Home Loan Procedure at a Glance

Do you want to go for a home loan online apply, and know about the home loan procedure?

Nowadays, it is possible to enjoy lower home loan rates and faster approval.

It could be done if your CIBIL score, repayment history and income record are intact; you can enjoy a faster home loan approval.

Read on and learn about the home loan procedure!

Home loan procedure at a glance

1. Online application

The first step is to apply for an online home loan application. You can do that by filling the online application form using a few details. Once done, a lender’s representative will get in touch with you to take this forward.

2. Document collection

Now, your lender will connect with you to collect loan documents. It will be related to your personal, professional and financial details. It may vary from lenders to lenders.

3. Document processing and verification

The lender will process and verify the documents. You may be contacted at your home or your office to confirm your occupation and residential address. Your lender will also check out your CIBIL score and credit report to ascertain your creditworthiness.

4. Digital sanction letter

You will receive the digital sanction letter from your lender once the above steps are completed. The digital sanction letter will contain details, such as the loan amount, the interest rate, types of interest rate, and the repayment tenor.

5. Secure fee payment

You have to pay a one-time secure fee after signing the sanction letter. This fee is one-time, and it may be asked to pay even before.

6. Legal and technical check

A lender will perform a legal and technical check before the disbursal of the loan. To do that, they will send their representatives to the website for inspection.

7. The loan agreement and disbursal

A borrower will receive the final agreement after your lender has performed all their checks. The creditor will disburse your home loan amount.

You are now aware of the standard home loan procedure. It may vary from lenders to lenders. Thus, you should check out the precise housing loan procedure on your lender’s website for free.

Read Also: PROCESS GUIDE TO HOME LOAN APPLICATION