Hai Guys
When I returned from abroad I make plan to build a house obviously. Everyone always, especially middle class families is struggling to build a home. Every one knows about that issue. In first I don’t have any plan to borrow personally or by loan. I tried to accumulate from my investment. After that I got permission from legal authorities to start the work but when I talk with my engineer he told me about the budget of my plan. It will take approximate amount of rupees 15 Lakh when it completed. Also engineer suggested me to finish the project in one schedule. It will help me to reduce the expenditure. When we calculated the fund It is not sufficient for the project. So we have no any other way except a loan. So we compelled to borrow from out side. So we started to plan from where will we borrow.
The next we inquired about all the sources we can borrow. Finally we decided to borrow from LIC Housing Finance. When we go to them to borrow we have no idea about LICHFL, at that time just we need some additional fund So we don’t care about other hidden things behind this LIC Housing Finance.
We faced so many problems related to surrendering documents and other formalities. When we signing the agreement no one read the agreement booklet, just we signed in different pages of that agreement booklet. We don’t have time to read agreement competitions, I like to say now one major point that is If we read that agreement conditions no one will interested to borrow from LIC Housing Finance. When we approached LIC Housing Finance authority they are too friendly and kind because it is their job and business.
Finally they allotted my housing loan and I finished my project and we started to live in that house. The main problem is started, When I started to refund the loan amount by monthly.They are demanding to refund the money the bank they suggested other banks are not allowed. Without any fault continuously refund the monthly EMI in their own bank. After One year just I called to their branch office to know about the balance amount to refund. When they told about the refund amount really I shocked, because they told me the same amount I borrowed is the balance to refund. It means the amount I refunded since last year it is just a portion gone as their Interest amount. So I realized that In my life I can’t refund the all amount I borrowed. So I started to think about interest rate and other things. Interest rate is not high but If the monthly EMI is very small we are not able to refund the whole amount in our life time. I have only two way solve this problem
Refund the whole amount at time.
Increase the monthly EMI
Second one is not affordable to me So I choose the first one.
When we approach to clarify our doubts the attitude of staffs are very bad. Their behavior is that they are not responsible for any thing. It will leads us to unsatisfied moods.
After two year I borrowed from my family members and refund the whole amount at a time and reimbursed my all documents on time. If any plan to take loan never approach LIC Housing Finance.
Best regards
Jamal