Whenever someone takes a house loan, they enter into a tripartite agreement wherein the other two parties include the bank and the builder. Such an agreement involves a lot of paperwork, frequent transactions etc. and apart from the teething troubles initially, some kind of nagging issues are bound to arise from time to time. For instance, the builder may at times fail to deposit the monthly pre-EMI cheque into your account on time and if you do not have sufficient balance, you may inadvertently become a defaulter and face the hassles that anyone who commits such a mistake has to go through.

So, it will not be wrong to say that no longer such an agreement is signed on the dotted line, than the services of Rymindr should be roped in immediately. Of the three parties involved in such a deal, the buyer should be most insistent on the regular use of Rymindr that will spare them many a hassle until they finally pay their loan off.

When a buyer purchases an under construction property under the subvention scheme, they do the booking by paying a token amount and then get pre-EMI cheques from the builder until they finally get the possession of their flat or house. This is where Rymindr can play a very vital role. When the bank sends a reminder to the buyer to have sufficient balance in their account and prompts them about the amount that is going to be debited, the same reminder will reach the builder also who will then become conscious about depositing the cheque on time. Rymindr has a group chat feature, which the buyer can make optimal use of to have their doubts clarified both from the bank as well as the builder.

The buyer may ask the builder whether the cheque will be deposited on time and if there is any delay, they can then make some other arrangement. Similarly, the buyer may also inquire from the bank about the options they can exercise if the stipulated amount is not debited from their on the stipulated date. While some penalty will have to be paid for sure, at least the line of action will be clear to the buyer.

The usefulness of Rymindr will again come to the fore when the date for the monthly deduction of the pre-EMI amount is adjusted or the pre-EMI amount is increased.

Tripartite agreements do not actually make for smooth sail. Just because a huge amount of loan is disbursed by the bank, the buyer is required to furnish their financial documents more than once that are verified thoroughly. Again, when this happens or when this is about to happen, Rymindr can help streamline things effectively. The bank may inform the buyer about the documents that they will be required to produce well in advance so that the buyer is well-prepared and there is no last minute rush. The builder too may have to get involved in this activity and hence, the use of Rymindr. Whatever doubts the buyer has, it can all be cleared electronically.

The bottom line is that instead of the builder or the bank, it is the buyer who in fact should emphasise more on the use of Rymindr from the outset in a tripartite agreement as they are the ones who will stand to benefit the most from the useful features of this pioneering app.