CHEQUE BOOK

HT Estates - - Front Page - Harsh Roongta

I in­tend to con­struct a house on our an­ces­tral land. The own­er­ship is in the name of my fa­ther. I in­tend to pay the monthly EMIs. I have a brother and a sis­ter. Will the bank ask for any doc­u­ments or sig­na­tures from my brother or sis­ter?

—Ra­jesh Tri­pathi Since you in­tend to take the loan and the prop­erty be­longs to your fa­ther, he will have to be the ap­pli­cant to the loan with you as the co-ap­pli­cant. If you are not the co-owner of the prop­erty, you will not be able to claim any tax ben­e­fits on the loan taken for this pur­pose. The bank may ask for a dec­la­ra­tion from your brother and sis­ter that they have no in­ter­est in the prop­erty if, as per the in­her­i­tance laws that gov­ern you, they are en­ti­tled to a share in the prop­erty af­ter the death of your fa­ther or the When­ever I ap­ply for any loan, my ap­pli­ca­tion gets re­jected. I feel that there can be two prob­a­ble rea­sons for this. The first is that I have been work­ing with a BPO or­gan­i­sa­tion for less than a year and sec­ond, I sus­pect that my name is in the CIBIL list. Same is the case with my hus­band. He has only de­faulted once and that too for a mo­bile bill for which he had al­ready paid the whole amount in full set­tle­ment. Although, I have never de­faulted, I still wish to con­firm. Can some­one from your side check if our names ap­pear in the CIBIL

—San­jay Kohli There is no bar on a BPO em­ployee get­ting a loan pro­vided there is ad­e­quate ex­pe­ri­ence (most banks re­quire at least two-three years) and the loan ap­pli­cant pos­sesses proper salary proof such as Form 16, PF de­duc­tion etc. Your work ex­pe­ri­ence of less than one year may be the rea­son your loan ap­pli­ca­tion gets re­jected. Mo­bile com­pa­nies are not al­lowed to upload credit his­tory, hence the his­tory of de­fault­ing on mo­bile bills does not ap­pear in the CIBIL re­ports as on date.

You and your hus­band can your­self ac­cess your credit report on https://www.cibil.com/ac­ces scredit.htm by paying a fee of R154 each. Once you get the report, you will prob­a­bly come to know whether a bad credit report is af­fect­ing your chances of get­ting a loan.

In case you find any er­rors in the report, send an email to con­sumer­queries@cibil. com with de­tails with facts and doc­u­ments. The bank/ lender should also be in­formed about the er­ror along with the rel­e­vant doc­u­men­tary proofs. The lender will rec­tify the er­ror and will send the up­dated report to CIBIL. If you are not sat­is­fied with the re­sponse from the bank or do not get any re­sponse, you should file a com­plaint with the bank­ing om­buds­man.

How­ever, if the facts recorded in the CIBIL report are cor­rect, then it is very dif­fi­cult for you to get any credit fa­cil­ity from the sys­tem for a few years till you are able to im­prove your credit his­tory with timely pay­ments of your credit card dues/EMI for loans.

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