Home Loan Process In India
Processing Fees
Payment of processing fees which is nonrefundable.
Varies between 0 - 0.50% (excluding service tax) of the loan amount.
Discussion and Investigation
To know more about the borrower and his repayment capabilities.
Physical verification/ validation of information provided by the borrower.
Credit Report Check By Bank
Establishing repayment capacity of borrower based on income, age, qualification, employer and nature of business for self-employed, credit score, etc.
Offer and Sanction Letter
Maximum Loan Eligibility, Tenure, Rate Of Interest, Type Of Loan floating, fixed, dual or home saver, Mode Of Repayment, Terms and Conditions.
Documents and Legal Check
Submission of original property documents for legal check.
Documents remain with banks till the complete repayment of loan (if loan is disbursed).
Property Valuation
The valuers appointed by the bank do valuation of the property.
Determination of amount of loan to be financed by bank.
Registration of Property
Agreement of Sale between the previous owner and the borrower to be stamped and registered at registrar's office. Submission of the original copy to the lender.
Signing and Disbursement
Agreement to be signed between the lender and the borrower. Post dated cheques to be submitted. Disbursal of loan as per the sanction letter.
You can get both your personal credit score and business credit score by applying directly on the link mentioned below: https://cir.crifhighmark.com
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