Get Home Loan In India | Procedure To Get Home Loan In India
Nowadays many people are taking home loan in India. As well as there are several methods to get the loan. Hence, people must know about how to Get Home Loan In India. Now getting home loan is very easy for an individual person. However, online system have made it very easy and trouble free. By filling the application form and providing all the required necessary documents one can easily get the home loan. However, the procedure of getting loan is quite long. It takes time and is very stressful. A person needs to calm while dealing in the process of getting home loan. So that he can make a fair deal.
Get Home Loan In India:
The procedure to get the home loan is very simple. However, in India it varies from bank to bank. Moreover, there are almost 9 steps you are required to follow in order to get the home loan in India.
Fill The Loan Application Form & Attach The Documents:
The procedure beings with the filling application form. Such as:
- Personal details of the applicant (Name, Phone number, etc.)
- Residential address of the applicant
- Monthly or yearly income of the applicant
- Educational information of the applicant
- Employment details of the applicant
- The estimated cost of the property
- Present means of financing the home property
Required Documents For Home Loan Procedure:
- Income proof
- Identity (or ID) proof
- Age proof
- Address proof
- Employment details
- Educational proof (school/diploma/degree certificates)
- Bank statements
Pay The Processing Fee:
However, one the application process and submission process is done. The applicants are required to pay the processing fee to the bank. Moreover, this amount is collected for maintaining applicant loan account.
This this some confidential paper work (like IT certificates, post-dated cheque, etc.) are required to send. The processing fee of the bank is usually ranges from 0.25% to 0.50% of the requested loan amount. Most of the banks will take processing fee. there are various banks who offer 0 processing free home loan.
Discussion With The Bank:
However, after the completion of the application and documentation process. You must wait until the banks check the papers. It takes 1-2 days or less if it is submitted properly. However, sometimes you need to visit to the banks before the loan is sanctioned. This is done to collect more detail about the applicants.
Valuation Of The Documents:
There are millions of people who apply for the home loans. However, to ensure that bank has approved the papers the applicant has to be genuine in the entire procedure. Any fake document is unacceptable by the bank. However, after submission of the documents bank authority evaluates them. Moreover, a bank examines the following details of an applicant:
- Residential address (previous and current)
- Credentials of the employer
- Workplace contact number
- Residence contact number
The Sanction/Approval Process:
If there are not all the requirement documents this can be rejected. Moreover, if everything goes well loan can be sanctioned. Bank check deeply applicants following documents:
- The qualification, age, and experience details.
- The transactions made with the applicant’s bank.
- The monthly and yearly income.
- The current employer and the type of job he/she pursues.
- The nature of the business (applicable only for a self-employed).
- The ability to repay the loan amount with the set interest rate.
Processing The Offer Letter:
However, after the loan sanctioned or approval of the loan. The bank then sends a certified offer letter, which mentions the following details:
- The sanctioned loan amount.
- The interest rate on the total loan amount.
- Whether the interest rate is variable or fixed.
- The loan’s tenure details.
- The mode of loan repayments.
- Terms, policies, and conditions of the home loan.
The Acceptance Copy:
As the applicant agrees to the offer letter. It is essential for him to sign a duplicate copy of the offer letter.
Processing A Technical Check & The Site Estimation:
However, banks are cautious with the loan they lend. However, the bank the send papers to the expert for technical check. So that they can go ahead in the process of the lending loan.
The Final Loan Deal, Signing The Agreement, & Disbursal:
Loan Disbursal and signing of the agreement is done in this stage. Hence, the bank also tells applicants about the interest rate and payment system.
Hence, these are the few steps you need to follow in order to get the home loan process done. Through this you can get the loan. As well as you can purchase the house you wish to get. Hence, a person is required to go through these steps.