure to contact the bank’s regional manager to know your rights regarding the same.
Fraudulent Charges levied
Be vigilant of the money you pay as petty cash to the direct selling agent, irrespective of the reason. Ask the direct selling agent for proper explanation and for the receipts of the sum you hand over. The processing of home loans does not require any additional payment except for notarization of your documents. The persons who are in immediate need of money or who have had their loans rejected before are the ones who succumb to this unhealthy trend.
