Banked Loans and Blanked Loans
Shazeer(name changed)is an employee with a private limited company. A family man with two children, he had a good track record of credit. He belongs to a middle class family and as would be the dream of anyone, he too had a dream to own a house/flat. After finalizing a flat for purchase, he approached a government bank for a loan of Rs.25 lakhs after planning to chip in his own savings of another Rs.5 lakhs to complete the purchase. After several rounds to the bank and signi ng a thousand times on hundreds of documents along with his wife as co-applicant, the loan was approved. Having purchased the flat and living in that, he ensured that the post dated cheques given to the bank were honoured. This went on for five years. Suddenly one 'fine' day, he lost his job owing to the tough market conditions that his company faced. He was one among the staff that the company laid off. For the next six months he couldn't pay the housing loan EMIs and went to the bank...