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Steps to Get Home Loan Easily in India
Submit an application form to the bank and follow few steps to get your Home Loan easily. After reviewing the application form and other required Documents the bank disburse the loan amount to the applicant's bank account.
· Home Loan Application Form
· Legal Documentation
· Personal Discussion with Bank
· Assessment by Bank for Loan Approval
· Technical Evaluations of Property
· Applicant Registration
· Loan Disbursement
Now let's get into details of above mentioned steps one by one.
1. Home Loan Application Form:
First of all, get an Application Form from the Bank where you expect that your home loan application have chances to get approved. You can also download it online from official website of such Bank. One of the easiest ways to apply home loan is to place an inquiry on banks website and one of bank representatives would get in touch with you and also helps you to accomplish the loan process. Fill the loan application form and submit it along with bank's processing fee.
At the time of Application form submission banks asks for required documents. Now a day's most of banks provide doorstep services to collect the applicant's documents; so there is no need to waste your time to visit the Bank's branch. The required documents are:
Ø Proof of Income
Ø Proof of address
Ø Age proof
Ø Employment Details
Read the Journey of Mr. Aman Sharma, an IT Engineer from Delhi who recently got married and had lots of doubts in his mind. He contacted Banknomics, applied and got home loans in Delhi with Banknomics (http://www.banknomics.com/
Personal Discussion with Bank:
After submitting your legal documents and completing Application process the applicant must have to wait till the bank verify his document and application form. This meeting Re-assure banks about your repayment capacity and it also help banks to get more information about the borrower or Applicant which may not mentioned in the application form. Most of banks arrange meeting with their applicants after receiving their application form or before Loan amount sanction.
Assessment by Bank for Loan Approval:
After Completing all above mentioned process the bank representative will visit to borrower's office and residence to verify all the details.
In the Home loan assessment process the banks will set your loan capacity and evaluate Applicants Loan Application. In this process banks checks these details:-
1. Applicants Monthly Income
2. Job stability and also Nature of Job
3. Applicants Age
4. Applicants Present Liability or debts
5. Number of Dependents on Borrower
6. Repayment Ability
Offers/Home loan Sanction letter:
After loan assessment; Bank sanction loan amount to the applicant. Once the loan amount sanctioned the banks will send an offer letter to the borrower with the complete details regarding sanctioned Home Loan (http://www.banknomics.com/
After this if the applicant agrees with all the details then he can provide an acceptance letter with his signature to the bank.
Technical Evaluations of Property:
Along with document and Legal check Banks also verify with the technical evaluation of applicant's property. In this, bank will perform technical evaluation of under construction projects. Along with locality Evaluation they check the quality and progress of under construction work.
The Applicant Registration starts with all the technical and manual Document evaluation. The banks have a group of lawyers to handle all these terms; they prepared legal loan documents on stamp papers. The loan document must be signed by the loan applicant and submitted back to the bank along with PDCs (Post dated Cheques).
After registration and loan agreement, the applicant may confirm the Property Registration date with the Property seller. Along with confirmation of property registration the applicant may write a disbursement or Demand letter to the bank. After all these process the bank disburses the loan amount to the borrower's bank account as per the agreed Loan Terms.
You would also like to learn about 7 tips to know before applying for Home Loan in India, Read it here: http://www.banknomics.com/