How to Apply for Home Loan in India | Rokdabazaar : Each one folks dreams of becoming a home owner, sooner or later in life. We hope to fulfil this important life milestone by a particular age. But with escalating property rates, the sole way during which one can become a home-owner is by taking over a home loan. As such, it’s vital to know this loan works. Here’s the home loan procedure.
The way to Apply for Home Loan in India
Step 1 – Fill the appliance form you would like to supply a proper application for the home loan. You’ll do that by visiting the web site of the lender and getting to the loans section. Here, you want to select the home loan section and fill the application form. The application form may be a slightly long but general form during which you would like to enter your basic details – name, address, contact number, educational qualification, employment status, income earned then on. You want to also mention the small print of the property you plan to purchase; its location and market price along side the loan amount required and deposit you’ll provide.
Step 2 – Gather and submit the required documents subsequent step within the home loan procedure is gathering all the documents mentioned within the application form and submitting an equivalent. This is often a really crucial step. Make sure you don’t miss any document since it may result in your loan getting rejected. While you’ve got to supply some mandatory documents like your PAN and Aadhaar Card alongside another ID, age and address proof document, you want to also provide your employment details and income proof documents, depending upon whether you’re a salaried or self-employed individual. You want to also submit filed IT returns of the last 3 years alongside your educational qualification documents.
Step 3 – Pay your loan processing fee After filling the appliance form and submitting the documents, you want to pay your loan processing fees. The lender may levy a hard and fast loan processing fee or a percentage of the principal loan amount. Most lenders generally levy a loan processing fee of 0.25% to 1%, which may be a non-refundable amount. Lenders levy this fee to take care of the loan account and also to conduct the mandatory background verification before your loan is approved.
Step 4 – Applicant scrutiny and verification, this step within the home loan procedure is conducted by your lender. Your application is evaluated and therefore the lender takes a call about sanctioning your loan. This decision is taken after considering several important factors including your net (take-home) monthly income, your credit scores, your profession, your employment status, your credit repayment capacity then on. You’ll be asked to seem for a private interview and therefore the lender may even visit your office or home to verify the knowledge provided by you in your application form. Once the verification is completed you’ll be told about the loan amount you’re eligible for.
Step 5 –The offer letter is drafted by the lender Once the lender is convinced that you simply are going to be ready to repay the loan during a timely manner; the bank drafts the offer letter. The offer letter is additionally referred to as the loan sanction letter during which you’ll find information regarding your eligibility – the utmost amount you’re eligible for, the home loan interest rates and tenure. You’ll also find the terms and conditions of the lender during this letter. If you discover them acceptable, you’ll sign the approval letter and submit it to your lender.
Step 6 – The lender verifies the property you would like to get The procedure for home equity credit continues because the lender verifies the property you would like to get. The lender must ask the builder regarding the development of the project, if there are any delays, the possession time (in case of under-construction properties) then on. A representative of the bank or HFC will physically visit the location of the property to make sure there are not any pending litigations or legal issues with regards to the property you would like to get.
Step 7 – The loan amount is disbursed this is often the ultimate step within the home loan procedure. The lender starts the method of registering the loan, but you’ve got to organize the legal documents in accordance with the format provided by the lender’s lawyer. Because the borrower, you’ve got to pay the stamp tax charges and submit post-dated cheques. The lender will now disburse the loan amount within the builder’s account – partially or completely as per the loan terms.
Rokdabazaar Home Loan can help you realise your dreams of having that perfect wedding to visiting your dream holiday destination. The loan can also help in meeting unexpected expenses and medical emergencies too. Here are some key features. Apply for Home Loan in India