Getting a Home Loan In

India

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Decided on your dream home and now

have to raise the funds? Fortunately
bank loans are not as difficult to get as
they used to be. Its still a slightly long
process, but then its always better to
know that everything has been checked
thoroughly rather than keep having to
run around every three or four months.
Here are the steps to go through:
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Application
You need to fill up an application form which will ask for your basic

information such as address, employment details, income,

education and so on. The form will also ask for the property details
like estimated costs etc. They will also ask you to submit verified
photocopies of certain documents such as
Income proof
Age proof
Identity proof
Address proof
Employment details
Proof of educational qualifications
Details about the property if finalized
Bank statements
These are for security-both yours and the banks.

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feestofor
home
loans
inloans
India
AnProcessing
important thing
note
about
home
is the processing fee. Banks charge a
processing fee for every home loan
application. This fees is non refundable. The
processing fees varies from bank to bank and
is generally between 0.25% to 0.50% of the
loan amount. This fees is used by the bank to
start and maintain the home loan process
including completing the various formalities
during the entire period.

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Evaluation and
Verification
Once all your paperwork is in, it takes a few
days for the bank back after going through
your application and deciding your eligibility.
If you pass this stage, a field verification
begins for which they send representatives to
talk your family and neighbours as well as
your colleagues to verify that the information
you have provided is correct. The references
provided in the application are cross checked
and verified
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Repayment
Verification
The bank now verifies your repayment
capacity. After reviewing your credit records
and bank account details, if convinced that
you will be able to make payments every
month, the bank sanctions your loans. The
sanction can be conditional or unconditional. If
the sanction is conditional, youll have to fulfill
the conditions imposed before the loan is
disbursed. If they feel that you will not be able
to pay back the loan, they will not sanction
your loan.
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Offer letter for home

loan
The bank then prepares an offer letter which contains the following detail:
The amount of home loan sanctioned
The interest rate applicable on your home loan
Whether the interest rate is fixed or floating
Your home loan tenure
The mode of repayment of the home loan
If any special scheme applies to the home loan, its details
The terms and conditions associated with the home loan
If you find the offer attractive and agree with all the facts mentioned in
the offer letter, you will have to provide an acceptance copy to the bank.
This is generally a duplicate of the offer letter signed by you, provided to
the bank for its records. If the bank charges any Administrative fee, it will
have to be submitted at this stage.
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com

Property
Verification
The bank sends representatives to verify the property you are looking
to buy. For this, you have to submit the original property documents.
These include the title deeds, no-objection certificates and other
documents. The bank conducts a legal check so as to verify that the
property has a clear title and the home loan is being disbursed to the
right person and for the right reasons. Banks dont lend for disputed
properties and for titles where ownership cannot be easily enforced.
Along with the legal check, banks also sends experts to the location of
your property to conduct a technical valuation. If the property is under
construction, the banks verify the stage of construction, quality of
construction, progress of construction, locality etc. and evaluate the
property on established parameters. In case where the property is
ready or is being resold the bank verifies the ownership, maintenance,
age of property, quality of construction, locality and required legal
clearances. The banks have qualified valuators, which assess the
value of property on various parameters and decide on the amount of
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loan

Releasing the
money
. Once the formalities are completed and the bank is
satisfied with the legal, technical and financial
valuation of the property, the registration process for
the home loan begins. The legal documents are to be
prepared on stamp papers of required denominations
in a format approved by the banks lawyer. The home
loan agreement is then signed and you need to
submit the post dated cheques for the agreed term.
After the home loan agreement the loan disbursal
process begins. Depending on the home loan purpose,
and the agreed type of disbursal (lump sum or in
stages), banks disburse the home loan amount
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Contact Us
MIDTOWN STRUCTURES
Beside Adarsh Palm
Meadows,Opp.Skylark Greens
Ramagondanahalli Borewell
Road,
Whitefield, Bangalore, KA
560066
Ph: 080 6050 2244
Cell: +91 99000 57 610,
99000 57 620
USA Contact #: + 1 913 738
4010
info@midtownstructures.com