Owning a home is the most desirable thing. It is a form of ensuring lifelong financial security; and since the costs of land and property prices have increased beyond the comprehension of a middle-class Indian citizen. Thus, many struggle to even fulfill their basic necessity of purchasing a home. This is where you can opt for a Home loan.
A home loan is not that difficult as it is perceived. As there is a proverb “Well begun is half done”. The same goes for the Home Loan process
Shubham Housing Development Finance is a leading mortgage lender in India. With our customized home loan solutions, we have helped over 40,000 families achieve their aspirations of owning a home. We also help you to make the right home buying decision.
If you’re looking to apply for a home loan chances are you’ll mainly focus on factors like the loan interest rate, processing fee among other eligibility requirements. However, there might be a few other crucial things that are equally important.
To kickstart the home loan process, follow these simple steps
1. Fill the Loan Application Form
The first step of a home loan begins with the filling of an application form. It is the most basic document in which you have to provide your personal information like your name, address, occupation, annual income etc. Once you fill the application form, our representative will get in touch with you to move forward with the further processes.
2. Verification of documents
After you submit your documents, we verify the documents provided by you. This is an important aspect of the home loan process. During this time, the borrower may be asked to visit our branch for a face-to-face interview to check if he/she has a repayment capacity to manage to pay the EMI.
3. Pay the nominal application Fee
Once the application and document submission process is done, the applicant has to pay a nominal application fee.The processing fee is later on deducted from the loan amount when the loan is disbursed.
4. Discussion
After submission of the application form & processing fees, the borrower has to wait until the respective financial company checks the papers. We will investigate and verify all the personal and property details provided by you.
It is a crucial stage as this evaluation is done to collect more details about the applicants to make sure if he/ she has the capacity of repaying the debt.
5. Processing The Offer Letter
The bank will sanction your loan and offer letter which will include information related to the tentative principal amount, type of interest rate (fixed or floating), the rate of interest applicable, Loan tenure, mode of payment, and other terms and conditions.
6. Legal and Valuation check
Once the property papers are submitted, the bank then validates them for authentication. This process is termed as “legal check as the property papers are sent to the lawyers for an in-depth inspection. The loan amount will be disbursed into your account only after this process.
7. Registration and Signing
All all the paperwork is complete; the applicant needs to sign and submit the agreement of the home loan.
8. Disbursement
Once everything is legally clear, then we disbursed the loan amount directly to the applicant’s bank account.
You can also fill in the Shubham Online Home Loan application form and get loan approval quickly.