For loan amounts up to Rs. 5 crore and terms up to 30 years, Axis Bank offers home loans starting at 8.75% p.a. Additionally, it provides mortgages for low-cost housing as well as unique mortgage packages with EMI waivers, overdraft facilities, and mortgages with variable interest rates (fixed for 2 years and then floating interest rates). As I have recently opted for Axis bank home loan, I can assist you with the Axis bank home loan processing time.
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During five working days, the bank typically decides whether to approve or deny the loan application based on its credit policy. The bank can give the candidate a call to conduct a phone interview. The majority of salaried employees experience this. For self-employed borrowers, a bank representative might visit the client's place of business to have a personal conversation and learn more about their business. This will make it easier for the credit underwriter to increase the loan amount.
Steps to the loan application process:Each potential borrower must complete an application for a house loan. Since he is a salaried employee, this will include information such as name, address, income details and proof, employment details, education details, and phone number, along with salary slips for the past 3 months, employment proof, bank statements for the most recent six months, and the most recent Form 16. Self-employed borrowers must submit the entire set of ITR returns from the previous two years in addition to additional proof of income.
You must now pay the initial processing charge, which is non-refundable and set by the bank. This fee covers the first effort the bank performs to confirm the borrower's information and to look into the property's valuation and ownership status. When funds are disbursed, the remaining processing fee is collected.
After this, the bank will send a loan sanction letter if his loan is approved.
The bank will inspect the property after the loan has been accepted and approved. It will carry out a legal investigation on the property to make sure the title is uncontested and there are no legal issues.
The customer is required to produce all documentation in accordance with legal and technical reports once the property has been verified. The loan will be disbursed and the customer will get the cheque after this loan agreement has been signed and all necessary paperwork has been received.
I’d like to conclude my answer here about Axis bank home loan processing time. I hope this helps:)
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How Long Does It Take To Process A Housing Loan In Axis Bank?
Samhita
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2 Year
2023-03-13T09:55:17+00:00 2023-03-13T10:04:59+00:00Comment
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