Building your dream home should be exciting, not stressful. But unexpected hurdles like loan rejections, misleading promises, and approval delays can quickly dampen your enthusiasm. Here’s how Lendly stepped in and swiftly turned around Vinod’s challenging home construction financing scenario in Vijayawada.
Client Snapshot:
- Client: Vinod
- Location: Vijayawada
- Property Value: ₹1.25 crore (Plot registered via gift deed from his mother)
- Loan Requirement: ₹1.3 crore for construction
- Net Monthly Income: ₹2.5 lakh
Challenges Vinod Faced:
Vinod faced several roadblocks on his journey:
- Plot Valuation Issues: Banks refused to consider the plot value as margin money because Vinod had acquired it via a gift deed rather than direct purchase.
- Pending Approvals: The house plan approval from CRDA was pending, causing further loan complications.
- Previous Rejections: Both HDFC Bank and Bank of Baroda (BOB) rejected his application.
- Misleading Promises: The BOB manager inaccurately promised loan approval upon clearing Vinod’s ₹25 lakh personal loan. Despite repayment, Vinod still faced rejection.
How Lendly Took Charge and Delivered Results:
Lendly quickly intervened with a proactive, solutions-driven approach:
- Approval Facilitation: Identified the critical issue of pending CRDA approval, coordinated directly with Vinod’s architect, and expedited the online approval process.
- Strategic Bank Negotiation: Carefully analyzed the scenario and negotiated successfully with Indian Overseas Bank (IOB).
- Optimized Loan Terms: Secured ₹1.3 crore financing at an attractive interest rate of 8.5%, significantly lower than rates from previously approached banks.
Outcome: Rapid Approval & Superior Terms
Thanks to Lendly’s expertise, Vinod received approval within just 10 days-dramatically quicker than the typical 45-day timeline. With favorable loan terms secured, Vinod could confidently move forward, turning his dream home into reality without financial strain.
Why Choose Lendly?
Navigating home construction financing can be complex and fraught with misleading assurances. Lendly cuts through the noise, providing transparent guidance, precise strategies, and proactive negotiations. Our deep understanding of banking procedures and strong industry relationships ensure our clients achieve timely, favorable results, avoiding costly delays and setbacks.
Facing hurdles in your home financing journey?
Contact Lendly today for clear, swift, and reliable home loan solutions!