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Old June 30 2012, 09:30 AM   #1
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Default Home loan just for legal verification...

Please excuse my ignorance..

This may seem like a pretty stupid question, but I was just wondering upto what point can I cancel a home loan before it gets disbruised?

In the event that I'm able to get funding from a different source but I'd still like to get to a stage where atleast the legal verification of the house papers has been completed by the bank before I cancel it, will that be possible?

What are the risks or costs involved?

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Old June 30 2012, 03:55 PM   #2
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You can cancel before the disbursement if you do not provide the demand letter but you are not going to get back your processing fees. and you need to follow up with them to get back your documents like sale agreement.
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Old June 30 2012, 04:49 PM   #3
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Suppose if any bank had already approved loan for a particular property, shall we assume that they have done all verifications and it is a safe investment?
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Old June 30 2012, 06:06 PM   #4
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Quote:
Originally Posted by Manas007 View Post
You can cancel before the disbursement if you do not provide the demand letter but you are not going to get back your processing fees. and you need to follow up with them to get back your documents like sale agreement.
Many Thanks Manas007. Do you know in such cases if they do give the verification report as well? In general do you believe say getting the legal verification done by a bank is more sound an approach than say one seeking out a lawyer and trying to do it oneself. I'm just not sure of how to go about this thing. Is there any popular establishment around that have a good reputation in legal verification. Same goes for valuation. Do banks offer a charged service if one opts just for that?
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Old June 30 2012, 06:09 PM   #5
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Quote:
Originally Posted by mahesh1985 View Post
Suppose if any bank had already approved loan for a particular property, shall we assume that they have done all verifications and it is a safe investment?
Mahesh I suppose different banks have different standards. Some have a reputation of being thorough and some not so much. Since it is a huge investment I'd hope that some of the experts here would share their views on the subject.
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Old July 1 2012, 10:12 PM   #6
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Hi All,

When a bank pre-approves a project(apartment/site) they do check all the documents, respective survey nos, sale deed execution, conversion certificate and Khathas. So it is safe to buy directly from builder without doing separate lawyer verification.

but the bank should be relaible enough, now-a-days many banks initially provides low interest rate and to attract you by speedy processing skips to check all the documents. So you should always go with good banks like SBI, LICHFL & HDFC.

And it is difficult and time consuming for a individual lawyer to check all the documents of a new property.

BUt for resale property involving a lawyer would be a good idea though you have second level check by the Bank.

Hope this helps.

Thanks & Regards,
Manas
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Old July 1 2012, 11:33 PM   #7
 
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Quote:
Originally Posted by vish00 View Post
Many Thanks Manas007. Do you know in such cases if they do give the verification report as well? In general do you believe say getting the legal verification done by a bank is more sound an approach than say one seeking out a lawyer and trying to do it oneself. I'm just not sure of how to go about this thing. Is there any popular establishment around that have a good reputation in legal verification. Same goes for valuation. Do banks offer a charged service if one opts just for that?
@vish, u may want to read this thread:

http://www.indianrealestateforum.com...ers-25559.html
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Old July 1 2012, 11:34 PM   #8
 
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@vish, u may want to read this too:

As a lawful citizen I have served and been part of the country. Lately I have been been fighting with the Bank of India's official for the corruption they have done and trying to cover it up. The corruption for which they've done I and my family will end up into streets without a shelter. I am the lawful owner of the property and not the borrower. The borrower has produced some fake documents on the basis of which “BANK OF INDIA” has issued him loan by taking bribe and not verifying the documents. I have been staying in this property situated at "Kuvempu Nagar, New GuddadaHalli, Mysore Road, Bangalore-560026" since 2001 since we purchased the property by my parents. The borrower has created and forged the documents of my property and extracted the loan. We have been sending multiple letters to Bank of India, its local head office in K.G. Road, Bangalore and the Head Office in Mumbai, but there is no response. We wrote to RBI’s Ombudsman also regarding this. The RBI replied us back to solve to issue in the court. We have filed the suite with Debt Recovery Tribunal (DRT) & City Civil Court of Bangalore, and awaiting for the hearings of the case but we have not yet got our injunction/stay order from the court seeing which the Bank of India, is going ahead and auctioning our property by force. We have this as our only shelter and I have no clue what to do. I have been fighting against the corrupt and unclean Bank and its authorities...........read more by clicking on below:

Bank of India has issued a fake loan on my property | Complaints | Citizen Matters Forums
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Old July 1 2012, 11:47 PM   #9
 
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You may want to read this below thread too. In this thread, I have mentioned about 2 layouts of over 100 acres each - both BDA approved layouts into which many had bought after taking bank loans for plots purchase or house construction - the Supreme Court this year in 2012 declared that both layouts are illegal (both were BDA approved) and that all plot and house owners should return the lands to the original farmers.

Banks had funded the above 2 layouts site buyers for house construction or plot purchase too, I have already mentioned above.

You have to take risk and buy whatever u buy in life - fruits, vegetables, cars, plane ticket (plane may crash), flat, house, villa or plot - whatever. OK?

Sometimes, in life, we just got to DO IT. Like the Nike slogan says, "Just Do It!!" - because you are damned if you do and damned if you dont!!

That is how my life journey has been, till date, although, I must hasten to add that, I have never taken a bank loan anytime in my life, for any property purchase or house construction till now.

But, times are different now. Everyone has to depend on banks for funding, for property purchase since they are so unaffordable, everywhere!!
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Old July 2 2012, 11:56 PM   #10
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try ecopack - very professional- they charge 5k but.
any local lawyer may charge 3k but very rarely they give it in writing.
btw- bank gives the loan based on the documents YOU Provide.its a bank not some vigilance office.so getting a bank approval is not a full proof solution.yes sbi/hdfc have a good reputation cause they have low defaulters or rejections and failures.
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