Possessing a home isn’t just a keystone of wealth, it’s what gives them and their families, stability and emotional security. If individual are hesitant about buying a home because they feel that getting a home loan is a daunting task. But, applying for a home loan, is an extremely simple process.
If individual take care of a few significant details at the very beginning, securing a home loan is easy.
Below are the vital steps for Complete Home Loan Process:
Step 1: Applying for a Home Loan
• Place an enquiry: To being with, individual can place an enquiry on the any financial institution website which is the easiest way and the institution rep will get in touch with them. Individual can also call on the toll free number or if a branch is nearby, visit the branch and fill the home loan application
• Documents required: It’s all the time helpful if individual can keep a few required basic documents handy which will be mandatory for their home loan processing Checklist. Below are the documents mandatory for a home loan which form a basic set of requisites:
Age & Identity Proof
Residence Address proof
Income Proof that is salary slips, form 16, income tax return
Obligation Details with statement of accounts
Property Documents, if the property is finalized i.e. Allotment letter of agreement of sale & previous property chain link documents if the property is being resold
• Doorstep service – documents pick up: The branch rep will make a visit to the place of individual convenience, collect the documents and will submit them along with the processing fee.
Individual have now completed the first step that is applying for a Home Loan
Step 2: Home Loan Sanction
• Determining the financial eligibility: The lender will use the information provided by individual to determine their financial eligibility based on their income, age, existing loans and their repayment way and the same will be subject to positive residence and office verification.
• Property valuation: Once individual financial eligibility is determined, the lender will also assess the property value to arrive at the final eligibility
• Legal Valuation: The lender would carry out Legal verification to ensure their property is clear from any legal hindrances
Based on the above checks, individual loan is sanctioned. This is when they complete the 2nd stage, i.e. Loan Sanction
Pre-finalized Home Loan: Individual can also go for a pre-approved loan even before they have the property.
Step 3: Home Loan disbursement
The final stage is Disbursement
• Authorization the home loan agreement: Individual are now ready to sign the home loan agreement. All that’s left is for individual to submit their original property documents, a few post-dated cheques, and the loan agreement.
• Disbursement: That’s it! Lender will issue a cheque in the favor of seller/builder and individual dream home is a reality now. Their EMI commences from the day of disbursement.
Top up / Loan Enhancement
Also, if at any time during individual loan tenure, they need a top up or enhancement on their home loan, individual can avail that too. Just call their representative or on the toll free number with their requirement and based on a few checks, loan enhancement or a top up will be issued.
It takes around 5-8 days to complete the entire process from the day individual submit their documents to avail disbursement.
As we all know that there are broadly 3 steps to the home loan application process as we discuss above. And it takes generally, it takes about 3 to 4 weeks for your home loan to be sanctioned. As well as when you take a business loan for your business start-ups or business growth so that you can plan whether your plan is to hire more employees, expand into a new market, offer new products or grow an existing location, your business needs cash to do so. A business loan will cover the upfront costs of expansion, allowing you to pursue profitable growth. But for doing all activities you need a finance so that you can running your business but for that you need a proper project report to submit it to the bank loan before that you need to know what is project report or How to make project report for loan and according to that they get full DPR information, subsidy DPR or they even get PMEGP Project, CMEGP Project or they even get Project Report format for Trading, Project Report format for Manufacturing, Project Report format for Agriculture, Project Report format for Service. Or they can get Online Project Report for Bank Loan or they can get Online CMA Report, Online DPR for project report. And for subsidy project report they can get subsidy DPR too with the help of loanDPR.com
LoanDPR.com is an online platform for generating Project Reports to get bank loans and even project reports for subsidy. Whether you are a New Start-up Company or an Established Company, user can create Project Report required for bank loan and also required CMA reports. It’s User Friendly and Do it by Yourself Platform, created for End Users, Entrepreneurs, Business Owners, Chartered Accountants, Tax Consultants, Finance Professionals, Bank Employees etc. You can generate Business Project Report for Bank Loan and also prepaid Project Report in just 10 minutes by using user interface provided by LoanDPR.com
For any assistance or more information feel free to contact us at contact@LoanDPR.com or at WhatsApp no. +91-8459973683 or +91-8459941735
Total Visitors : 5776
Total views : 12680