A Complete Guide On Home Loan Process
Posted by rupee on Friday, March 15, 2013 Under: Home Loans
Purchasing a house is one of the biggest decisions which a person takes in his life. The presence of so many loan options in the market has made it possible to buy a house. You can find lots of loan options in the market like IDBI Bank home loan, SBI home loan, Indiabulls home loan, HDFC home loan, etc. Home loan is a long term tenure. The key to getting the loan in a smooth way is to get familiar with the housing loan process.
The process of housing loan starts with filling the formal application of the loan. Here, you would be needed to fill requisite information in the form, which will include information of your employment, educational details, property details, etc. Though the money requirements may vary from one lender to other but there are certain things which are needed by every bank. Here, the loan application should be supported with valid documents like income proof, identity proof, age proof, employment details, bank statements, etc. Here, the entire process of home loan is to check the suitability of the applicant for a housing loan.
Processing fee- Here, the important thing which you should note is that you will be required to pay processing fee to the lender. Banks charge processing fee for every housing loan application. Usually, the fee is non-refundable and varies from one lender to other.
Verifying repayment capacity of the loan- The lender will now go ahead to verify your repayment capacity. This can be called one of the most crucial stage of the loan process. If the lender find out that you are not able to repay the loan then your application will be rejected.
Getting offer letter- The bank will prepare the offer letter which will have information like amount of housing loan which is sanctioned, interest rate, tenure, repayment mode, etc.
The process of housing loan starts with filling the formal application of the loan. Here, you would be needed to fill requisite information in the form, which will include information of your employment, educational details, property details, etc. Though the money requirements may vary from one lender to other but there are certain things which are needed by every bank. Here, the loan application should be supported with valid documents like income proof, identity proof, age proof, employment details, bank statements, etc. Here, the entire process of home loan is to check the suitability of the applicant for a housing loan.
Processing fee- Here, the important thing which you should note is that you will be required to pay processing fee to the lender. Banks charge processing fee for every housing loan application. Usually, the fee is non-refundable and varies from one lender to other.
Verifying repayment capacity of the loan- The lender will now go ahead to verify your repayment capacity. This can be called one of the most crucial stage of the loan process. If the lender find out that you are not able to repay the loan then your application will be rejected.
Getting offer letter- The bank will prepare the offer letter which will have information like amount of housing loan which is sanctioned, interest rate, tenure, repayment mode, etc.
In : Home Loans
Tags: home loan home loan process
