How to get a home loan?
How to get a home loan? Or how to apply for a home loan, we will tell you in full detail today. (How To Apply For Home Loan in English).
Everyone has more or less hopes and aspirations for their dream home.
However, if you want to build a dream home, the lack of money is still elusive. However, our article will give you all the details about how to get a home loan easily.
So, you can take home or build as soon as you like.
So let's go straight, how to get a home loan? - About this topic.
How to get a home loan?
Different lenders may have different approaches to home loan waivers.
However, the methods listed below are followed by almost all the banks.
So, if the steps discussed here are followed properly, the home loan application process can be made easier and hassle free -
1. Complete the loan application and attach your documents:
To apply for a home loan, the applicant must add some basic information about himself / herself to the form.
This information is-
- Applicant's personal information (name, phone number, etc.)
- Residence address of the applicant
- This time, the applicant's monthly or annual income
- Educational qualifications of the applicant
- Applicant employment information
- Details of the property for which the loan will be taken
- Estimated cost of property
- The current way of financing a home property
In the next step, you need to add all the valid documents required by your bank. E.g.
- Proof of income
- Proof of identity card or ID
- Proof of age
- Proof of home address
- Workplace details
- Proof of Educational Qualification (School / Diploma / Degree Certificate)
- Bank statement
- Details of the property for which the loan will be applied (if final)
2. Pay processing fee:
Most banks have to pay a minimum processing fee to manage their loan account instead of filling out a home loan form.
In this case, the processing fee ranges from 0.25% to 0.50%.
You can consult a bank to reduce this fee.
Basically, banks that do not charge processing fees; There are many legal charges, high interest rates and legal stamp problems.
3. Discuss with the bank:
After completing the form and submitting the documents to the bank or financial company, the applicant will have to wait for the verification of his / her documents.
If you have submitted all the documents and application form correctly; However, usually any bank or financial company can take 1 or 2 days to verify these.
In many cases, these lending companies can call the applicant and talk to him face to face.
In this case, the company verifies whether the applicant will be able to repay the loan on time if the home loan is granted.
4. Document evaluation:
Always know that millions of people apply for home loans on a daily basis.
So, if you want to get the loan documents from the bank quickly; But try to submit your form and documents accurately.
No bank supports counterfeit documents or fraudulent activity.
And, submitting fake documents but a kind of criminal offense and getting a loan can be a big problem.
For this reason, submit the application and documents and processing fee as soon as possible.
Only if everything is submitted properly can the bank authorities evaluate those documents.
A bank examines the following details of the applicant -
- Residence address (past and present)
- Working in that organization
- Certificate of Employer
- Contact number of the organization
- Home contact number
5. Loan Approval Process:
At this stage the bank makes the final decision as to whether your loan application will be accepted or rejected.
This step all depends on the decision of the lending company.
In that case, if the application seems suspicious to them, they have the right to dismiss it.
If, all the documents are correct and the bank rejects the application; Then there will be no difficulty in getting loan.
Any bank usually scrutinizes the following documents of the applicant for home loan approval -
- Details of applicant's age, qualifications and experience
- Transactions between the applicant and the bank
- Monthly and annual income
- Job type of current employer and applicant
- Self-employed type of their business
- Ability to repay the loan amount with fixed interest rate
If the bank gets the above documents properly, the home loan will be written off very soon.
6. Offer letter processing:
As soon as the loan is approved, the bank sends a certified offer letter on their behalf to the applicant.
The following details are given in this offer letter-
- The amount of that debt has been forgiven
- Interest rate on total loan amount
- The interest rate is fixed or variable
- Loan maturity details
- Type of loan repayment
- Terms, policies and terms of home loan.
- Certificate of Applicant:
In support of the offer letter the applicant has to sign a copy of that offer letter for the bank record.
Only sign all the details of the offer letter after reading it carefully.
If you have clearly stated in this letter that you have come to a decision in consultation with the bank, then sign it.
7. Processing of property documents by a legal check:
Subsequently, the bank focuses on the home property selected by the applicant.
If the applicant does not select the land, then the bank also gives him a fixed time.
In this step the applicant has to provide the following information about the property -
- Seller name
- Proof of identity and address of the seller
- Property name
- Property address
- If the seller is not the primary or actual owner, all the details of the written document will be required
- NOC certificate from the first legal owner (if any)
- Representative of the Statutory Development Board and NOC of the Cooperative Housing Society
- (If the land has already been leased, the NOC of the bank's lessee will also be required
After that, the bank examines all these documents again and only then the rest of the process is completed by its own lawyer.
8. Processing a technical test and comparative cost:
At this stage the bank sends a property expert to inspect the property of the applicant.
In this step, the condition of the land, the surrounding area, the progress of the work, and other land-related issues are examined in detail.
9. Final loan agreement:
After processing the technical test and comparative cost, the bank's lawyer approved all the paperwork.
In the next step, the final registration of the loan agreement is done.
The bank's lawyer finalizes the loan documents, prepares the draft and stamps and signs them.
10. Final Agreement Signing:
Once the paperwork is completed, the applicant has to sign the home loan agreement.
If both parties agree, the applicant is initially required to submit a check (post-dated) within 36 months.
Subsequently, documents of original assets have to be submitted to the bank for security and proof of bank.
This step is known as MOE (Memorandum of Execution).
And, stamp duty is based on the state in which the applicant has applied.
The applicant has to pay this fee.
11. Loan disbursement:
After the applicant signs the paperwork, everything is settled legally, he is paid his loan amount by check.
However, before that the applicant has to submit some necessary documents to the bank, for security reasons.
Today How To Get Home Loan Or How To Apply For Home Loan? This is the end of the article.
If you like the article, please comment and if possible, share our article on social media pages.