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21 August 2011

Can The Home Loan Rules be relaxed?

Yes many housing finance institutions or lending institutions have a facility where in they can cater to specialized loans. In cases where the borrower cannot meet all the document requirements they may have special consideration and consider other documents as proof to offer loans for house, property, car or any other asset.
In many cases the borrowers may not have some documents and the housing finance institution may need to verify their other assets and document proofs of income. This usually happens with self employed professionals and business people. They do not have salary slips and regular income proofs. It is up to the lending institution to consider such cases and offer loan.
Though we all know there are certain rules and procedure that every housing finance institution follows it is also known that some rules can be relaxed. If you can assure the bank about your financial standing or you have assets which have a much higher value and you can prove ownership of these then the bank would under special consideration allow you to apply for a loan. It is advisable to have a talk with the concerned representatives of the lending bank and they may be able to guide you how best you can apply for a loan and under which criteria.
Your eligibility criteria can also be accommodated so that you fit into the banks lending terms and thus you can get your loan approved even when some documents are missing. The bank will definitely weigh your assets and repayment capacity and their financial advisers will guide you for the applications and approval of your loan.

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