Property Plus
Coimbatore
Get prepared before seeking a loan
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Procedures and requirements of banks and financial institutions can vary, writes M. Soundariya Preetha
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Photo: S. Siva Saravanan
Easy procedure: Financial institutions have adopted various measures to help customers. —
For many of us who aspire to buy or build a house it can be a clueless beginning, especially when it comes to seeking a loan. It will help us if we knew what documents we should have when we seek financial assistance.
The Hindu Property Plus spoke to some of the bankers here to find out the basic documents that customers should have while seeking a loan. The procedures and requirements of banks and financial institutions can vary. However, in general, all of them ask for income proof to find out the eligibility of the customer and to estimate the quantum of loan the customer would be eligible to get. Sometimes Income Tax returns of a specific period should also be submitted.
Further, they should have identity proof and address proof. These help in deciding the eligibility and amount that can be borrowed.
The other set of documents that the customer should have is related to the property. Legal clearance is important and safeguards the interest of the customer, says a banker. The buyer should ensure that the seller or executer possesses a clear title to dispose of the property. The buyer should also have a look at/produce the parent deed of the property proposed to be purchased. This will ensure that there is no legal tussle in the transaction. Then, comes the approvals for building plan and layout. Finally, the customer should have a candid draft of the project cost.
The customers should be confident that the documents sought by the bank are only to safeguard the interest of the property buyer, says K. Kathirmathiyon, secretary of the Coimbatore Consumer Cause. They should adopt a positive approach while interacting with the banker. Now, banks and financial institutions have adopted various measures to help the customers. For a trouble-free ownership they should try to meet the requirements, he advises. “Buyer Beware” is the catch word though it could involve effort and time since this is a lifetime investment.
In recent times, it has been found that especially in some of the town panchayats and third-grade municipalities, certain new or additional conditions are imposed while approving a building plan. The local body should grant approval only after ensuring that all conditions are fulfilled since providing conditional approval could make it difficult for the customer to proceed with the purchase or construction.
It also puts the bank in a dilemma and ultimately affects the customer, he says.
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Property Plus
Coimbatore
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