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It has always been noticed in real sector, confidence inbuilders projects have been created in customer by telling them that some bankswill provide them loan. The single line “are loan to mil raha hai na , project approvenai hota to loan kyo deti bank” itself creates a good credibility of projectamong the buyers, after this line customer ,don’t feel any requirement for anydue diligence of the project.
But the fact lies far behind these lines, No body ever tryto understand the process of home loans.
The term which has been widely used in home loan sector isPRE APPROVED. Most of the time customers get confused with the sectioning ofloan with the word pre – approved.
One should always remember that pre approval of a loan isnot at all related with financing of a project, it is not necessary torepresent the property documents in the banks to get their loan pre approved.This is done on the credibility of a customer, not on the builder, to pre –approve a loan, a bank only consider your Identity proof , address proof , yoursource of consistent income & some 2 or 3 more papers.
The process is being misused by the today’s builders very frequently;they use this tool to misguide their customers and to restrict them from doingany due diligence.
Any bank finances any project only when they are satisfiedwith the property papers of the builder.
If you have been said by your bank that “the project is inprocess of approval from the bank but we will pre approve your loan” thenbeware, because the line decodes that - builder has not submitted all therequired papers to the bank .the loan will be sanctioned only when all the documentsare submitted, which obviously raises a question about the authenticity of aproperty or project.
The validity of preapproval of loan is of 3 months, that means your loan should be sanctionedwithin this period, but our clever builders ask for a good amount of moneywhich is almost 30 – 40% of the basic value of flat within a period of 3 – 4months, now think your loan has not been approved yet (also is it notguaranteed that it will be approved by the bank.) and you have already paid 40% of your hard earned money, now what if builder is a fraud and have intensionto run away or what if it takes more then assumed time to get the builderspapers approved. Who will be responsible for your hard earned money?
The solution for this is, every bank issues a unique code toevery project which has been approved by them, never forget to ask your builderthat unique code and to confirm it from bank.
Always remember it’s your responsibility not a builders toprovide papers of property you have booked, to the concerning bank,
