Effective Home Loan Process and Tips While Buying any

Property

Investing your money in buying a residential property is a smart decision and if you are getting that in affordable price, it

increases the level of smartness of your decision. One should get to know that buying property involve lots of paperwork and

many other sophisticate processes. Before getting into the purchase process, one should understand all the steps very

clearly so that it will not be stressful.

It is very necessary that you should check all the documents which are involved in buying the property. It includes local

government approved layout plan, ownership paper, building plans, etc. It is advisable that which doing all these process you must consult any property advocate or other personality who is

well familiar with all these things.

Things which are involved in Home Loan Process

#1 Contact Bank:- If you are planning to take a loan from any bank for investing in property, studiously do the research work related to that bank and clarify all the doubt related to the loan process before taking the loan. #2 Application Form: - While filling any agreement form, thoroughly read all the terms and conditions and after understanding all the things, fill and sigh the form.

#3 Delicate Discussions: - Make use of EMI Calculator and then decide for home loan interest rate.

Things which are involved in Home Loan Process

#4 Banks Field investigation: - After processing all the above procedures, now bank will investigate your property, as it is developed as per the norms or not.

#5 Credit Appraisals and Loan Sanction by Bank: - Now, bank will check the value of your property and if it is satisfied, then you will get the loan.

#6 Offer Letter by Bank: - After this, Financer will provide an offer letter of loan offerings.

Things which are involved in Home Loan Process

#7 Legal Document Submissions and Checking: - Once your deal is final and you buy your property, you have to hand over the entire documents to the bank, so that it will keep them for security against loan. They will also check the authentication of documents.

#8 Check on Technical / Valuation: - At this step, bank will send their technical person to investigate the property you intend to purchase.

Things which are involved in Home Loan Process

#9 Registration of property Documents: - After all the legal formalities, process of registration is done. In this associated documents are signed and stamped by the lawyers.

#10 Signing up Agreements and Post Dated Cheques Submission: - Now, borrowers have to sign the agreements for home loan. They are needed to submit post dated cheques for 36 months.

#11 Disbursement: - After all above procedure, bank will give you the cheque or demand draft of loan amount.

So, before getting involved in home loan, you must clear all your doubt and then more ahead

carefully. Adding to this, there are some real estate builders who also provide home loan

facilities to their clients. So, it is recommended that first ask your property builders whether they

provide home loan facility or not.

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