Loan Matter Advocate in Delhi

1. Loan Related Problems and opinions of Loan Matter Advocate

2. On television, newspapers, magazines, internet and even on street billboards we have been enticed by banks and other financial institutions for easy accessibility of the home loan. The paradox: it is not as simple as promoted by majority of lenders in India. With the rapid growth in the realty industry and flourishing of private banks the demand for home loan increased to many folds in last one decade and problems encountered by borrowers increased too with the same pace. According to Mr. KislayPandey-Loan Matter Advocate, the Supreme Court of India, "Interest rate in India changes so frequently that it affect the borrowers in all types of loans and processes. Discrepancies in the interest rate between the existing and new borrowers often saddens the people. Home loan borrowers quite often face problems like porting of home loan, difficult clauses and complex rules by the lenders." These are some of the major issues which annoy a home loan borrower.

3. Right from the application submission borrowers face some problems like rejection of the application even on minor issues. No doubt, many borrowers failed to furnish mandatory information, so they should be very cautious in furnishing the details. Secondly, the wrong assessment of the worth of property and miscalculation of annual income often lead to rejection of the application. According to Mr. KislayPandey-Loan Matter Advocate, the Supreme Court of India," To avoid all such issues at the initial stage an applicant must thoroughly read the eligibility requirements of the bank or other private lenders. After going through the eligibility criteria of all such institutions an applicant must only choose a bank that suits to your profile. In case of any problem pertaining to the clauses or legal issues, the applicant must immediately consult it with a qualified loan matter advocate."

4. In recent times, borrowers sometimes face tough conditions about amount one need to pay as the stipulated EMI and meeting the time deadline. According to Mr. KislayPandey -Loan Matter Advocate, the Supreme Court of India, " Such problems arouses due to the bank's rigidity in fixing the EMI amount and its tenure. Here, banks too have some genuine problems as it is impossible to predict the interest rate revision." It is very much true that reducing the tenure rather than EMI amount is a better option for a borrower, where he/she can save interest costs. • the issue of the inflexibility on the bank's part to adjust the EMI amount or tenure in case of an interest rate revision. The hassle of reworking EMIs as well as changing ECS mandates may deter banks from changing the EMI amount. However, from the customer point of view, it must always be remembered that reducing the tenure is a better option compared to reducing the EMI amount in case of a downward interest revision, to save on interest costs.

5. On an average a borrower usually pay 0.5% to 0.75% of the loan amount to the bank/lender in the processing of the application. Therefore, it is not wise to readily shift the lender. To avoid porting expenses one should thoroughly read all the relevant documents of the lender.