How Can Get Home Loan In India | Procedure To get Home Loan In India
Decades age the procedure of getting home loan was very time consuming. But nowadays due to the introduction of the online system the process of getting home loan has become a quiet convenient. However, now all you have to do is submit all your property related documents which varies from one bank to the other (in India), the overall procedure is the same. To help you further, here is a detailed step-by-step guide on how it is done so you can understand How Can Get Home Loan In India?
How Can Get Home Loan In India?
Applying for Home Loan:
However, the procedure of the home loan begins with the formal application. For this you are required to provide all the essential details to the bank. The loan will be provided to you on the basis of your repayment eligibility. However, most of the banks will ask you for the following documents:
- Identify proof.
- Age proof.
- Address proof.
- Proof of education.
- Employment details.
- Bank statement.
- proof of income.
- pan card.
- Property details.
Payment of Loan Processing Fees:
On the basis of your income as well as eligibility criteria your bank will evaluate and consider what amount you are eligible for. Always remember the bank will charge from you non refundable loan processing fees. However, remember that there are most of the banks who charge different amount of loan between 0.50% and 1.0% as the processing fees. However, the banks usually take this amount to maintain the home loan process.
After submitting your application and the processing fees. The bank will evaluate your case and decide for which amount you are eligible for. however, you are required to go to the bank ad meet the agent personally. So that they can evaluate your repayment capacity.
post the personal information. however, the bank will proceed to verify all the facts which you have provided in your loan application. The bank may visit to your workplace as well as residence to verify the information which you have provided in your loan application.
Evaluation of the repayment capacity:
The process of verification of the borrower repayment capacity is the most crucial task it may happen that the bank may deny your home loan request. It is totally depend upon your capacity as well as ability to repay the loan. However, for all this it is important that you must have a good credit score. So that bank may easily provide you funds.
However, in a case bank issues the conditional sanction. Then it is essential that all the conditions must be fulfilled before the loan is disbursed.
Home Loan Offer Letter:
In this stage the bank proceed further to draft you along with the following information:
- Sanction amount.
- rate of interest applicable.
- Fixed or floating rate of interest.
- Loan tenure.
- mode of repayment.
- Special schemes.
- terms and conditions associated with the loans.
hence, these are the few steps through which you are required to go through in order to get the home loan.