Well, let’s face the reality. In this whole world of dreams, almost all of us want a great dream house of our lives. A house in which we can relax in peace and live the way we want. But for that, there is a series of procedure of home loan which every individual will have to go through.
Hence, without wasting any further time let’s move ahead and know the actual home loan process.
Step 1: Home loan Eligibility Criteria Assessment
At this very stage, the bank will determine whether you can repay the loan. In this, the credit team will perform income verification and will validate the accuracy of your information provided. Further, on the basis of income, the credit team will come to your house and will do the further process.
In terms of credit card check, it is done for revealing the credit history where the lender does check your previous salary record. And, a report depicting the essential details will be as follows:
- Personal Details Such as Name, Residential Address, PAN Card Number and Date of Birth
- Record of the recent Credit Accounts
- Overdue accounts which are listed against you displaying the amount not paid yet.
Step 2: Home Loan Sanction Process
In case, if there are not many issues with your credit checks and income verification, you can get the conditional sanction of loan. With this, a formal letter will be given to you for accepting the loan. Here, you must read every document carefully, look at each step and then sign if applicable. In addition, you will be assisted by the bank executive in your home loan approval process.
Step 3: Security Assessment To Provide Home Loan
In this case, an experienced technical officer will perform the validation of your property which can be used as security.
Here, an experienced lawyer will examine the property documents and will determine whether the documents are legitimate or not.
Further, on the basis of your legal assessment report, it will be determined whether the property is suitable for a mortgage or not.
Step 4: Home Loan Disbursement
Once you have accepted all the security conditions, a security of your application will be done by the operation team for ensuring the accuracy of the process. Once, the final procedure is done, you must submit the final check on the name of your financial institution.
Afterward, after receiving the loan, you pay the residue as and when required. Or else, you will get the payment chart and money giving schedule will be provided to you. Usually, the money returning procedure starts after one month of the disbursement date.
Wrapping Things Up
So, there you go. Getting a home loan for your dream house cannot get as easy as this one. Thus, as a person of ambition, take a step ahead, choose your dream house. And sanction the desired home loan from the suitable organization. At last, all that is needed is a house to relax in and enjoy every bit of our lives.