How to Apply for Home Loan?
You can apply for home loan online or directly by going to the bank.
• First of all, get the information from the bank’s loan executive and then fill out the application form and submit it along with your document.
• You can fill out the form of housing loan by going to the website of any bank or institution you are planning to borrow for online application.
• When the form opens, you have to enter your name, then you have to enter your e-mail id and mobile number, along with the date of your birth, state and city name, address, pincode, the purpose of the loan.
• Employment status, monthly income, the right time to call you, you have to fill all these details in how long you need the loan, then you can deposit it. While depositing the housing loan, a processing fee is also taken by the banks.
Bank checks to provide housing loan to the borrower
• After the investigation of the information or documents you have given to the bank, bank or institution representative will verify your home, office.
• By calculating your earnings, the bank considers only 30% of your salary or bank statement as saving. As if your income is Rs 60,000 then your savings will be treated as 18,000 rupees by bank and on this basis you will be offered a loan.
• Before giving home loan, the bank will make a legal verification of your property through a lawyer. The lawyer will issue a legal report to your property. If the borrower wants to receive a copy of the report by paying some money.
• Then the bank will appoint a valuer to determine the market value of the property.
By this the bank will see the ability to repay your loan. If the property details you have given are already approved by the bank, then this process will not be redone.
• When verification is completed, the bank will approve the loan against your property.
Then an acceptance letter will be issued by the bank, in which all the terms and conditions related to the housing loan will be reported. After that, the borrower has to sign the housing loan agreement.
• After the signing of the agreement, the loan is received by the bank as per the date given to you.
Documents Required for Housing Loans
To take loans from the bank or from any institution, you will need some required documents which are as follows:
– 3 Passport size photographs.
– Residential proof or proof of address: All household related documents like gas bill, latest electricity bill, telephone bill etc.
– Identity Card: You must submit any one of these documents, voter id card, driving license, PAN card, Aadhar card or passport. Make sure that whatever document you give to the bank, your name and address are correct and equal.
– For proof of income: Self-certified latest 3 months salary slip, certificate of fixed salary, 6 month’s bank statement along with ITR or latest form number 16. If you are a businessman, you have to give document of the benefits and losses with a 3-year balance sheet.