Steps of Home Loan

Step 1: Applying for a Home Loan

  • Place an enquiry: To being with, you can place an enquiry with us on the website or call our expert.
  • Documents required: It’s always helpful if you can keep a few required basic documents handy which will be required for your home loan processing. Checklist o Age & Identity Proof o Residence Address proof o Income Proof i.e. salary slips, form 16, income tax return -2 yrs/ Last 2 years Audited Financials. o Existing Obligation Details with statement of accounts o Last 6 months Bank Statements o Property Documents, if the property is finalized i.e. Allotment letter of agreement of sale & previous property chain link documents if the property is being resold o Own Contributions of 10%/20% Proof.
  • Doorstep service – documents pick up: Executive will make a visit to the place of your convenience, collect the documents and will submit them along with the processing fee.

Step 2: Home Loan Sanction

  • Determining the financial eligibility: The lending bank/ NBFC will use the information provided by you to determine your financial eligibility based on your income, age, existing loans and their repayment track and the same will be subject to positive residence and office verification.
  • Property valuation: Once your financial eligibility is determined, the lender will also assess the property value to arrive at the final eligibility
  • Legal Valuation: The lender would carry out Legal verification to ensure your property is clear from any legal encumbrances

Step 3: Home Loan disbursement

  • Signing the home loan agreement: You are now ready to sign the home loan agreement. All that’s left is for you to submit your original property documents, a few postdated cheques, and the loan agreement.
  • Disbursement: That’s it! Lender will issue a cheque in the favor of seller/builder and your dream home is a reality now. Your EMI commences from the day of disbursement
  • Legal Valuation: The lender would carry out Legal verification to ensure your property is clear from any legal encumbrances
 
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