Home loan, most of the people look for various bank to bank in order to get a desired home loan. Thus, it is very important for you to search the best bank in order to get the home loan. For this it is also essential for an individual person o learn about all the interest rates which are being provided by the banks. Moreover, if you want to get home loan from the Syndicate bank. You need to learn about all the steps as well as procedure. Also you need to be very careful while dealing with all these procedures. There are few basic steps which is being followed by the each and every bank. Thus, to get the Home Loan In Syndicate Bank you need to learn about its procedure.
Home Loan In Syndicate Bank:
Collecting the Property related Documents:
First of all you are required to collect all the documents related to the property and for that you need to visit to the builder. The builder may suggest you for the legal opinion as well and also share agreement and sanctioned plan with the builder.
In any case your loan process is getting complete through the syndicate bank you will be required to ask the advocate for suggestions. First he will verify your documents. In order to ask for his opinion you need to provide him the Sales Agreement & Construction Agreement.
After the completion of the legal valuation you are required to go to a property valuator who is in the Syndicate bank. He will valuates the property and provide you a letter.
Under the Syndicate bank they will ask you to get the Sales agreement and Construction agreement to be e-stamped. However, E-stamping is a new technology. This can can be easily performed as well as it can be done at post offices, Syndicate banks, Selected registrar offices, etc.
Submitting the Application:
Once you have received the valuator statement as well as the legal opinion you are required to go to the bank with the filled application form and with all the required essential documents. Also attach the legal opinion and the Valuator
Hence, now it is the tie of the waiting period. However, this mat vary from person to person. Moreover, it is called to ensure the process is going forward. As well as also be sure to inspect the property because until they inspect, you can’t reach the disbursal stage.
After the loan is sanctioned you will receive a call from the bank. Hence, you are required to carry all the essential documents along with you. Thus, carry all the original documents which you have to submit.
Once the loan is sanctioned you will get the following documents.
- NOC from the builder stating he hasn’t mortgaged this property to any other bank.
- Tripartite agreement.
- Demand Note from the builder.
Thus, now it is the time of the final payment and the registration to the builder. However, you are required a DD for registration Stamp duty in the name of Sub-registrar and a DD for Mortgage Stamp duty in the name of Sub-registrar. Moreover, the bank will mail after the registration. After you have submitted all the essential documents to the Syndicate bank.
Hence, these are the few steps you are required to go through in order to get the loan from the bank.