- Improve your CIBIL Score
- Clear your existing score.
- Take joint loans
- Opt for a longer tenure
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Getting a home loan can be a time-consuming process if you don’t know the proper procedure. While there could be small differences from one lender to another, the general procedure given below is common to every bank. Read below to know how to get a home loan from a bank:
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The first step is to fill the application form with basic information like personal details of the applicant, residential address of the applicant, educational information, property details, yearly or monthly income, etc.
Along with the application form, you are required to attach some documents like address proof, income proof, employment details, etc.
Pay the Processing FeeThe next step is to pay the processing fee to the bank, which generally ranges from 0.25-0.50% of the requested loan amount
Document Processing and VerificationAfter that, the bank will check the application the form, attached documents, and CIBIL score to ensure whether you can get the loan or not
Sanction LetterAfter the loan is approved or sanctioned or, your bank will send a certified offer letter, which includes details like the loan amount, interest details, repayment tenure, etc.
Technical and Legal CheckThen, the bank will send a representative to the property site for inspection purposes.
Loan Agreement and DisbursalAfter the paperwork completion, you will have to sign the home loan agreement. After everything is legally clear, the bank will give you the loan via cheque.
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I hope now you know how to get a bank loan for a house!
How to get home loan from bank?
Jaspreet
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4 Year
2021-08-12T12:16:00+00:00 2021-08-12T14:16:01+00:00Comment
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