Loan for a employee working in proprietory firm

rajsh (Querist) 12 January 2013 This query is : Resolved
I am working in a proprietorship firm for last 2.5 years. The firm is engaged in construction for last 37 years. I am a qualified professional working in that firm. I am getting my salary slip, form 16, salary is getting credited to my bank account directly. Also I am filing my ITR.
I am planning to purchase a property of 60L and require a loan of around 16L.Rest I am going to pay from my savings. However some banks I have rejected my application stating that I am working in a proprietorship firm and firm has no branches elsewhere. Is there any such rule in India? From where can I get the loan.
Pls guide me.

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ajay sethi (Expert) 12 January 2013
no such rule . bank is playing safe . try approaching cooperative banks . they are more accomodating

prabhakar singh (Expert) 12 January 2013
NO ! there NO such rule in India.RATHER IT IS THE FREE WISH OF A LENDER.

Guest (Expert) 12 January 2013
The banks have to look for your own credibility & job security before passing such a long term long to ensure safe, smooth, hurdle-free & timely recovery of EMOs of their loan amount with interest, rather than the period of existence of your employer company.