Thursday, 4 October 2018

Process of availing a home loan

Process of availing a home loan is very easy. You can do it from home. Most private banks provide you door step service.

You need to first decide which bank you want to apply for. You can do a research through internet or call up the call centres of banks or inquire online on their websites. Also you can take advice from any of your friends, relatives or colleagues about their opinion on where you should be applying for the home loan.

Once you have decided where to apply, you can get in touch with that bank for application of home loan. 

You need to submit all the necessary documents (required as per lending policiy of the bank) alongwith the application form to the bank. They will conduct verifications of your current residence and office. They will also do other internal checks like generating your cibil report, verifying whether documents provided by you are genuine or not etc. Post this, they will have a personal discussion/interview with you. 

After doing the personal discussion, if they are ready to sanction your loan, they will issue a sanction letter to you

Post this you need to submit all the required property documents to the bank. They will check whether your property has a clear & marketable title and will also do valuation of the property.

After valuation and title check, you need to sign loan agreement & other disbursement documents and then take the cheque of disbursement.

This is broadly how you can get a home loan. This process flow may differ slightly based on bank where you apply

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