Some Loan Tips
There are some loan tips are applicable to any type of loan; Home Loan, Car Loan, Two Wheeler Loan, Personal Loan, Consumer Durable Loan etc.
* Keep the multiple copies of your identity, age, address, income proof.
* Take your original Documents in the bank on discussion round.
* Don’t submit any fake documents and lies about financial details
* Check the rate of interest and the loan amount
Home Loan Tips
* Try to get the title documents from your seller which proves the seller’s title including the chain of title documents if she/he is not the first owner.
* Take NOCs from the original owners such as previous owner, Cooperative Societies, Housing Societies, concerned Development Authorities etc.
* After finalizing your property, you need to hand over the entire set of original documents concerning your property to the bank so that they keep them as security for the loan,keep the Xerox copy of these documents.
* Do a deal with reputed developers only or someone you know personally, they are competent to the industry standards and know the process inside out, and will help you from other additional hazards.
* The Bank conducts a legal check on your documents to validate their authenticity. Even the draft sale documents that you will be entering into with your seller will be scrutinized.
* Bank charge a processing fee and additional fee for the legal verification,So aware about it and know the charges and processing fee.
* The bank charge the interest from the day on which the cheque has been made So,collect your check on time.
Auto Loan Tips
* Buying a New Vehicle you should register it with RTO office and the charges of this registration fees will pay by you.
* Check all the legal forms filled completely and submitted it to right authorities.
* Check the power of attorney that allows the dealership to go to the RTO and register the vehicle
* Always sign the documents carefully,first read them and if you have any doubt then clarify with the sales person or manager.