Are you planning to buy a home loan for the first time? Here is a handy guide to solve your queries and give you a peace of mind.

The basic guide:

Fill up the application:

Just like any other loan, this is the first thing that you need to do. Your chosen lender will help you with the process and you will be needed to complete the application form in order to be legally verified for the home loan.

Opt for pre-approved loan:

Before stepping into the core integrities of a loan, a pre-approved home loan weighs up your eligibility. While it does not consider the legitimacy of the property you are purchasing but it does make it easier to apply for a loan once you know how much you are eligible for and you can enjoy the benefit of home loan on cheapest emi

Dispensation:

Once your property is evaluated and the current market price is determined, your lender will verify all the documents and process your home loan.

Approval:

The credit department of the concerned bank will now check your credit history and previous ongoing loans. As per your credentials your lender will approve and sanction the loan amount.

Foreclosure:

In case you wish to pre-close, the finance expert will ensure that your property documents are secured from other parties who may claim the possession of the property any time in the future.

Documents required for the loan:

Duly signed application form

Proof of residence

Proof of age

Bank statement of the last six months

Salary slips of last six months

Document processing fee

Proof of ITR

Academic and business certificates

A valid balance sheet in case of business

Is your property approved by the bank?

It is important to note that all the floors and towers of your project may not be approved by the banks. Hence, it makes sense to check the status of the specific flat you are buying before you go ahead and invest.

How to choose the best bank for home loan?

This is indeed one of the most crucial step when it comes to getting a home loan serviced. So, before you blindly trust any financial institution, do go through their customer ratings and reviews. This will give you a clear picture and a genuine feedback. Many banks also offer door to door service and if you are busy with hardly any time to visit the lender’s office, these banks will be a great aid.

Lastly, do remember to compare offers on processing fee as well as interest rates before you go ahead and make the choice.

INRCredit offers specialised home loans as well as loan against property in Lal Dora and loan against property without ITR. If you are looking for home loans of any kind, you can get in touch with us and take the process further.

Source: https://www.freeprnow.com/pr/new-buyers-guide-to-home-loans