Home loan is a secured loan which is given against the property and is funded by banks and housing finance companies. There are various steps involved in the process of home loan. Let’s find out about them-
Find property- It is the first step which is involved in the process of finding the property and is followed by verification of important property documents. Once, the lender will check documents, you can start your searching for finding the right lender who can offer you best home loan deal.
Check the home loan eligibility- Lenders will offer you loan amount only after making a proper check about your profile, which can be done on the basis of varied eligibility criteria like income, age, etc.
Selecting home loan after proper evaluation- Doing a proper comparison of varied home loan options is the main feature of home loan selection process. There are varied fees and charges like processing fee, application fee and legal charges, etc., which should be considered while doing a comparison between different loans offers.
Applying for home loan- After you have selected your lender, you should fill out the application form, wherein you will require citing correct information about your financial assets & liabilities; along with other personal & professional details together with the property details & its costs.
Proper documentation and verification process- You have to do a proper submission of important documents to the lender which will do a proper verification along with the details of the application.
Credit & default check- Bank will check the loan eligibility of the borrower and the amount of loan, which has to be confirmed. The repayment capacity of borrower will be on the basis of income, age, experience & business nature, etc. Lenders will also check the credit history of the person with the help of CIBIL score and will improve the loan application only after it.
Acceptance copy- The borrower will be required to send a copy of the acceptance to the bank after which the borrower will be agreed to the terms and conditions of the offer letter.
Checking of legal document by lender- The lender will ask for legal documents of property from the borrower in order to check its authenticity and will keep them as a security for the given loan amount. The lender will do a valuation of the property in order to determine the sanction loan amount.
Signing of loan agreement- Finally, the borrower will sign the loan agreement and the lender will disburse loan amount.
Find property- It is the first step which is involved in the process of finding the property and is followed by verification of important property documents. Once, the lender will check documents, you can start your searching for finding the right lender who can offer you best home loan deal.
Check the home loan eligibility- Lenders will offer you loan amount only after making a proper check about your profile, which can be done on the basis of varied eligibility criteria like income, age, etc.
Selecting home loan after proper evaluation- Doing a proper comparison of varied home loan options is the main feature of home loan selection process. There are varied fees and charges like processing fee, application fee and legal charges, etc., which should be considered while doing a comparison between different loans offers.
Applying for home loan- After you have selected your lender, you should fill out the application form, wherein you will require citing correct information about your financial assets & liabilities; along with other personal & professional details together with the property details & its costs.
Proper documentation and verification process- You have to do a proper submission of important documents to the lender which will do a proper verification along with the details of the application.
Credit & default check- Bank will check the loan eligibility of the borrower and the amount of loan, which has to be confirmed. The repayment capacity of borrower will be on the basis of income, age, experience & business nature, etc. Lenders will also check the credit history of the person with the help of CIBIL score and will improve the loan application only after it.
Acceptance copy- The borrower will be required to send a copy of the acceptance to the bank after which the borrower will be agreed to the terms and conditions of the offer letter.
Checking of legal document by lender- The lender will ask for legal documents of property from the borrower in order to check its authenticity and will keep them as a security for the given loan amount. The lender will do a valuation of the property in order to determine the sanction loan amount.
Signing of loan agreement- Finally, the borrower will sign the loan agreement and the lender will disburse loan amount.
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