Getting a home loan is a long process. This means there are steps that are to be followed with care to ensure there are no slip-ups. It is better to be aware and informed of what goes on in the process so you know what to expect and are prepared to handle the requirements.
The key qualities you need to have throughout this process are patience and attention to detail. Patience to go through every step as it comes, no matter how difficult it gets and attention to detail to ensure everything is perfect.
Now, let us take a look at these steps.
Step 1: Filling the application form
Most of the home loans require a standard set of information. Filling the form with all those details is the first step. Details like your address, identity, income details etc. are captured when the customer fills in the application form.
Step 2: Negotiations
The home finance institution evaluates your papers and then calls you to negotiate the amount.
Step 3: Investigation
There is a background check conducted by the financial lender when one applies for a home loan. This involves going through every document submitted and verifying the same to ensure authenticity.
Step 4: Approval and Sanction
Based on the information provided, the lender then decides whether to approve or reject your home loan application.
Step 5: Offer Letter
The financial institution sends you a letter with details like loan amount, rate of interest, loan tenure etc.
Step 6: Legal process
This is when you handover the documents relating to the property to the financial institution which remains with the lender until the loan is repaid.
Step 7: Registration
Once the legal check and valuation is done, it’s time to register your home signing and stamping of the legal documents are done.
Step 8: Signing on the home loan agreement
The last step but the best one. This is the final agreement signing to seal the deal, to get your hands on a Home loan.