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The first step in obtaining a loan is to determine how much money you can borrow. In case of buying a home, you should determine how much EMI you can afford even before you begin looking. By answering a few simple questions, we will calculate your buying power, based on standard lender guidelines. Please Contact Us for for more details & Free Support. We Never Charge any Fees. Absolutely Free Service.
As per the RBI guidelines, 80% of the total cost will be allowed for the housing loan if the property price is between 30 lakhs to 93 lakhs. The remaining 20% of the cost has to be provided by the customer as down-payment. If the value of the property is below 30 lakh, then 90% of the cost can be taken as loan. In the case of properties that cost more than 93 lakhs,75% of the amount can be taken as loan & 25% will be the down payment.
We recommend to take a pre-approved loan from a reputed bank by verifying your income, credit score , assets and liabilities, before you start looking for your new house.. Once the loan is pre-approved, you only need to buy a house or land within six months. Sanctioned loan will be valid for 6 months. We can make it ready as soon as getting the soft copies of your documents. We Offer Superfast processing with Fair interest rates.
The procedure to take Home Loan begins with an application form. This loan application will require a few basic information about the applicant. Usually, this includes: personal details, residential address, monthly / yearly income, educational information, employment details etc. Once the formal application is filled, the next step is to attach all the Proof of the documents. You can do all these things by online.
Once the formal application and document submission process is done, the applicant has to pay the processing fee to the bank. This is the amount collected for maintaining the applicant’s loan account, It includes sending some confidential papers every year. The processing fee of a bank usually Ranges from 0.10% to 0.50% of the requested loan amount. Periodical offers may be available.
Once the applicant has completed the application and documentation process, he or she has to wait until the bank checks the papers. It usually takes about 3-7 days or even less if the submitted paperwork is correct.Keep in mind that millions of people apply for home loans on a daily basis. To get fast approval from bank, the applicant has to be genuine in the entire procedure and co operate to give suporting documents if required.
As soon as the application form & documents are submitted, and the processing fee is paid, the bank authority then evaluates them. A bank examines the following details of an applicant. Residential address, Place where he/she is employed,Credentials of the employer,Workplace & Residence contact number. Note: A bank representative pays a visit to the applicant’s residence or workplace to verify his/her details.
The qualification, age, and experience details. The transactions made with the applicant’s bank. The monthly and yearly income. The current employer and the type of job he/she pursues. The nature of the business (applicable only for a self-employed). The ability to repay the loan amount with the set interest rate. Based on the information mentioned above, the bank finalizes and communicates the maximum loan amount the applicant can receive.
The approval or sanction part is one of the most crucial stages of a home loan process. This can either have a fruitful result or can be rejected. It all comes down to the bank. If it is not satisfied with any of the documents provided by the applicant, the probability of approval turns less. However, if everything goes well, the loan will be sanctioned or approved in no time. We can give the updates regularly.
As soon as the loan is sanctioned or approved, the bank then sends a certified offer letter, which mentions the following details: The loan amount that is being sanctioned. The interest rate on the total loan amount. Whether the interest rate is variable or fixed. The loan’s tenure details. The mode of loan repayments. Terms, policies & conditions of the home loan. The Acceptance Copy
Once the offer letter is officially accepted by the applicant, the bank next concentrates on the home property he/she intends to purchase. Even if it is not finalized, the applicant can request for a time duration to select one. Once the property is selected, the applicant has to Submit all the property document Copies to the bank & also the agreement with the owner of the property.
Once the property papers are submitted, the bank then validates them for authentication. The original documents and copies are sent to the bank’s lawyer for an in-depth check. Only when the lawyer approves all the submitted documents as clear, then everything related to home loan is good. If not, the applicant will be asked to submit a few more documents for verification.
Every bank is highly cautious with the loan it lends and the home property it plans to finance. Hence, a technical check or a double check is further done. The bank will send an expert to determine the market value of the property that the applicant intends to purchase. Now, this person could either be an employee of the bank or a civil engineer or someone from an architect’s firm.
Once the technical valuation is done, the bank complete all the final paperwork. The next step is to make ready the draft for final registration of the Property, lawer ensures the draft is correct with the applicant. The lawyer of the bank finalizes the loan documents and have them stamped. Some banks agree to register the document by the document writter nominated by the applicant.
After the paperwork is complete, the applicant has to sign the agreement of the home loan. He/she has to submit the cheques (post-dated) for the initial 4 months or the duration both the parties have agreed upon. This stage is known as the MOE (Memorandum of Execution) and has a stamp duty based on the state the applicant applies at. This duty is paid by the applicant..
We undertaking contract works in Ernakulam & Kottayam Districts. Our group of professionals have been providing home building services over 10 years. Our focus has been to provide the finest and most comprehensive House construction. We are a House Builder that is committed in providing Quality Design and Construction at Affordable Cost.