Buying land in India can be a complex process-especially for NRIs dealing with urgent timelines, incomplete documentation, and unclear communication from banks. Here’s how Lendly stepped in to help Kumar, an NRI, finance a 1150 sq. yard plot near Vijayawada’s Inner Ring Road despite multiple challenges and rejections.
Client Snapshot:
- Client: Kumar (NRI)
- Location: Vijayawada
- Property: 1150 sq. yards vacant land beside Inner Ring Road
- Loan Requirement: Land purchase financing
- Urgency: Client was flying back to the USA within a week
Challenges Faced:
Kumar faced several obstacles that threatened to derail the transaction:
- No Vacant Land Tax Receipt: Missing key document required for verification
- Faded Family Member Certificate: Legal document appeared fabricated and triggered lender concerns
- Urgent GPA Requirement: Client needed to appoint a Power of Attorney before international travel
- No Security Cheques: Initially unavailable for loan processing
- Bank Rejections:
- HDFC and ICICI rejected the file, classifying the plot as commercial due to its proximity to a highway
- Axis Bank initially promised approval, prompting the client to enter a Sale Agreement, but later declined due to “lack of development”
How Lendly Took Charge:
Lendly stepped in with a structured and proactive approach:
- Identified a Willing Lender: Approached PNB Housing Finance Limited (PNBHFL) and arranged a site visit before file login
- Presented Ground Reality: Highlighted active development nearby-apartments, shops, and commercial godowns-to strengthen eligibility
- Resolved Documentation Gaps:
- Used a Surveyor Sketch as an alternative to the missing Vacant Land Tax receipt
- Released a Public Advertisement to address concerns around the Family Certificate
- Activated an existing GPA in the client’s uncle’s name, making him the acting representative
- Instructed Kumar to issue security cheques from his bank branch, with delivery updated to the GPA address
- Negotiated Loan Terms: Secured a 0.75% interest concession, bringing the final ROI down to 9.25%
Outcome: Fast, Favorable Loan Sanction
Lendly secured full financing for Kumar’s land purchase before his scheduled international departure. We avoided a potential CIBIL hit, protected his Sale Agreement, and ensured a smooth disbursement-all within days.
Why Choose Lendly?
This is just one example of how unpredictable the home loan process can be-even for experienced customers. When banks reverse their stance or overlook a detail, it can lead to major setbacks. Lendly provides speed, accuracy, and smart solutions-especially in high-stakes situations.
Get expert help for your land or property loan-contact Lendly today!
