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Closing your home loan? Ensure these tasks are done
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A Home Loan disbursement is the stage at which the lender approves and transfers the loan amount into the borrower's bank account. This is done in accordance with the financial institution’s terms and conditions.
The home loan disbursement process is divided into 3 major parts. These are:
Once the loan has been sanctioned, you can raise a request to your lender for the loan’s disbursement. Meanwhile, arrange for documents as required depending on the type of property. These will depend on the type of property you wish to purchase.
Under-construction Property: In this case, documents like the allotment letter, demand letter, payment receipt, post-dated cheques, etc. are required
Ready/Resale Property: For a ready-to-move-in or resale property, you will be required to furnish a sales agreement and the complete ownership chain of property documents.
To know the exact list of documents required, contact your lender and seek their assistance.
Once you submit the documents, the lender conducts a technical and legal examination of the property. Simultaneously, your documents are also verified by the financial institution. Alongside this, depending on whether all requisite signatures of all parties and the processing fee of your home loan are submitted, the loan is processed. Once the evaluation is complete, the amount is ready to be disbursed.
In this stage, the lender will transfer the sanctioned loan amount to you. This could be in the form of either a full or a partial disbursement. The type of disbursement is determined on the basis of the stage of completion of your property’s construction. In case of a total disbursement, you will be required to start making your EMI payments from the next month of having received the loan amount.
Below is the list of documents required for a Home Loan disbursal.
Application form along with passport-size photographs
Identity Proof:
Residence Proof
Voter ID card
Passport
Driving license
Aadhaar card
Utility bills
Income Proof:
For Salaried Applicants
Last 3 months' salary slips
Form 16
Bank statements from the previous six months
ITR of previous two years
For Self-employed Applicants
ITR for the previous two years
6 months primary bank statement
Copy of the firm’s service tax/GST/VAT returns (as applicable)
Advance tax payment slips (if any)
Balance sheet of previous six months
Assessment copy of profit and loss
Other Documents
Age proof
Office address proof
Investment details (if any)
Co-applicant’s identity proof
Co-applicant’s passport-size photographs
Property documents
Estimate cost of construction
NOC from builder/society
Approved copy of building plan
Sanction letter
Encumbrance certificate
In partial disbursement, the loan amount is given in instalments to the borrower. It is mainly for an under-construction property. Under this payment method, the financial institution disburses the payment in accordance with the development of the building.
After the approval, it may take anywhere between 7 days and 4 weeks. The time duration varies across the lender.
Your eligibility for acquiring a Home Loan is dependent on multiple factors like your age, income, employment type, credit score, financial habits, etc.
Below is the list of documents that you must have.
Identity proof
Residence proof
Age proof
Income proof
Property documents
No, the processing charges are non-refundable.
