Hello,

I have a query,like,I am going for a home loan for 20 years as a single applicant.I get the loan amount and the bank disburse the loan.Say I pay the EMI for 3 years(I work) and later I quit the job.I ll be having the enoght EMi amount on my account and pay the EMI regularyly even if i am not working.Please let me know will the bank cross check whether I am working or not.?
Please let me know the exact process of SBI on this.
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  • No,

    My thinking only - Not confirmed with any bank.....

    If Loan is insured, three months after the job will be paid by insurence company ======I am not very sure this statement (This is staircase news).

    Once loan is approved and disbursed means.....Bank will only look for EMI.
    No matter your job is in hand or foot.

    I will ask more this with friends/Wife.
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  • Thank you..

    Anybody else can throw more light on this.
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  • Help man====
    Help this new member, please.
    -
    CommentQuote
  • Originally Posted by praba1212
    Hello,

    I have a query,like,I am going for a home loan for 20 years as a single applicant.I get the loan amount and the bank disburse the loan.Say I pay the EMI for 3 years(I work) and later I quit the job.I ll be having the enoght EMi amount on my account and pay the EMI regularyly even if i am not working.Please let me know will the bank cross check whether I am working or not.?
    Please let me know the exact process of SBI on this.


    Employment status is only check initially when someone is applying for loan. After that banks are not bothred about your employment status, they are only concerned about their money and as far as you continue to pay back on time they will have no issues.
    CommentQuote
  • After loan approval/disbursed bank will take care of your EMI payment only, no matter ur working or not. So till ur EMI is paye,d on time no matter u work or not, bank is not going to verify it.
    Originally Posted by planner
    Help man====
    Help this new member, please.
    -
    CommentQuote