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Selling tons of paperwork from banks, home loan applicant pre-closes the loan in second month

11, May 2015 By RT

Mumbai. Mr. Iborrow Khan, a resident of Navi Mumbai, today created some kind of a banking record, when he pre-closed a home loan, paying off the entire disbursement in the second month itself.

When Faking News caught up with him to talk about this new Limca record, the man was very much humble and very much busy, seeing off a few hundred trucks, loaded with documents. “Those are the documents I have received from banks over the past three months,” Mr.Khan told Faking News.

Khan shared this pic to give us an idea of paperwork
Khan shared this pic to give us an idea of paperwork

“The documents started pouring in, the moment I had registered in online loan bazaars. Also, the phone calls. Initially I thought it was perfectly normal and banks are just trying to get the business and are very competitive about it. I became more alert when my backyard was completely full with the documents. Subsequently, I have devised this scheme to receive as much paper from banks and sell them to make a small profit from this home loan exercise,” Mr.Khan elaborated on his scheme.

“I had answered every phone call and encouraged every sales guy to visit me with all the necessary documents. I even hinted that I might need a motorbike loan as well as a personal loan also, for the kicks. The amounts of paperwork brought by these personnel were humongous that it needed a couple of my neighbors’ backyards and the vacant & unused neighborhood school ground, to stock up.

Then I called the wholesale waste paper suppliers and negotiated a deal to sell off the documents. Little did I know then, that the quotes would almost touch the entire loan amount that I had sought from these banks. Apparently, with the kind of stuff written and sold in mainstream media by writers of varied fame, people are willing to pay more for waster paper than readable manuscripts in India.

Anyway, the irony was that the bank which promised paperless loan brought me the maximum number of documents and the wholesaler who bought the truckloads from me is buying a home himself, reselling the tons of, should I dare say, waste paper!”, Mr. Iborrow Khan concluded to the Faking News consultant who reluctantly asked on the web links for the online loan bazaars, before leaving.