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.