The costs, otherwise, of medical insurance are too high.
Yes, you need to be safe when dealing with third party agents who act as intermediaries between you and the lending institutes.
1. Ask the bank executive you are dealing with for proof of his/her identity.
This is just to make sure you are dealing with the right person to whom you are going to submit your financial details.
2. Keep all documents with attested photocopies ready.
All banks ask for your financial and KYC (know your customer) document photocopies self-attested by applicant and co-applicant.
3. Make sure you sign every photocopied page before you attach it to your application.
Your signature on all photocopied pages is required to ensure that you have seen the document that you have submitted.
4. Check the Most Important Information note before signing loan document.
Most important note (MII) is generally available with all banks’ loan documents or application which comes to you. Reading it is important just to know if there are any additional charges.
5. Check all the filled-in- details with care before finally handing over your application to the bank executive.
Re-checking your details will ensure that the application form is duly filled up. It’s important that the customer fills the application form and does not just sign an empty form and give it to the executive to fill it.
6. DO NOT give original documents to the executive.
If at all any original document has to be submitted then avoid giving it to the bank executive. It will be better to go to the bank and submit it to the concerned authority in the bank or financial institution.
7. If you issue any cheque for charges or fees, remember to issue them in favour of your bank, and not any individual.
Bank charges and fees must be always paid by cheque as no bank accepts cash or any other method of payment. While making the cheque just ensure it is crossed and payable in the bank’s name.
8. After submission of documents if you decide not to avail the loan, inform the bank immediately.
After applying due to any reason if you decide not to go ahead with the loan then please make sure you inform the bank in writing and take the acknowledgment of the same and collect your documents and cheque as early as possible.
9. If you do not receive a reply regarding acceptance or rejection of you loan-application within the time specified, contact the bank through their Customer Care or bank branch.
It is a general practise that once your application form is submitted the bank will call you or send an SMS confirmation of the same. If you don’t receive any of these please contact your bank immediately.
10. Ensure that the title of the property you are purchasing is clear.
Last but not the least make sure that the property you are buying has a title clear document for a smooth process of your loan.
Illustration: Uttam Ghosh/Rediff.com
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