How We Can Apply for Home Loans in India

Home Loans

Building his own home is a dream for most Indians. This is one of the most highly valuable dreams for every person. In real estate prices fluctuation mean rising and falling constantly with changing in the rates interest and banking policies, home buyers or purchaser need to be especially very careful while financing or getting finance for his homes.

Home Loans are become a much mandatory function in current life for engaging in a transaction that involves as more money for building, buying or purchasing your own home. Here’s denoted how the process for applying and disbursal of home loans work in current scenario:

Home Loan Process:

Applying for a home loan:

In current time scenario by providing a fully filled formal application form for a home loan along with few details like your personal information and on the basis of that information the bank will judge your eligibility for the loan that has been applied for. Click here to Understand or checking Home Loan Eligibility. And after that bank will also require a whole set of documents which are mentioned below including:

 Documents:

• ID Proof
• Address Proof
• Age Proof (Birth Certificate or Matriculation Mark sheet)
• Proof of educational/professional qualifications
• Employment Details
• Bank statements this may be for 1 year or 6 month.
• Proof of Income (Salary Slip)
• Pan Card
• Property Details
• Processing Fee (For approving and disbursing your home loan banks charge a processing fee).
• Applicant scrutiny and verification:

This process involves the bank for analysing the applicant’s eligibility to repay the amount that is going to be borrowed. All This process based on the amount the applicant or borrower would like to borrow, as well as the value or worth of assets that is in possession with the applicant information. His regularity in the payment of previous loans that they were taken in his previous or past time will also reflects on their eligibility this may be applicant CIBIL score.

After evaluation and cross checking the bank will decide on applicant’s required principle amount that the bank can grant as a home loan.

Sanctioning Home Loan offer letter:

If the bank is satisfied on all essentials regarding who you/applicants are and your/applicants ability to make payments, they will proceed to draft an offer letter for home loan. It will contain details of the home loan, like:

• Sanctioned Principle Amount of Home Loan
• Interest Rate to Be Charged
• Fixed or Floating Interest Rate Charged
• Loan Tenure or Time
• Method of Repayment of Loan Amount
• Terms and Conditions which will be applied on Home Loan
• Special Schemes
• A signed acceptance copy of above given things is then provided to the bank if the applicant finds offers acceptable.

Property verification:

Before disbursal of the loan, the bank will ask the legal documents pertaining to the asset in consideration to be turned over for inspection.

Disbursal of Home Loan:

If all of the above denoted processes have been cleared or successfully completed, then the Home Loan will finally be disbursed.

Every new or established business treats with customer as a king for their business. Hence, Despite of the long traditional Home Loan processes that are usually involved in getting applicants own housing loans sanctioned, Banks today makes great lengths to make sure that there is as little or unnoticeable hassle for the customer as possible.

With the dawn of the internet era for applying to home loan with process and getting it disbursed and whole disbursal processes are now being hosted online as well as through internet. This adds a convenience factor to this process of getting home loan, which is previously considered long, harrowing and very difficult, and plagued by constantly hard and painful steps.

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