ALL ABOUT HOME LOAN PROCESS

Owning a home isn’t just a keystone of wealth, it’s what gives us and our families, stability and emotional security. If you’re hesitant about buying a home because you feel that getting a homeloan is a daunting task. Don’t worry! Applying for a home loan is an incredibly simple process.If you take care of a few important details at the very beginning, securing a home loan is easy.

Step 1: Applying for a Home Loan

Place an enquiry: To being with, you can place an enquiry on the company websitewhich is the easiest way and the company rep will get in touch with you. You can alsocall on the number (9008133998) or visit tour office and fill the home loan application

Documents required: It’s always helpful if you can keep a few required basicdocuments handy which will be required for your home loan processing. Checklist

o Age & Identity Proofo Residence Address proofo Income Proof i.e. salary slips, form 16, income tax returno Obligation Details with statement of accountso Property Documents, if the property is finalized i.e. Allotment letter of agreementof sale & previous property chain link documents if the property is being resold

Doorstep service – documents pick up: The branch rep will make a visit to the place of your convenience, collect the documents and will submit them along with theprocessing fee.

You have now completed the first step i.e. applying for a Home Loan

Step 2: Home Loan Sanction

Determining the financial eligibility: The lender 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 encumbrancesBased on the above checks, your loan is sanctioned. This is when you complete the 2 ndstage, i.e. Loan Sanction

Pre-finalized Home Loan: You can also go for a pre-approved loan even before youhave the property

Step 3: Home Loan disbursement

The final stage is Disbursement

Signing the home loan agreement: You are now ready to sign the home loanagreement. All that’s left is for you to submit your original property documents, a fewpostdated cheques, and the loan agreement.

Disbursement: That’s it! Lender will issue a cheque in the favor of seller/builder andyour dream home is a reality now. Your EMI commences from the day of disbursement.