123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> General >> View Article

8 Steps For Processing A Home Loan

Profile Picture
By Author: Other
Total Articles: 24
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

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.

Total Views: 94Word Count: 390See All articles From Author

Add Comment

General Articles

1. India's Leading Online Travel And Lifestyle Magazine
Author: Young N Fab

2. Xbox One Parental Guide: Everything A Parent Shoul
Author: Unknown Member

3. Digital Technology Updates
Author: The Digital Buyer

4. M3m Sky Lofts Sector 71 Gurgaon
Author: Jaguar Landbase

5. M3m Broadway Sector 71 Gurgaon
Author: Jaguar Landbase

6. Hrms Labour Compliances
Author: Yogesh Pant

7. Elan Epic Sector 70 Gurgaon
Author: Jaguar Landbase

8. Luxury Bathroom Fittings In Uae
Author: Clara Merlin

9. Treat Assignment Help Uk
Author: Treat Assignment Help UK

10. The Potential Benefits Of Tree Removal Services
Author: Bryan Smith

11. How To Get Authentic Quickbooks Help Sitting At Home
Author: john patrick

12. How To Get Rid Of Acid Reflux Naturally
Author: chandigarh ayurved

13. Property Refurbishment London,
Author: Full Construction Service North London

14. Concrete Bonding Agent Industry | 2020 Market Manufacturers, Application, Demand And Forecasts 2023
Author: Market Research Future

15. Hrms Solutions
Author: Yogesh Pant

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: