The process of home loan processing seems to a simple and convenient. But in today’s challenging world, it is better to be alert against scams, risks, threats and dangers involved. The risks can be in the form of offering bribes, involvement of middlemen and quick way of processing your home loan application. Though these shortcuts might appear attractive for you, it may mislead you to unhealthy situations. You must always act in a justified and ethical manner during the home loan application process.
Principles, ethics and morals – Implementation during home loan processing
You must have studied morals and standard principles during school and college days. Well, it is now to take the test. You have a bad credit score and the bank had flatly refused your loan application. You approach the bank telling that you are willing to offer ‘certain’ amount to process the application. You are wrong! Absolutely wrong! This may lead you to severe punishment. Due to modern security systems, banks are following systematic security methods. Now, imagine a reverse situation. A bank executive may offer to help you and ask for ‘certain’ amount as reward. Yes. All bank executives cannot be the same.
Say ‘no’ to bribes
It is your duty not to offer bribes for approving your loan application. At the same time, if you notice a strange kind of behavior, you have the right to report it to the bank officials immediately.
Say ‘no’ to middlemen
There are middlemen or agents in the banking sector who will claim to process your home loan application quickly. You can sit at your office and work without any worries. Your so-called middleman will approach the bank executive and get it processed as quickly as possible. Probably, you have a bad credit score and the bank authorities are not willing to process your application. Your middleman has better contacts with the bank executives. In return of these services, you are required to pay fees for the middleman services and you are absolutely ready for it. Beware! Your middleman can even bribe the bank executive and may take higher loan amount in your name. You will know about this while you start making repayments. Remember, if he is caught by any chance, then it is you who will be at considerable loss. This is because it is your loan application that is getting processed. Hence, it is advisable to check the reliability and trustworthiness of middlemen.
Say ‘no’ to quick shortcuts
‘There are no shortcuts to success.’ We can change this saying in this references as, ‘There are no shortcuts to home loan processing.’ Many persons, agencies or middlemen will claim to process your home loan application with ease, or getting it done within 24 hours.
Even any bank executive may offer to help you saying that he has good contacts with the manager. You will feel that instead of waiting for the bank’s response, it is better to try a shortcut. But even trying for the same can be risky. You may have to bear many consequences such as litigation, severe punishment, and you won’t be granted a home loan in future.
It is advisable not to take help from middlemen or opt for quick way of obtaining home loan. Simultaneously, you must also not offer bribe or give one when demanded.
