Get an Easy Home Loan with These Simple Tips

| May 15, 2017 | 0 Comments

home loanEvery Indian dreams of owning a home, even if it’s just a small one. Things are looking up after demonetization. That’s because banks have cut their interest rates on Home Loans. Now the dream of owning a home can finally be a reality.

The Best Time is Now

Experts say this is the best time to invest in home since Home Loans interest have been lowered. There are so many players offering attractive loan rates that a consumer can often get confused .

It’s better to have a thorough understanding of Home Loans, processing and disbursal, interest rates, term and conditions, and hidden charges, if any.

What’s the Procedure?

It’s said that the process of getting Home Loans starts much before applying for one. It’s always better that the person who wants to apply for the Home Loan, does a quick survey of the loan market.

 

First-Time Home Buyer | How to Get a Home Loan | Quicken Loans

America’s Home Loan Experts® listen to your unique situation and guide you to the best … Answer a few questions, and we’ll have a Home Loan Expert call you.

 

This is to know who offers what in terms of interest rates, processing charges, etc. It’s also better if you decide whether you are getting the loan from banks or any other financial institutions. You need to also know interest rate for Home Loans varies from individual to individual.

Processing and Disbursal of Home Loans

Loan Application

For most loan application, the data that you need to fill in is the same. They will ask for your personal details, details of your salary, and information about the property that you are going to buy, such as the costs and other details.

Documents

Documents need to be submitted along with the application form.

  • Proof of Identity
  • Proof of Address
  • Proof of Income
  • Educational Qualification
  • Age Proof
  • Details of Employment
  • Account Statements from banks
  • Property details that you have finalized to buy

Processing Fee

home loanThis is one of the aspects that buyers generally miss. You have keep in mind that you will charged a processing fee when you are submitting your application. Although it varies from lender to lender it ranges from 0.25% to 0.50% of the total amount of loan. You can negotiate with the lender and finalize the fee

Scrutiny of Application

After you file your Home Loan application, banks will scrutinise your application. Then they’ll call you for a personal discussion. You’ll be expected to carry all your original documents for verification. The entire process can take anywhere from one or two days.

Validation by Banks

The financial institution that offers you loan will send their officials to your residence and place of work. It is advised that you be present when the officials visit.

Letter of approval

The offer letter will have your approved loan amount, the tenure of loan, interest rate, mode of repayment etc. Read through the document carefully to ensure that everything is in place. Once that’s done, you can sign and return the document.

 

How To Get Approved For A Mortgage 

What does it take to get a Home Loan with Capital One? We look at a number of details to better understand your situation.

 

Property:

Once you select the property, the bank will ask for the original documents and the property goes into their custody. Before that, a NOC is obtained from the legal owners, which may be you.

Banks tend to visit the property before the loan is sanctioned. If the building is under construction they will check the construction, or if you’re buying a property through resale, banks will also check the strength of the building before approval.

Registration

Once all requirements are met and approved, the signing and registration of the loan document takes place. You’ll have to agree to the terms and conditions for Home Loans, so know the amount sanctioned, repayment tenure and duration of the loan.

Disbursement of Home Loan

The disbursement of Home Loan takes place when you are done will all the processes. It should be noted that banks pay only 85% to 90%. This means that you have to produce proof that you have paid the rest of the amount.

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