Home Discover Journals Steps to Follow while Getting a Home Loan

Steps to Follow while Getting a Home Loan

By Finserv MARKETS - Jul 6,2019
Views Icon380 Views 1 0 Comments

(1 page reviews)

Steps to Follow while Getting a Home Loan

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.

Comments

Connect with Us
Connect with Us

Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522