No..actually i had enquired a well known bank for loan before and they said 23l, also i had just switched to the new company so new payslips etc and some other factors .... dont know how i made this... just really dont know what to do now... many family problems also contributed to this... we (me and mom) were asked to vacate the house (we were given a small room to be) which we were living then(my grandfather's house it was..dad's father) we were given 2 months time... my father was silent watcher.. all he knows is his mom and sister's well being. he doesnt care about us. the only thing i had in mind was my mother and me after me getting married.. (my earlier posts will tell more details).... also my mother's side is also the same... they care about themselves only not about us since we are a bit low .. on money etc... people are like this... dont know how to be peaceful.... now.. only comfort i have is this site... and the friends here in IL.... i feel that i have some people travelling along with me in the same boat but for different destinations.... will be good if i get back my money even after the deductions .. but dont knw whether it will happen or not... any pointers on this will help me pls....
Hi, Im sorry for ur case.. Invetsment in property is not at all waste anytime but there is a right time for anythng or everythng.. U could have been more careful and analysed before giving an 20% of the amount.Actually here the booking amt will be 5k-10k for small builders or maximum 1L if its big playerfor papaers and loan processing . If everythng is ok only we need to pay the 20% the cost. Ok for in urcase while booking you would have signed agreement . Please cross checkthe agreement for what it is said for withdrawig or cancelling charges. They must have clearly metioned.if not call the builder and say the exact reason that i could not afford this much amount as my loan got rejected like that. Hope he will deduct some amount and give you the remaining oly when any customers books tht Flat. Dont Panic at any cost. They will give him a chance . Also if u want to invest in anythng for your future. Please think one or more times ad invest wisely. there is nothing wrong if u dont own a house . Just save some money for your marriage and it will help you after marriage.
Thanks sudha... i have read the cancellation term, it says 5% of the total cost and within 6 months time after someone books the flat... just keeping my fingers crossed... because this is what i can do... just hoping for the best... let me keep you all posted.. Pls pray for me... dear Ilites
amnique, Be more cautios when investing or looking at alliances.. it was not said just like that kalyanam panni paar, veetai katti paar..though both meant more work then, today it is more mental and physical today..you need to be more cautious. even if you did not want to mention the builder, you could have definitely asked. always remember booking amount and the 20% are different issues..if the builder is a known player, he would have also waited until the bank approval before he cashes your cheque in case he wants the 20%..you could have covered yourself. did you sign an agreement. you have been in il from july. even if you had talked about that project before putting in all your hard earned money, as you ask for keep fit, or relationship, we would have helped you out or given you a caution. i can write a lot of the ways people get trapped, but this is not the time to talk about it causing you more tension. i would go there along with your mom,cousin whoever can make a strong point there, instead of going down saying please. you can go and tell him that you are cancelling the booking and would like the money early. i will pray for you. that you get the amount immediately....all the best P.S. do not go by the number of views for replies..there are threads that hit 1lacs views but have 2/3 replies..it is not the number of replies that determines a solution..it takes lot of time, knowledge/idea of an issue to post in housing, finance forums..it is not easy..and you need to have more patience..you have got 5 of us replying within 24hours of posting a thread which is good..
thank you dear shanvy... your words were soothing for me... and yes.... since i am worried i was looking out for replies... will keep you all posted....
I have one more Question on this. Was there any reason for the rejection of the Loan? Is it because of some issue with the Plan/FSI or any other technicalities associated with the Building????Most of the Builders would have Pre Approved Loan atleast by a Private Bank. If not was the Loan rejected because of your Credit history(By this i mean your Capability /power to spend/repay the Loan)??If it is the former then you gotta be double careful as the Builder may have built the house on a Non Approved land , or with deviations etc etc.If it s the Latter then nothing can be done about it and you can go for some smaller Investments like 1BHK PS: Just FYI:Most of the private Banks do not check much on the Documents related to the Building/Builder. They would be more concerned about your Repayment capabilities. However Nationalised Banks check on both.
No dear.. i was rejected a loan due to some low credit rating it seems... and another banks offered less... some 17l ... just hoping for the best now...
Amnique, Does the builder have an option of giving you a 1bhk in place of this 2bhk..also do be careful once you get back that lump sum 20% please invest it immediately or the money just disappears... if you are convinced with the builder, and have done your legal verification (i always suggest do one even if your bank does ) and are comfortable you can always look at other options too.. but again confirm you are surely getting a loan of that amount.. look at all angles..because once you walk out, the builder will benefit, he is going to sell it at a little higher prices provided he has demand.
Hi Amunique, Some options you can try: 1. Apply for longer tenure 2. Apply to another bank or better a housing finance company. They offer better amounts compared to regular banks. Banks like HSBC and HDFC also offer good deals. 3. Try applying through DSC agents instead of contacting the bank directly. You can pay the processing fee to them only after you get approval for the required amount from the bank. In case one bank or agent doesnt approve the required amount, they will get you in touch with others who can. Saw you post regarding low credit reating. You credit rating will be determined on your existing liabilities and previous payments. I would suggest you try to clear the existing liabilities (outstanding credit card bills, any other liabilities) as much as you can and then apply for a loan from another bank. This will improve your credit reating and your loan might be approved. Shanthi has given a very good suggestion. If everything else fails, opt for a smaller apartment instead of walking away. This will save you the cancellation charges and your current approved loan amount will be sufficient.
