I have a friend who was thinking of purchasing a house at the beginning of 2021. He needed a housing loan of Rs. 30 lakh but he did not know about the application process and what documents he should keep ready so he reached out to a bank employee. He told the process on how to apply for home loan:
Filling up the housing loan Application Form:
You are required to fill up a housing loan application form, which includes details such as name, address, phone number, education details, employment details, income details, and proof, etc.
Submission of DocumentsYou will have to submit these documents if you want to know how to apply for home loan:
Address Proof (ID proof with your permanent address, Latest utility bills, etc.)
Identity Proof (Driving license, Voter ID, PAN, Aadhaar, etc.)
Salary slips for the last 3 months or Form 16 (for a salaried employee).
Proof of business existence (for a self-employed borrower)
:
After that, you will have to pay the initial non-refundable processing fee for the preliminary work the bank does to verify your details and to investigate the ownership title and value of the property.
Verification of Documents:The bank will start calculating your eligibility by getting in touch with his employer and/or visiting your current address. They will also check your credit score with a bureau like CIBIL.
Approval ProcessThis process will decide if the bank will give you the loan or not. For this, you need to ensure you have all the documents in order.
Sanction LetterYou will receive a loan sanction letter in case your loan gets approved. This letter contains details like eligible loan amount, interest type and rate, loan tenure with terms & conditions. You will have to sign this letter and send a copy to the bank.
Property VerificationThe bank will perform a legal check on the property to ensure the title is clear and there is not any conflict or dispute regarding the same. They can also conduct a technical valuation on the property.
Loan DisbursalFinally, you will have to provide all documents according to technical and legal reports. After the loan agreement is signed and if every document is in order, the loan will get disbursed and you will get the cheque. This is how to apply for a house loan.
Get a Housing Loan at the Lowest Interest Rates through NoBroker and Buy Your Dream Home Quickly
Read more:
What is the EMI for 30 lakhs home loan?
How bank calculate interest on home loan?
How much home loan can I get on 15000 salary?
How to apply for home loan subsidy online?
How much home loan can I get on my salary?
I hope you like my answer on how to apply for home loan.
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
How to apply for a house loan?
Anonymous
230 Views
1
4 Year
2021-11-16T17:32:17+00:00 2021-11-16T18:04:32+00:00Comment
Share