Getting a home loan is not an easy task and one is required to pass through different stages before the lender actually sanctions the loan amount.
The process of taking a home loan can become daunting, especially if you are first time applying for the loan. Your ignorant nature can only make the process an unpleasant for you. Let’s have a look on step by step guide to get the right information on home loan-
Applying for a home loan- Completing the application form is the first step which you can take in the process of getting the home loan. The form may be differing from one lender to another, but nearly 80 per cent of the information which they required is same. Most of the applicant demands personal and professional information, which also includes details about financial assets, liabilities and property details.
Documents which are required to submit- Along with the application form, it is also required to submit some documents. Most of the banks offer doorstep service so that you don’t need to spend your time in visiting lender personally for submitting documents.
Financial documents checking- All the documents related to your financial condition will be checked by lender in order to get a deep understanding of financial status of the applicant.
Personal discussion- Once you have successfully completed the application process, all you have to do is wait till the lender will check all your submitted documents and will complete application process. This wait will normally last for only few days. Sometimes, lender also insists on meeting personally the applicant before sanctioning loan application.
Checking done by field investigation- Every year thousands of people apply for loans. It becomes necessary to carefully examine every loan application because there is risk element present in every application. The lender will check information, including current residential address, employment place, credentials of employer, contact numbers, etc. Lender will send representatives at your workplace or residence for doing verification of details.
Getting the loan sanctioning- It can be both make or break stage- If the lender is not satisfied about your credentials then your application may get rejected. If the lender is satisfied with all submitted information then the loan will be sanction.
Acceptance copy- If the lender will be satisfied with your application then the offer letter will be issued to the borrower, who would be required to sign its duplicate copy. At this stage, you would be required to give the original paper of property to the lender which will be keeping by latter as security.
