Home loans are an essential factor to home buyers, which increases the chances for them to decide on buying a property. A home loan is a specific amount of funds lent by banks or housing finance firms in return for EMIs. This amount given to home buyers is used for completing the process of buying the property. However, the collateral of the bought property remains with the loan provider until the loan is cleared. The home loan is given after the provider verifies the background of the borrower and the property.
Below are the steps to the process of getting a home loan:
Home Loan application:
The application procedure is when you submit your formal application to the bank along with your personal details for scrutiny and assessment. The personal details like Identity proof, Address Proof, Age proof, Proof of educational/ professional qualifications, Employment details, Bank statements, Proof of income, Pan Card, and Property details finalized it is finalized), Payment of loan processing fees. The bank charges a non-refundable fee for the application.
Scrutiny & verification:
The amount of loan that you are asking for needs to match your capability to repay the loan through your sources of income. Here you interact with the bank officials for them to evaluate your eligibility. They might also visit the addresses provided by you for cross-verification.
Evaluation of repaying capacity:
Once the property and your background are verified, the bank runs errands to know how capable you are of repaying the loan. This is the factor that determines if your loan application will pass or not. There might be conditions from the bank provided to you for agreement before they approve your loan.
Offer letter post-approval:
Once approved the bank will be providing you with an offer letter which has the details like Sanctioned amount, Rate of interest applicable, Fixed, or floating rate of interest, Loan tenure, Mode of repayment, Special scheme (if applicable), Terms and conditions associated with the loan. You must provide a signed copy to the bank as an agreement to proceed ahead.
Property Verification:
There are many residential projects in Dahisar that are in demand now. The bank needs to understand the compatibility between the cost of the property and your capability of repaying it. At this stage, you will need to submit original copies of the title deed, no objection certificate, and other documents for verification.
Once the process of the property verification is done, which could involve the bank scrutinizing the location, developer details, prices, and other important aspects of the property. Think before you choose your developers, as some of the good ones like N Rose Developers in Dahisar have excellent bank affiliations that help you in getting the loans faster.
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