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Dr Satishchandra Ganesh
in Banking Law
Asked March 31, 2021

Bank loan approval

  • 0 Answers

My son is working in an IT company and applied for a composite loan, ( site with construction) in Bank of Baroda, Bangalore branch. It's been more than 45 days, legal report, valuation report from the bank authorised cell given approval, and all his employment credentials are ok. Now regional office sent a query saying that, there was a 5 months gap in my employment during COVID19 Aand pandemic period I. e. from May'2020 to Aug'2020, they say this 5-month gap is a major deviation and they can't consider for the loan.. For more than 3 years my son is working in IT company having all eligibility except 5 months working gap in COVID AND PANDEMIC period after 5 months gap again he got a good job in IT company and is a permanent employee. Is this 5 months gap during covid and lockdown period employment is a reason for not considering home loans? After raising objections, they have kept the file in pending and not processing... One more query raised by the bank is, the seller of the property had lost some of the original documents of the property, regarding this, he had lodged a police complaint and given a paper notification through his advocate, for loss of document. To lodge a police complaint seller had sent his friend and the complaint was lodged in the name of the seller by mentioning his name, Bank has sent a query saying that, the signature mentioned in the police complaint not matching with signature on the sale agreement. For this we had given a clarification saying that, police complaint can be given by any of the representatives by mentioning the party name, and that can not matched with signature on the title deed. Due to the above reasons, my son's loan application is held up... Guide us further on what step we can take. If the loan is not going to happen, the seller will cancel the agreement, the advance amount which we had given will not come back. Guide us on how do we proceed further.

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