How to Get a Home Loan ?
A home loan is an amount of money that an individual borrows from a bank or money lending company at a certain rate of interest to be paid with the EMI every month. The property is taken as a security by the money lending company for the Home Loan. When the borrower can not pay the dues, the lender will possess all the legal rights to recover the outstanding loan amount by sale of the property in question. Some types of loans are, home purchase loan. Home improvement loan, home construction loan, land purchase loan, home extension loan, etc.
Wondering about the home loan disbursement process ? There are three stages, namely the submission of the application from and documents followed by the sanctioning and the disbursement. Which is usually communicated through the home loan disbursement letter. Once you approved the home loan sanction letter, the disbursement process will start. The key home loan disbursement stages include the following, documents, legal examination of documents, down payment amount and date, transaction documents, and disbursement of the loan amount.
The property details like own contribution receipt, no objection certificate, and sale deed will be examined by legal expert/lawyer. The report will give the nod towards taking the process further or added documentation maybe needed. You will be inform about the date of the down payment and the first installment required. Documents to be executed included the like of the credit facility application form and others which will have to disbursed in a single or more installments. Post technical and legal property verification and subject to the sanction letter’s terms and conditions.