Can you please let me know your concern

And these posts will keep coming

Thanks for the suggestion. As I am new to this place, I have no source from whom I can borrow any amount.

Under such circumstances, how can I clear Bank’s ‘debt.

In other countries, they safegurad the interest of Senior Citizen. Not only that, but they get RML against bad credit. In my case, I requested the concern bank to pass my RML and from that they can clear my Loan with said ICICI and HDFC Bank.

If bank doesnot agree, then what is the sense of RML. RML is to help Senior Citizen, who have no source of income.

I hope somebody should take up this matter with concern authority and should make changes for the cases facing difficulties like me.

I request you to guide me under such circumstances.

Best Regards,

Bharat Shah

First of all, I am very sorry for the delay in the reply. Actually, I was making a move in the last 2-3 weeks so did not have enough time to take up your issue.
But I hope that this helps you now.

After reading the information that you provided, I infer that the total outstanding for your 3 outstanding loans is 1 lac with ICICI and HDFC Banks. And now, you require Rs. 10 lacs as a loan under the RML scheme as a senior citizen. (Please correct me if I have assumed anything incorectly)

What I would comment in this case is that, nowadays, all the banks, Private or PSUs, they follow the credit history record for an individual as maintained by CIBIL. Till you clear the amount that is overdue in your name the banks will not entertain you for not only RML but any loan application.

What I want to advice you is that you should borrow money from any of your friends for a period of some 15 days (or max one month). If he is not a close friend you can even offer him some good interest for one month. What will happen with this is that when you pay this money (1 lac) with the banks, they will give you a Closing Receipt which will mention that you have made the outstanding payment. You will get an NOC for the same at your address by post within 2 weeks time.

Also, if you donot want to wait that long, you can use the receipts that you get from the bank and re-submit the RML app with the bank. I am sure that the bank will approve your application this time. And when your loan for 10 lacs gets approved against your property value of 70 lacs, return the 1 lac that you took from your friend plus the interest. You will be left with 9 lac rupees which you can smartly use for the renovation of your flat and good treatment of your wife.

Also, I would suggest to make some investments out of that money which can give you some good returns. Please feel free to get back to me in case you have any queries regarding what I eexplained above.

Thanks,
Amandeep

I submit application returned letter received by Jagnath Plot Branch, Rajkot from Sanction Authority RACTC Cell as under:
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The Branch Manager, Dare:18.01.2010
SBI, Jagnath Plot Branch,
Rajkot.

Dear Sir,

Re: Housing Loan.

Shri Bharatkumar Jamnadas Shah.

We refer to your Housing Loan proposal of Shri Bharatkumar Jamnadas Shah and the same is returned herewith following observation.

1. As per CIBIL Report the applicant is having loan from various Financial Agencies of which 3 loans are in overdue position and one loan is written off status. These loans are not shown by the applicant in application as well as in Opinion Report. Looking to the CIBIL Report his track record is not satisfactory which is not at all acceptable..

Assistant General Manager
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Sir, as per above letter they returned my file back to my Jagnath Plot Branch and in turn they returned my paper back to me.

Under such circumstances, I hereby have my suggestion as under:

I request RACTC Cell to sanction my required loan and out of which, they reimburse my 3 overdue loan and pay me the balance sanction amount to me.

2. Under such circumstances, can i get the balance loan or not?

This loan is very much essential as I have to carry out Renovation of said flat, which is in bad shape, due to damages occured during 2001 Earthquake and secondly my wife is suffering from Heart problem.

I am low salary paid Rs.8000 Senior Citizen and government has established this RM L to help citizen like us. I was not able to pay overdue loan, because I had a business loss and due to my age I have no alternative but to get the loan or sell my house, which will not get fare value due to deterioration of the house.

Your intervention in this matter will be highly appreciated.

Applicant: Bharatkumar Jamnadas Shah

Following mail for ready reference sent to you on 02.02.2010

I SUBMITTED MY RML application to SBI , they refused RML Loan due to CIBIL bad Credit record. I have overdue loan of Rs.100000 with ICICI Bank/HDFC Bank.

My property market value is Rs.70Lacs.

Can you guide me, still under such circumstances, can I get RML Loan of Rs.10 lac?

Your guidance is very much necessary. Do the needful to help me.

Bharat Shah
M9374100811