How Can Get Home Loan In India | Procedure To get Home Loan In India
A few decades ago the home loan procedure was very time consuming. But due to the online system it is become trouble free and convenient to get the home loan. The process to get the home loan is very simple. You just need to submit all the required documents properly. Though this varies from one bank to the other (in India), the overall procedure is the same. To help you further, here is a detailed step-by-step guide on how it is done. So That you can easily understand How Can Get Home Loan In India?
How Can Get Home Loan In India?
Applying for Home Loan:
However, the procedure of the home loan begins with the formal application. For this you are required to provide all the essential details to the bank. The loan will be provided to you on the basis of your repayment eligibility. However, most of the banks will ask you for the following documents:
- Identify proof.
- Age proof.
- Address proof.
- Proof of education.
- Employment details.
- Bank statement.
- proof of income.
- pan card.
- Property details.
Payment of Loan Processing Fees:
Your bank will charge from you non refundable loan processing fees. The bank will evaluate your details and consider for what amount you are eligible for. Most of the bank charge the loan amount between 0.50% and 1.0% as the processing fees. However, the banks usually take this amount to maintain the home loan process.
After submitting your application and the processing fees. The bank will evaluate your case and decide for which amount you are eligible for. however, you are required to go to the bank ad meet the agent personally. So that they can evaluate your repayment capacity.
post the personal information. however, the bank will proceed to verify all the facts which you have provided in your loan application. The bank may visit to your workplace as well as residence to verify the information which you have provided in your loan application.
Evaluation of the repayment capacity:
However, the verification of the borrower repayment capacity is the most crucial task. The bank may deny the request of your home loan. Depending on your ability to repay the loan. Along with the interest on the time. hence, for this it is also essential for you to have the good credit score. So that the bank can lend you the funds easily and you can get your dream house. So it is essential for you to have a good credit score as well as you repayment capacity should be good.
However, in a case bank issues the conditional sanction. Then it is essential that all the conditions must be fulfilled before the loan is disbursed.
Home Loan Offer Letter:
In this stage the bank proceed further to draft you along with the following information:
- Sanction amount.
- rate of interest applicable.
- Fixed or floating rate of interest.
- Loan tenure.
- mode of repayment.
- Special schemes.
- terms and conditions associated with the loans.
hence, these are the few steps through which you are required to go through in order to get the home loan.