Dev Singhraha
Relocation Expert
Just a week ago, there was this hot discussion going on at my uncle’s place regarding home loans! Regarding how to get a loan? or what is the exact procedure? which made me realize this might be a question that a lot of home buyers have.

Home loans play an integral part in buying your perfect home. And here are the steps that follow in getting a home loan.
 
LOAN APPLICATION
The applicant can get an application form either from the bank or they can also get the form online on the bank’s website and get it downloaded. Documents like Income proof, Id proof, Address proof etc. is required to be attached with the form. Make sure to carefully attach the documents.
Then along with the processing fee( non-refundable ) send the application form to the bank. This processing fee varies from bank to bank.
 
VISIT TO THE BANK
The bank will then ask the applicant to visit the bank for a one to one discussion regarding the loan amount, repayment procedure etc. the bank will call the applicant about 2-3 days after the application form is submitted.
 
INVESTIGATION
The bank will now send an agent, who is qualified and verified for a field investigation to verify all the documents and details that the applicant gave with the form. The agent will also visit the applicant’s residence for verification. The bank thoroughly rechecks the data to make sure no error is made.
The bank will then also verify that whether the applicant will be able to repay the loan or not by checking his/her past history of loan repayment. If they find the records good enough and satisfactory, they will approve the loan.
 
OFFER LETTER
After the approval of the loan , the bank will send the applicant an offer letter pertaining interest of the loan, the amount being sanctioned, the tenure of the loan , repayment mode etc. The applicant, if satisfied with the details mentioned then has to return the offer letter to the bank along with the applicant’s signature on it.

LEGAL DOCUMENT
The bank also needs legal documents related to the property for which the applicant is taking the loan. Again the bank will perform a process of verification on the documents about the property.

VALUATION OF THE PROPERTY
The Bank will also find the technical value of the property. They will check the progress and quality for those properties which are under construction. The bank has its own set of parameters; they do this verification to make sure that the property meets the standard.

REGISTRATION PROCESS
The loan registration process starts after doing all the valuations. The bank lawyer than prepares a legal document on stamp paper. This agreement has to be returned with the applicant signature on it to the bank along with postdated cheque.

DISBURSEMENT
After all the verification is done, the bank will then disburse the applicant the loan amount on the agreed terms.
 
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