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My bank has dis­bursed the loan amount and started charg­ing the in­ter­est on it with­out the coap­pli­cant’s sig­na­ture on all the doc­u­ments. The bank of­fi­cials say that the loan has been dis­bursed and, there­fore, in­ter­est is charge­able. The is­sue now is that the co-ap­pli­cant is not ready to sign the loan agree­ment doc­u­ments. The co-ap­pli­cant’s in­come was not clubbed while tak­ing this loan and the co-ap­pli­cant is also not in­cluded in the prop­erty agree­ment. The bank says that with­out the co-ap­pli­cant’s sig­na­ture, they will not re­lease the loan cheque to the main ap­pli­cant and if the co-ap­pli­cant doesn’t sign the nec­es­sary doc­u­ment, the loan will get can­celled. How can the bank charge in­ter­est on the amount which is not handed over yet to ap­pli­cant. What is the way out?

— Rahul You seem to have raised two ques­tions. First is whether the bank is right in charg­ing in­ter­est with­out hand­ing over the dis­burse­ment cheque. The an­swer to that is a clear no. If, de­spite ev­ery­thing, the bank claims it will charge in­ter­est for the pe­riod when the dis­burse- ment has not been handed over to you, you should file a writ­ten com­plaint with the nodal of­fi­cer of the bank. The de­tails will be avail­able on the bank’s web­site. If the nodal of­fi­cer does not re­solve your com­plaint to your sat­is­fac­tion within 30 days, you can then file a com­plaint with the bank­ing om­buds­man. But I am sure in a clear-cut case like this, your is­sue will be re­solved.

The sec­ond ques­tion raised by you seems to be whether a co-ap­pli­cant is nec­es­sary at all. That clearly is the bank’s dis­cre­tion and would also have been part of the sanc­tion let­ter. So you have a choice to go to an­other bank which does not in­sist on the co-ap­pli­cant or some­how con­vince the co-ap­pli­cant to sign the doc­u­ments. You will need to de­cide which op­tion is eas­ier for you.

Can I take joint home loan with my sis­ter to in­crease my el­i­gi­bil­ity amount?

— Suresh It is very un­likely that the lender will al­low your sis­ter to join you as co-bor­rower for the loan. Nor­mally, len­ders al­low im­me­di­ate kin like spouse, par­ents, son as cobor­row­ers to the loan and a few len­ders even al­low broth­ers as co-bor­rower. Most banks will pro­vide a loan to broth­ers on a case-to-case ba­sis, but it might be more dif­fi­cult for a com­bi­na­tion of brother and sis­ter.

If you can con­vince a bank that the in­come of the two bor­row­ers will con­sti­tute a sin­gle eco­nomic unit and is likely to re­main so in fu­ture as well, then they may agree to al­low a brother and sis­ter to be co-bor­row­ers.

What is the im­por­tance of CIBIL in get­ting a home loan?

— Prab­hat CIBIL stands for Credit In­for­ma­tion Bureau (In­dia) Ltd. though now it is the generic name for Credit In­for­ma­tion Com­pany. It is the repos­i­tory of in­for­ma­tion which has been pooled in by all banks and lend­ing in­sti­tu­tions op­er­at­ing in In­dia. It main­tains the in­for­ma­tion re­lated to the credit his­tory of com­mer­cial and con­sumer bor­row­ers. It pro­vides this in­for­ma­tion to its mem­bers in the form of credit in­for­ma­tion re­ports.

Be­fore grant­ing the credit cards or any credit fa­cil­i­ties, al­most all the len­ders ob­tain the credit re­port of the ap­pli­cant from the CIBIL.

If any loan or credit card pay­ments show as over­due or amounts set­tled in the CIBIL records, it will con­tinue to be shown as such for the next seven years. It will be al­most im­pos­si­ble for you to get a home loan if your CIBIL re­port shows any sig­nif­i­cant de­fault or write-offs. It is very im­por­tant for you to main­tain a good credit his­tory so that you are able to avail any credit fa­cil­ity from the sys­tem in the fu­ture.

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