Customer due diligence involves collecting and evaluating relevant information about the customer/borrower in order to analyze the potential risk of future default for the bank.
Borrowers are asked to fill out an application form containing the information needed to assess the applicant's creditworthiness. The application details are then carefully reviewed by a loan officer.
At the end of the verification process, the bank must be able to determine that the information provided is authentic and true.
WITH THE DUE CAREFULLY CHECKED DETAILS
KYC verification with relevant documents
PAN Number Verification from IT Website
Credit report check by credit reporting agencies
Home visit to confirm residential address
Telephone verification of the person using the office/business telephone number
Inspection and inspection of the mortgage property offered as security
Ownership check of the property offered as security
Valuation of the property by an appraiser appointed by the bank
Advice from the bank’s legal advisor regarding the authenticity of security documents

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