Everyone has a dream to make his own house. Applying Home loan is the first step in a journey of the Dreamhouse .
Step-by-Step Guide to Home Loan Application Process :
The steps to complete the home loan process are as follows:
Fill The Loan Application Form & Attach The Documents
- Pay The Processing Fee
- Discussion With The Bank
- Valuation Of The Documents
- The Sanction/Approval Process
- Processing The Offer Letter
- Processing The Property Papers Followed By A Legal Check
- Processing A Technical Check & The Site Estimation
- The Final Loan Deal
- Signing The Agreement
- The Loan Disbursal
1)Fill The Loan Application Form & Attach The Documents
Steps to fill the application form for that we have to visit the bank ok and take the application form. Then filling all the information on the form and add the documents required.
●Documents required
- income proof
- identity (or ID) proo
- Age proof
- Address proo
- Employment details
- Educational proof (school/diploma/degree certificates
- Bank statements
- Property details on which the loan is applied (if finalized)
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2)Pay The Processing Fee
After the submitting the formal form and documents yah to pay the processing fee in the bank it is taken for maintaining your loan account .it changes from bank to bank.
The processing figure of a bank generally
Ranges from 0.25 %to0.50% of the requested loan quantum.
Say, for illustration, the aspirant has applied for a home loan of Rs. 15 lakh, also the processing figure will beRs. (at0.25%) andRs. (at0.50%) independently
3)Discussion With The Bank
After completing step one step to your phone will be go in the bank for the verification and review. Usually takes
1-2 days.
4)evaluation Of The Documents
There are lot of people applying for home loan the bank has to verify all your details.
Any fake document or fraudulent activity is unacceptable by the bank. It is a criminal offense and can lead to bigger troubles. As soon as the application form & documents are submitted, and the processing fee is paid, the bank authority then evaluates them.
A bank examines the following details of an applicant:
- Residential address (previous and current)
- Place where he/she is employed
- Credentials of the employer
- Workplace contact number
- Residence contact number.
5)The Sanction/Approval Process
A bank usually deep-checks the applicant’s following documents to approve a home loan:
- The qualification, age, and experience details.
- The transactions made with the applicant’s bank.
- The monthly and yearly income.
- The current employer and the type of job he/she pursues.
- The nature of the business (applicable only for a self-employed).
- The ability to repay the loan amount with the set interest rate.
6)Processing The Offer Letter
- The loan amount that is being sanctioned.
- The interest rate on the total loan amount.
- Whether the interest rate is variable or fixed.
- The loan’s tenure details.
- The mode of loan repayments.
- Terms, policies, and conditions of the home loan.
8)Processing A Technical Check & The Site Estimation
9)The Final Loan Deal
10)Signing The Agreement
After the paper work is completed the applicant has to sign the loan Agreement.
The loan Agreement contains all the information of loan
11) The Loan Disbursal
After the span of manager your loan amount is credited in your bank account.
In the event that you are considering purchasing a home, there are a number of considerations to keep in mind. In order to qualify for FHA loans as a first-time homeowner, you must be familiar with the most recent laws and legislation in your region.