Home loan in blood relation

Rajviraj (Querist) 01 August 2017 This query is : Resolved
I want to buy a house from my elder brother
Banks rejected to me for homeloan

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Keshav Rao N (Expert) 01 August 2017
Bank's exercise discretion regarding end use of funds.Generally the transaction should not only be genuine but appear to be so.In this case Bank will be hard put to explain this to their internal audit or inspectors from regulatory bodies like RBI.Hence they avoid entertaining such loan requests.But if you have a strong case as to your credit worthiness,your capacity to repay the loan and solid documentation to establish the value of the property you can take up the issue with the higher authorities of the Bank at the head office level and seek redressal.The Bank will have to give you a written letter giving reasons for declining to consider your loan....just being brother of the seller is not an acceptable reason.

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Rajendra K Goyal (Expert) 01 August 2017
Bank may not sanction the loan till satisfied from all angles and completion of norms.

Guest (Expert) 01 August 2017
Very well advised by Expert Mr.Keshav Rao N

Kumar Doab (Expert) 01 August 2017
With full respect to opinion of Mr. Keshav Rao N, Mr. Rajendra K Goyal;

The Bankers/officials in lending/credits are hard pressed.
One deviation from SOP, wrong decision, can lead to hardships and even Dept. action.

You may approach higher officials with approach, attitude and tone of request with all docs pertaining to clean tile of property and your credit worthiness...............if you are interested in only this lender.

Or you can approach other lenders also avoiding as much as possible declinature on record/digital records that are accessible to one and all, from this lender.

It is secured lending and if your matter id clean and clear others may agree to sanction...

Kumar Doab (Expert) 01 August 2017
The Mahanadi Coal Fields matter has the potential to complicate and worsen the situation....

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