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How Did You Get The Home Loan?

How Did You Get The Home Loan? : How To Take Home Loan? - Apply for a home loan online

How Did You Get The Home Loan


Hello friends, today in this post we will talk about the home loan. What is a home loan, how to take a home loan, what documents are required to take a home loan? In this post, we will go through all the steps step by step.

Home Loan Road Map

  • finalize the property
  • loan application
  • Due Diligence by Bank
  • Credit Appraisal and Loan Approval
  • loan agreement
  • offer letter and acceptance
  • Sale deed and DD handover

Step 1- Loan Application

Compare Interest Rates Online

First of all, you guys will check that which bank is giving you a low-interest PRR loan, for this, you can find it bare from online websites.

Enquire online or directly at the bank

Negotiate the lowest interest rate

Negotiate the lowest interest rate available to those who have a good credit score or visible income.

Processing fee and other charges

Processing Fee: 0.24%-2% of the loan amount

Legal % Technical Due Diligence Fee

Step 2- Documents

  1. Application form with photograph duly signed
  2. Identity, residence, and age proof
  3. Last 3 months bank statements
  4. Last 2 months salary-slips
  5. Processing fee cheque
  6. Form 24/ income tax returns
  7. Proof of business existence

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. Cheque returns and cheque bounces
  6. Other loans and liabilities
  7. Net income to calculate loan eligibility
  8. Civil score- Credit and 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 possession certificate, agreement for sale

Under-construction land title check of builder, allotment letter, builder-buyer agreement, check if the project already approved (APF code)

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