Desire of getting our own land own home is never ending. Today most of the persons are involved in the process of getting home loan. However, it’s not a complicated process nor it is that troublesome as it is perceived. We all must have heard about a famous proverb which says that “well begun half done”.
The same proverb goes for the home loan process, well the process of getting home loan s not a difficult task to perform. But still various people want to know about How To Get Home Loan Easy. Moreover, most of the potential borrowers stuck on the initiate of the home loan process. Hence, to get the loan easily you need to concern about the few points.
How To Get Home Loan Easy?
In order to get the loan for your desired home, you are just required to follow these steps which are given below. The points are as follows:
First of all you are required to visit to the official website of the respected bank from which you are going to take the home loan. This must be done before you move ahead to get the home loan. You must be informed what are the essential you are required in order to get the loan. After finalizing the property you need to arrange the documents as per the list of the property documents which is required by the bank. Moreover, in this case process of home loan will be fast.
Apply for Home Loan:
After the completion of the first step you are required to make a visit to the bank as they will assist you in order to get the process done. Well the most simplest way for you to get the process done will be when you will place the inquiry on the official website of the bank. So they may stay in touch with you. After this fill the loan application form and submit documents along with fees.
Home Loan assessment by Bank:
However, the next step is the home loan assessment. In this bank will evaluate your application and fix your Loan Eligibility. Factors banks consider are:
- Income and age.
- Nature of the job and stability.
- Existing liabilities.
- Number of dependents.
- Repayment capacity.
Property Valuation and Legal Verification:
In this bank will conduct a legal verification of the property. Moreover, the lawyer will issue the title certificate or legal verification report. A borrower may request for the copy of this report by paying nominal fees. However, the bank will appoint Valuer who will fix the Fair Market value of the property. In case the property you have finalized is already approved by Bank, they may not carry the legal and technical verification again.
Home Loan Sanction:
Once you have completed the verification process the bank will sanction the home loan against the property. However, the sanction will be issued to the borrower. Thus, the borrower will be ready in order to sign the home loan agreement. Under this agreement there will be few terms as well as conditions about the related home loan process. However, borrower is supposed to submit the original documents.
After signing the loan agreement the respective borrower can easily finalize the date of the property of Registration in coordination with Seller. Simultaneously borrower may give written request to Bank for Disbursement or Demand Letter.
these were the few simple process through which you can easily get the home loan.
Important Points To Be Consider:
- You may avail the service of the bank and they will help you in entire process.
- Original documents of the property will remain with the bank during loan process.
- If property value is less than 20 Lakh then you may avail maximum loan equivalent to 90% of Property value.
- A CIBIL score of 750 does not guarantee assured Home Loan approval.
- Home Loan Process completes between 10-14 days.