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Loan for a employee working in proprietory firm

(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.
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.
R.K Nanda (Expert) 12 January 2013
no more to add.
Raj Kumar Makkad (Expert) 12 January 2013
Banks are bound to take into consideration their own benefit on all counts.


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