Food, clothing and shelter form our basic needs. Unfortunately, finding a permanent shelter in today’s times has become extremely difficult. This is primarily due to the perpetually rising real estate prices, especially across metropolitan cities. On the flipside, this is also advantageous as the value of your home will appreciate, thus proving to be one of the most lucrative investment avenues. Thanks to home loans, many people are able to fulfil their dreams of owning their own residential property. If you’re confused about the procedure of applying for a home loan, then this is the article you should read.
Home Loan Process:
Applying for your home loan: You will be initially required to fill out an application form with your personal details. This will help the bank/financial institution determine your home loan eligibility. Once that’s done, the following documents will have to be submitted as a part of the process
ID (Identity) Proof:
For example: AAdhar Card / Driving License / Passport etc.
For example, AAdhar Card / Birth Certification / Passport etc.
For example, Electricity Bill, Aadhar Card / Passport / Rent Agreement (in case currently residing on rent) etc.
- Employment Details
- Bank Statements
- Pan Card
- Property Details
At Finserv MARKETS, the online applications process for applying home loan is very smooth and eligibility criteria are easy.
Paying the processing fee: At Finserv MARKETS, we charge a small amount as processing fee which ranges from 0.25% to 0.50% of the total loan amount.
Verification: This is done to gauge the applicant’s repayment capability. The amount that you wish to borrow will be the foremost factor that’ll be taken into consideration. Other things like the value of your existing assets and past debt repayment records will also be considered while determining your home loan eligibility. A final decision regarding the principal amount will be taken by the bank on the basis of this evaluation report. Finserv MARKETS – a prominent financial institution, offers clients flexible payback tenures based on their repayment capacity. This makes things even more convenient and easy for customers apart from the fact that your loan will be provided by a top-notch financial assistance provider.
Drafting your home loan offer letter: Once the results obtained from the verification process are satisfactory, the bank will provide you with a home loan offer letter. The following details will be included in it:
- Interest rate charged
- Sanctioned principal amount
- Loan tenure
- Method of repayment
- Terms and conditions
- It is advisable that you carefully review the terms and conditions before you sign on the dotted line since these would include all fees and surcharges along with penalties (if any) in case of foreclosure/prepayment of the loan. This is critical since it has an impact on your loan cost
- Special schemes
Upon receiving it, you can provide a sign stating your consent if you find the offer reasonable.
Disbursal: Finally, upon verification, validation, and approval, the loan amount will be disbursed and the same will be credited directly to your bank account. The entire process will be completed online in an easy, convenient and hassle-free way.
How to apply for a home loan in case of salaried individuals?
Salaried individuals can apply for a home loan online from the comfort of their homes. The home loan application process for salaried individuals is mentioned below:
- Visit the lender’s official website
- Fill in your personal as well as employment details
- Evaluate your finances and decide the home loan amount you wish to borrow
- Fill in the required home loan amount and the details of the property you want to purchase
- Upload the required documents
- The lender will verify your documents, review your loan application. Post verification, the loan amount will be credited in your bank account within a short duration
How to apply for a home loan in case of self-employed individuals?
The process of applying for a home loan in case of self-employed individuals is similar to that of the application process for self-employed. However, to be eligible for a home loan, self-employed individuals must have at least four years of business experience. Also, apart from the necessary KYC documents, self-employed borrowers will have to submit additional documents. The additional documents are mentioned below:
- 6 months bank account statement.
- ITR for the last 2 Financial Years.
- Proof of being in business for a minimum of 4 years for businessmen and 3 years for Doctors/CA’s.
Now that you are well aware of the application process for availing a home loan ensure that you avail the right housing loan to finance the purchase of your dream house.
Due to the volatility of the interest rates and banking policies, aspirants need to be careful while selecting their financial providers. It is always advisable to rely on a trusted and regulated institution like Finserv MARKETS for your home loan requirements. Also, consider referring other blogs or seek guidance from an expert before making a final decision. Also check whether you are eligible for pmay.
With Finserv MARKETS, availing a Bajaj Finserv Home Loan online is easy, convenient and completely hassle-free. So why wait? Get your home loan with us today and realize your dream of owning your dream home!
“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we works towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”