is there any way that the bank can force u to take a loan more than your requirment just because they have sactioned the amount and do we have to start paying the emi without taking the loan cheque since i have already singed the loan papers with them but have not submited my property papers
2006-10-06 14:43:59 · 4 answers · asked by kitnik 1 in Business & Finance ➔ Personal Finance
There is no way bank can force you to do it. But they can coax and it is left to your determination. Send a letter to them that you do not with to avail the loan and do not take delivery of the proceeds of the loan. Advise them that you have already advised your bank to stop payment of the PDCs issued and advise them not to present it.
you can utilise this opportunity to renegotiate the rate of interest or show the sanction to some other bank who may accede to your request.
2006-10-06 16:35:10 · answer #1 · answered by cvrk3 4 · 0⤊ 0⤋
Are you sure that you have put all facts on record. No bank can force you to take a larger loan than what you want. The maximum that they can do is to charge you a processing fee based on the Rs. 8 lac loan that you must have applied for initially. This may more be a case where an overzealous sales person in the organisation may be trying to meet his targets. The bank is very responsible and you should write in to their head office with your request. You can use the following link
https://www.online.citibank.co.in/portal/citiin/forms/citifinnewcontactus.jsp
In any case since you have not taken the loan you can always seek out another bank to provide a loan for the lower amount that you desire.
2006-10-06 18:32:05 · answer #2 · answered by CEO Apnapaisa 1 · 0⤊ 0⤋
No way. Straightway refuse it as all your fixed expenses on the loan will be counted on 8 L. The citifin is known to have lousy reputation even in case of credit cards. Be wary of them. there is lot of stuff written in fine prints which they use/misuse it
2006-10-06 15:36:53 · answer #3 · answered by Naresh C 3 · 0⤊ 0⤋
I think you should use the opportunity to buy 2 properties ( maybe 2 adjacent flats) and rent out one. Try to negotiate with the builder and reduce his rates.
2006-10-06 18:30:20 · answer #4 · answered by rafique p 1 · 0⤊ 0⤋