Home Loan: How To Take Home Loan (How To Get Home Loan)

Hello friends, today we will know about home loan. What is home loan, how to take home loan, what documents are used in home loan, so we will know step by step in this post.

How To Take Home Loan

 

How To Take Home Loan – Home Loan Road Map

  • Finalize Property
  • Loan Application
  • Due Diligence By Bank
  • Credit Appraisal & Loan Sanction
  • Loan Agreement
  • Offer Letter & Acceptance
  • Sale Deed & DD Handover
  • Possession

How to Get Education Loan?

Step 1 – Loan Application

  • Enquiry
  • Compare Interest Rates Online

First of all, you will check which bank is giving you low interest loan, for this you can find out about it from many websites online.

  • Make An Enquiry Online Or Directly At Bank
  • Negotiate Lowest (Best Possible) Interest Rate

Negotiate Lowest Interest Rate is available only to those people who have good credit score and their income is seen.

  • Processing Fee & Other Charges
  • Processing Fee: 0.25% – 1% Of Loan Amount
  • Legal & Technical Due Diligence Charges

How to take a Gold Loan?

Step 2 – Documents For Home Loan

  1. Application Form With Photograph Dual Signed
  2. Identity, Residence And Age Proof
  3. Last 6 Months Bank Statements
  4. Last 3 Month Salary-Slips
  5. Processing Fee Check
  6. Form 16 / Income Tax Returns
  7. Proof Of Business Existence
  8. Business Profile

Step 3 – Due Diligence By Bank

  1. Financial Check
  2. Bank Statements Scrutinized For:
  3. Transactions – Business Activity, Saving, Credit, Investing
  4. Average Bank Balance
  5. Check Returns And Check Bounces
  6. Other Loans And Liabilities
  7. Net Income To Calculate Loan Eligibility
  8. CIBIL Score Credit & Repayment Record

Step 4 – Field Investigation

  1. Verification Of Residential Address, Contact Details
  2. Employer Credentials – Company Address, Industry, Organization Stability
  3. Physical Visits Will Be Made By Bank Representatives
  4. Physical Visit To Property – Assess Condition, Construction Quality, Encroachments etc.
  5. Property Valuation – By An Approved Valuer
  6. Additionally For Under – Construction Property
  7. Stage Of Construction And Satisfactory Progress
  8. Quality Of Construction
  9. Approved Layouts And Building Plans

Step 5 – Legal Due Diligence

  • Title Check – Legal Ownership And No Encumbrances
  • Property Documents – Title Documents (Sale Deed), Possession Certificate, Agreement For Sale
  • Under-Construction – Land Title Check Of Builder, Allotment Letter, Builder-Buyer Agreement, Check If Project Already Approved (APF Code).

So friends, today, I have given you information about how to take a home loan, I hope you have understood everything. If you liked this post, then please like, share this post. Thank you very much for taking the time out of your precious time to read.

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