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8 Steps For Processing A Home Loan

By Author: Other
Total Articles: 11

Buying a home is the primary dream of everyone. Some save for it since the beginning while some simply apply for a home loan. If you have enough savings for your dream home, home buying is an easy ride for you. But for those who apply for a loan, it can get a bit difficult because of different processes involved. So, make the whole home loan process, effortless for you, here is a step-by-step guidance:
1. Meeting the bank officials
To understand all the home loan requirements, it is important to get in touch with a bank official. They will help you understand the legal terms and the whole process.
2. Gathering the necessary documents
Once you get a clear idea of your requirements, the next move is to gather all the legal documents such as ID proof, loan application, property papers, account statement, etc.
3. Submitting the loan application form and paying the processing fee
Now, attach the all your documents with the loan application form and pay the processing fee to the bank.
4. Document verification
Once you pay the processing fee, bank will verify all your documents and see if you’re eligible for a home loan or not.
5. Approval of the loan
If your documents are clear and if you’ve a good credit score, bank will approve your application and the process will move further. Otherwise, your loan application will get rejected and the whole process will stop.
6. Releasing the offer letter
As soon as you get the approval for the loan, the bank will send you an offer letter that will be an evidence that your loan is approved. Later, you accept it and send back an acceptance copy to the bank.
7. Technical check, site estimation and legal verification.
Bank takes into consideration the property you’re buying; they will send an expert who will check the technical aspects of the property. Also, they will perform a legal check and do the site estimation.
8. Signing the final loan agreement
Lastly, when all the checking, verification and paperwork is done, you’ll sign the final loan agreement and handover the original papers of your property to the bank. Right after this, you’ll get a cheque of the loan amount.
Successful implementation of all these steps will help you get the keys of your dream home. If you still have issues, you refer to a home buying guide such as Home Ally, that has all the guidelines for home loan.

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