How to Get Home Loan:- Hello friends today in this post we will talk about 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 learn all the information step by step
Step 1- How to get Home Loan Loan Application
- Compare online interest rates, first of all, check which bank is giving you loan at low interest, for this you can find out about it from many websites online.
- Inquire 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
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Step 2- Documents
- Application form with duly signed photograph
- Identity, residence and age proof
- Bank statement of last 3 months
- Salary slip of last 2 months
- processing fee check
- Form 24 / Income Tax Return
- Evidence of Professional Excellence
Also Read : Paytm Business Loan Apply online
Step 3- Due Digigence By Bank
- Financial inquiry
- Bank statement checked:
- Transactions- business activity, savings, credit, investment
- average bank balance
- check return and check bounce
- Other Debts and Liabilities
- Net Income for Calculating Credit Eligibility
- Civil Score- Credit and Repayment Records
Step 4 Field Investigation
- Residential Address Verification Contact Details
- Employer credit – company address, industry, stability of the organization
- Physical visit will be done by bank representatives
- Physical tour of the property – assess the condition, construction quality, encroachment etc.
- Property appraisal – by an approved appraiser
- In addition to the under construction property
- Construction stage and satisfactory progress
- build quality
- Approved layout and building plan
Also Read : Paytm Business Loan Apply online
Step 5 Legal Due Diligence
- Title Check- Legal Ownership and No Encumbrances
- Property Documents- Title Document, Possession Certificate, Agreement for Sale
- Check ownership of builder’s under construction land, allotment letter, builder-buyer agreement, check if the project is already approved (APF Code)
So today I have given you information about Home Loan. I hope you all have understood like this post share..Thank you for taking some time out of your precious time to read this post.
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