According to Mr. Kislay Pandey-Loan Matter Advocate, the Supreme Court of India, "Interest rate in India changes so frequently that it affect the borrowers in all types of loans and processes.

1. Loan Matter Advocate

2.  On television, newspapers, magazines, internet and even on
street billboards we have been enticed by banks and other
financial institutions for easy accessibility of the home loan. The
paradox: it is not as simple as promoted by majority of lenders in
India. With the rapid growth in the realty industry and
flourishing of private banks the demand for home loan increased
to many folds in last one decade and problems encountered by
borrowers increased too with the same pace. According to Mr.
Kislay Pandey-Loan Matter Advocate, the Supreme Court of
India, "Interest rate in India changes so frequently that it affect
the borrowers in all types of loans and processes. Discrepancies
in the interest rate between the existing and new borrowers
often saddens the people. Home loan borrowers quite often
face problems like porting of home loan, difficult clauses and
complex rules by the lenders." These are some of the major
issues which annoy a home loan borrower.

3.  Right from the application submission borrowers face
some problems like rejection of the application even on
minor issues. No doubt, many borrowers failed to
furnish mandatory information, so they should be very
cautious in furnishing the details. Secondly, the wrong
assessment of the worth of property and miscalculation
of annual income often lead to rejection of the
application. According to Mr. Kislay Pandey-Loan
Matter Advocate, the Supreme Court of India," To avoid
all such issues at the initial stage an applicant must
thoroughly read the eligibility requirements of the bank
or other private lenders. After going through the
eligibility criteria of all such institutions an applicant
must only choose a bank that suits to your profile. In
case of any problem pertaining to the clauses or legal
issues, the applicant must immediately consult it with a
qualified loan matter advocate."

4.  In recent times, borrowers sometimes face tough
conditions about amount one need to pay as the
stipulated EMI and meeting the time deadline.
According to Mr. Kislay Pandey -Loan Matter Advocate,
the Supreme Court of India, " Such problems arouses
due to the bank's rigidity in fixing the EMI amount and
its tenure. Here, banks too have some genuine
problems as it is impossible to predict the interest rate
revision." It is very much true that reducing the tenure
rather than EMI amount is a better option for a
borrower, where he/she can save interest costs.
 the issue of the inflexibility on the bank's part to
adjust the EMI amount or tenure in case of an interest
rate revision. The hassle of reworking EMIs as well as
changing ECS mandates may deter banks from
changing the EMI amount. However, from the customer
point of view, it must always be remembered that
reducing the tenure is a better option compared to
reducing the EMI amount in case of a downward
interest revision, to save on interest costs.

5.  On an average a borrower usually pay 0.5% to
0.75% of the loan amount to the bank/lender
in the processing of the application.
Therefore, it is not wise to readily shift the
lender. To avoid porting expenses one should
thoroughly read all the relevant documents of
the lender.