Important Stages Of Home-Loan Process


Posted January 21, 2019 by inrcredit

INRCredit is one of the most reputed home loan providers if you are looking for home loans in Uttam Nagar or loan against property in Gurgaon.

 
Purchasing a home is indeed a dream come true for most of us. it not just settles you but also provides a mental satisfaction of achieving an important goal in your life. But in order to make the dream of buying a home come true, it crucial that you organise your finances. All thanks to the development of home mortgage industry, it is now possible to get 80 to 90 percent of your home value financed. But to avail a home loan there is a procedure to be followed.

Application

The first step to acquire a home loan is to get an attractive home loan application ready. You must have worked out a budget for your home loan before you start your loan application. It is important that you consider your future expenses before you get your loan sanctioned and work out how much EMI you are willing to pay per month. There may be a difference in the amount you have calculated and the figures provided by the bank but the calculation can give you a fair idea whether it’s a good idea to make the investment or not. As a thumb rule, for most dda home loans in Delhi-NCR the EMI amount should not exceed 50-60% of your total salary.

Assessment

Once the loan application is received, the bank will assess the documents provided by you and check your eligibility for the same. You need to check what all documents are required with your loan application as it varies with every lender and every situation. For instance, documents required for home loan for resale flat or loan against property in Delhi-NCR will differ from that of a new property.

Sanction

After evaluation of your documents and assessing the property you are willing to purchase, the bank will offer a conditional sanction for your intended loan. The bank will issue a formal letter to you mentioning that it has accepted your loan application along with terms and conditions that you need to adhere to for your loan to be sanctioned. It is important to read these documents carefully before you duly sign them and submit them back. You will also be required to give an ECS approval in order to authorise the bank to auto-debit your EMI directly from your account. You will also be required to provide post-dated cheques as per terms of the bank.

Disbursement

Once the loan has been sanctioned, the bank will disburse the loan to the seller of your property. The process needs the seller to coordinate with you for property registration

Source: https://www.freeprnow.com/pr/important-stages-of-home-loan-process
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Issued By INRCREDIT
Country India
Categories Finance , Loans
Tags dda home loans in delhincr , documents required for home loan for resale flat , loan against property in delhincr
Last Updated January 21, 2019