Documents for loan disbursement
Prabhat Kumar N.
(Querist) 16 April 2013
This query is : Resolved
Hi. Aren't the following documents enough to get home loan ?
1. Certified copy of sale deed
2. Certified copy of rectification deed
3. Tax paid receipt
4. EC
5. Partition decree
6. Certificate & MUDA approval for construction
7. Offical letter seal that conversion order is destroyed in Sub-Registrar office (we asked for a conversion order, but it seems all documents before 1986 were destroyed)
8. Neighbour's copy of conversion order
Since the sale deed on stamp paper is lost, we got certified copy.
The bank has taken over Rs 10,000 as processing fee. After waiting for a whole month, now they are refusing to disburse loan due to "insufficient" documentation. They are also refusing to refund the processing fee telling they are non-refundable.
Please suggest what should I do next.
V R SHROFF
(Expert) 16 April 2013
After waiting for a whole month, now they are refusing to disburse loan due to "insufficient" documentation.
The reason is valid.
The Legal Dept of Bank is competent, and it's discretion is binding on Bank.
Processing is paid to go thru details of Property Documentation and eligibility etc, so it is not refundable.
You produce proper and satisfactory Documents, and bank will pass yr loan.
Prabhat Kumar N.
(Querist) 16 April 2013
Thank you sir for taking the time to respond.
Actually we had visited the lawyer (referred by the bank) about a week after giving loan application. He did not mention that the loan would be refused due to lack of sale deed and rectification deed on stamp paper, at the time. He said that conversion order is a must and we must atleast produce neighbour's conversion order. We then queried the neighbours to get atleast one of conversion order and gave it to him.
And now after 1 month they are refusing. Sir, we dont have sale deed on stamp paper and hence got the certified copy. Doesn't certified copy carry any weightage ?
V R SHROFF
(Expert) 16 April 2013
Why should bank take Risk?? Their Legal Dept will not allow .
Unless you convince with your Income Proof, and added security for Loan. Talk with Bank , to help you out.
Anirudh
(Expert) 16 April 2013
I give a small anology.
You sit for an examination after paying exam fees.
After you write the examination,and three months after checking your paper, you are declared failed. WILL ANYBODY RETURN THE EXAM FEE TO YOU? OR CAN YOU SEEK REFUND OF THE EXAM FEE.
Similarly, the processing charge is for processing the loan application. It is not for granting loan. Ultimately if loan is granted that is ok. If not, you cannot complain.
In any case, you have not indicated that what is the exact document(s) that the bank is requiring from you, and which document(s) you are unable to produce and why?
Adv k . mahesh
(Expert) 16 April 2013
we dont have sale deed on stamp paper and hence got the certified copy.
you should provide a original sale deed to obtain loan from any bank
R.K Nanda
(Expert) 16 April 2013
no more to add.
