When I was seeking a housing loan for the house I am staying now, I faced the real issues from Banks.
First I approached the bank I was employed earlier. Though I approached two branches where I worked and also where the manager and staff know me personally close too. But both refused on some mumble-jumble reasons. I met the officials at the Regional office and told them that I was ready to give any suitable additional collateral security including fixed deposits in my name. But they all refused on some flimsy reasons. I was convinced that they felt insecure and did not want to take even the normal calculated prudent and remedies risk.
The issue before them was that we are building 4 flat house building each flat for each of us brothers on undivided ancestral property. As the land was small we cannot divide it as then it would not be sufficient for individual houses.
Another prominent nationalised bank disposed me(without knowing I am an ex bank employee) saying that their computer has only 3 places to record name and as we siblings are more they cannot enter. What a nice discovery and disposal. I smiled to myself and left.
Another private bank also went on backfoot after initial promise of giving.
It was at that time that my brother suggested to approach a non-banking lender private entity. Though initially they had some reservations, after having one-to-one discussion and visiting us ,they were convinced and offered to sanction loan, but loan amount and repayment period reduced. Though it was not fully satisfying for us, we availed it as it was better than not having loan at all.
The relationship was smooth and now the loan is fully repaid as per schedule on time.
