Introduction
In this blog I will be writing about the submitting original documents to the bank for getting the loan amount. Most people are hesitating to submit the original documents to the banker because of the safety. This blog post explains the legal rules related to submitting the documents. Please post your comments in the comments section. You can subscribe to our future articles here.
Submit Original Documents
As the law itself enforces that every one must submit the original documents to the banker for getting the loan. So, if any one of you are not submitted the documents and feel that you are paying the loans without any overdue, from the laws perspecticve it is fraud. It is good to submit all the original documents to the bank till you complete the entire loan amount.
This will also ensure that the borrower will not sell the property without the knowledge of the lender till the home loan is paid back. So, there’s no option for you but to give your original documents as requested by your home loan lender. Typically, banks disburse home loans only after they receive the original documents. This is a condition that will be in the loan offer document as well as in loan agreement.
Summary
In this article I have written about the submitting the original documents for getting the home loans. This is small information only but worth knowing the fact because of the small mistake customer shouldn’t be in trouble. Thank you for reading the article!! Post your feedback in the comments section.
February 28, 2011 at 9:29 pm
Is it possible to get photocopy of original documents from the bank, once the documents was submitted.
September 22, 2011 at 5:13 am
Dear Mr. Devarajan,
You can get a Photocopy of all original documents, on specific written request to the bankers. Besides you can also ask xerox copies of legal opinion and valuation report. You can ask your bank manager to charge the cost of xerox to your loan account.
October 19, 2011 at 2:49 am
If my home’s allotment paper had missed somewhere and the bank has already given the approval of loan for construction and at the time of disbursement they found that allotment paper is missing..At this moment of time what I can do for taking the loan without adding further delay.
October 8, 2012 at 11:50 am
I am going to buy an apartment. Builder would be having all the original documents which is associated with the property except the will which happened on 1982. However, Builder would be having the Certified registered copy of the will. Due to this, Do I have any problem in future for selling the aparment if original will is not there..Do i get the SBI homeloan if the original will is not there. Pls suggest on this