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13 August 2011

Customer Assistance and Loan Recovery


After discussing home loans form such a long time I was wondering how to the borrower solve his grievances against the lenders.  Searching about the HDFC bank which is a reputed bank in the home loans field I came upon of forum where the borrowers can approach and solve their grievances. talktous@hdfcbank.com here the borrowers can avail customer help and assistance from HDFC Bank regarding grievances of home loans. Like this one can find other online assistance to guide the borrowers regarding home loan queries and grievances.

With so many websites from lending institutions and loads of information available regarding home loans there is also a mention about customer assistance and counselling. There are complaint register forums where any borrower or account holders can put up their grievances and get legal advice.

Home loans being such a wide field there are bound to be problems and grievances from individuals as well as builders regarding loans.  Even after many years any financial loan lending company would have a handful of defaulters as well as loan repayment avoiders.
Like every bank even the GIC, HDFC and other housing finance companies have certain procedures and rules for loan recovery.  First the borrowers are sent an legal notice about the default in repayment of EMIs. During the loan approval the borrower is explained about the repayment schedule, the loan tenure as well as the loan amount offered as home loan.  The interest rate is calculated according to the schedule selected by the borrower.  In case of default by the borrower every financial institution hence certain rules to collect the dues.  After the procedure of legal notice sent to the borrower, the Finance Company can follow other means to recover the loan amount.  In case of mortgage loans the company can sell-off the property and recover their dues.

After first sending the legal notice the Finance Company on bank like GIC Housing Finance Ltd, HDFC bank, the Canara bank, the ICICI bank, and many other lending institutions follow the practice of sending reminders to the borrower.  Then the bank representatives are sent as making personal visits to the borrower's place.  With regular counselling and guidance the bank representatives guide the borrower to repay his loan according to his finances available.  In case of default the counsellors help and guide the borrower to plan their finances, accumulate the total assets and thus come upon an amount to repay the remaining loan.
This procedure of loan recovery is a bitter one.  Hence it is very important that you take a home loan from a reputed and established financial loan lending institution.  Because these institutions have a standard mode of recovery and also understanding and helpful guidance executives who can help to make the loan recovering process amicable. Many private loan lending institutions will offer larger amounts as loan without many questions asked but during default and failure to repay an EMI on time the borrower will understand that they avail to unethical means for loan recovery.

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