This is Prasad's story. And what a story it is!
Prasad had taken a home loan of Rs. 10Lc from IndiaBulls Housing Finance Limited. Immediately by the end of the FY, he had repaid Rs. 3Lc from the total loan. For this loan, Prasad was being charged a high interest rate of 12.78%. Everything was fine and Prasad was making regular repayments until unexpectedly, a member of his immediate family had to undergo a serious and expensive surgery, costing Rs. 10.5Lc. Prasad tried to gather the money by applying for a top up loan of Rs. 8Lc. However, he was denied the same and was informed that he can only be given a top up of Rs. 5Lc even though he was eligible for the entire top up request. Prasad gathered the entire amount required for the surgery by borrowing some money from a relative and charged the rest on to his credit card.
He approached an HFC lender for a loan transfer and top-up loan. For this process, Prasad would have to pay processing fees. To his relief, the HFC agreed to pay off all his debts and sanction a total loan of Rs. 25Lc.
Before we tell you what happened next, let us explain why Prasad's case is special. After he bought his home, Prasad partitioned it off into two parts. He registered the two parts in different names, effectively making it two separate houses. For the disbursement of the loan, the HFC asked Prasad to submit the property documents of his second home in addition to his own home's property documents. Since Prasad had already handed over his own property documents, he did not want to mortgage the other house as well. He refused to give the documents, and at the last stage, they cancelled his loan!
Pushed by the fact that the interest on the credit card payment was climbing, Prasad decided to transfer his existing loan to yet another lender. This was a dire situation for Prasad as his credit card interest was steadily increasing and he had also paid a sizeable sum to the HFC and the agent as processing fees. To make matters worse, his already low CIBIL score took a bad hit due to his loan being cancelled and he was unable to pay the credit card dues, because of the sizeable amount paid in the form of processing fees. He was in a more troubling position than he had been before.
It was in this stressful situation that Prasad approached SwitchMe for help. Our Home Loan Advisors jumped into action and started studying all his available options. They spoke with multiple lenders and then zeroed in on LIC Housing Finance Corporation for transferring his loan. While no one was willing to even consider his loan transfer application, LIC paid off his 12Lc loan with IndiaBulls, Rs. 1.5Lc fee to the HFC referred to earlier, Rs. 3.90Lc credit card debt and Rs. 5Lc that he had borrowed from his relative, a sum of nearly Rs. 25Lc!
All's well and that ends well right? There's more!
LIC HFL reduced Prasad's interest rate on the original loan from 12.78% to 9.60% and charged him only 11.78% on his top-up loan.
An elated Prasad says, 'You guys came and literally saved me!'
Prasad hadn't expected this in his wildest dreams and SwitchMe's Home Loan Advisors went the extra mile to make it happen. They took it upon themselves to solve his problems urgently and his loan switching procedure was completed in just one month. The swift and decisive action taken by SwitchMe helped Prasad secure his future and took a huge burden off his shoulders.