What to do if the home loan is not sanctioned?

I am 36 years married and residing with a 4 year old daughter in Tumkur. I had applied for a home loan from a reputed private bank near my home to book an under construction apartment. I provided all the required documents to this bank personally and through my builder. Later, when I joined a new company , the bank demanded that I re-submit all the documents. I provided all the documents. But even now my loan has not been sanctioned. What can I do?

Asked by : Ravikumar - Tumkur | 861 Views

You need to write to the bank's nodal officer about this issue. Normally, a housing loan application is processed within five to 15 days and if the bank wants additional information or clarifications, the same has to be sought within a reasonable period. 1. The bank is supposed to inform the client if the proposal is accepted or rejected. In case of the latter, the bank has to communicate the reason in writing. 2. The compensation policy of the bank does not cover the aspect of financial loss incurred due to a delay in processing the loan. Banks do not refund the processing fee (PF) even if the home loan application stands rejected. 3. If you have incurred any financial loss, you may approach the consumer court.