4. Residential Address in Defaulters List

It so happens sometimes that the house in which you reside was earlier occupied by a loan defaulter. This makes it particularly tricky for you to seek a home loan. Make it a priority to let the bank know about this fact. It is better to provide the bank with all information than repent later. Make sure that you make the bank understand that you are in no way related to the defaulter. Make sure that the bank is fully convinced with your reasoning. If the bank has even the slightest of doubt, it will reject your home loan application. If the defaulter is any way related to you, then the matter gets more complicated. Seek professional help in such a scenario. It is better to pay a bit extra than foregoing your dream home.