Steps Involved in the Home Loan Process
Number of steps are involved in getting a Home Loan from selecting a property to filling up your application of loan. The various stages of Home Loan Process are:
• The first step of home loan process is to find your property in which the verification of property documents are followed, post that documents are examined and simultaneously for the lender you can start searching who can offer after checking your eligibility criteria the best Home Loan Deal.
• The Eligibility of Home Loan is known: The loan amount offered by the bank only after your profile is checked and based on various eligibility criteria like age, income & salary banks lend you the money.
• After evaluation to select the Best Home Loan: Home loan interest rates are comparing is the primary feature in the selection of Home Loan, however, other fees & like the Application fees charges, processing fees, legal charges should not be neglected when comparing various loan offers.
• The Loan are applying: After you have selected your lender, you have to fill in the an application form wherein the lender requires complete information about your financial assets & liabilities; other personal & professional details together with the property details & its costs.
• Process of Documentation & Verification: To submit necessary documents required by you with the bank that will be together verified with the application in details.
• Credit & default check: Out of the borrower’s loan the bank will checks the eligibility (through repayment capacity) & the confirmed amount of loan. The repayment capacity of the borrower’s reached on the basis of income, salary, age, experience & nature of business, etc.
The CIBIL Score Bank will also checks by the banks and history of the credit card which helps in deciding & approving your loan application plays a critical role. The Score of Low credit implies that upfront of the bank rejects your application on the basis of defaults of earlier credit; high credit score, on the other hand, gives a green signal to your application.
· Bank sanctions Loan & Offer letter to the borrower: The borrower of the bank is not after the credit appraisal that decides finally the amount and sanctions the loan, further sends an offer letter by the bank to the borrower which details to constitutes like interest rates, tenure of loan & options of repayment etc.
• Acceptance Copy to the Bank: An acceptance copy needs to send by the borrower to the bank with the terms & conditions when the borrower agrees to the offer letter.
• Bank checks the legal documents: The legal documents required for home loan will be asked further of property from the borrower to check its authenticity so as to keep them as a security for the loan amount given. In the next step valuation of the property are involved by the bank in which the loan amount will be determined sanctioned by the bank.
• Signing of agreement & the loan disbursal: The loan agreement will borrow and the bank disburses the loan amount.
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