Hi Guys,

I am buying one flat and try to scansion a home loan from HDFC.
i was quite surprised when bank asked me about the proof of documents regarding how i will pay 20% amount to owner?

Also i need to submit my investment proof for that?

when i asked their representative whats the need for this, i replied that it's mandatory for borrower.
Also he put one more mandatory clause that if i married then i have to take my spouse as co-applicant for loan.

So my question is,
Do i really need to give my investment breakup and take spouse as co-applicant?

Does all banks asking for same procedure?


Thanks in advance.
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  • Is any of this bullshit mentioned in their home loan policy?...i doubt!

    if nothing goes your way & all your pleadings fail, atleast tell them to find a good wife for you, the one who is willing to become co-applicant & not just co-owner..........

    Its absurd.....but it can be true too.....!(thats how they make policies now-a-days in India)
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  • As per my understanding there is no such mandate from HDFC, as few months back one of my freinds friends took loan for an UC resale property where he paid 5L from cheque from own sources while 20L as cash from parents. Property cost was more than 75L, HDFC did ask for bank statement from where 5L was paid and considered 20L as well in the self paid component which was in cash plus never budged to ask for source for this amount.

    For other point of including spouse in the loan, that also looks absurd. As there is clearly no such mandate from HDFC. I would suggest to talk to higher management in the branch. It should sort few things for you.

    Or consider contacting HDFC through DSA route.
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  • Giving proof for margin money is not difficult as you would have already paid advance to builder through cheque and he would have issued a receipt.., yes all Banks take proof of margin money paid..., spouse co-application is insisted because she will be the legal heir in case of any eventuality..., if she is becoming legal heir to the property without owning the liability then natural justice is not done.., hence insisting on her becoming co applicant is quite natural and not out of the way...
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  • I understand what you said, but question here is can HDFC force to include spouse in the loan aggrement when I donot want to him/her to burden the responsibility to pay back the loan and in many cases spouse might not be earning as well. They can surely say that registry should be in the name of person who has taken loan but should not ask to include anyone in the loan. And they donot force as well as per my dealing with them in Dec 2012.

    Originally Posted by ragavan Kris
    Giving proof for margin money is not difficult as you would have already paid advance to builder through cheque and he would have issued a receipt.., yes all Banks take proof of margin money paid..., spouse co-application is insisted because she will be the legal heir in case of any eventuality..., if she is becoming legal heir to the property without owning the liability then natural justice is not done.., hence insisting on her becoming co applicant is quite natural and not out of the way...
    CommentQuote