Home Loan

Need to buy a house? You can save 5% with this new home loan

Everyone strives to achieve success in distinctive ways, some of us calculate success by parameters like the balance sheet, the car and above all the home you own. For many, owning a house is a big dream and, via the home loan, even in this age of relentless inflation, it seems feasible to make your dream come true. In the purchasing of a house, there are some technological and legal considerations. Here is a step-by-step guide to help you plan your dream home better.

What are the steps to follow?

Finding the right agent

A property agent is a significant partner in your home purchasing process. Check for an agent with a wealth of expertise in the localities of your choosing. Choose an agent with an insight into the current real estate market. You as a homebuyer will benefit from your knowledge of the locations and the surroundings, and the home-buying process as a whole in conjunction with negotiating skills.

Start identifying properties

Start finding the possible property options in the places of your choosing together with your agent. Make sure your selected properties match the list of your main home purchasing parameters. Lay your standards, including facilities, features and requirements, from your home. Start to tour and remove those properties in the list that do not comply with all the essential criteria you expect in your home. Make a list of all things, take photos and make videos of each property. Please sit down and shortlist after comparing them together.

Know your budget

The property price is an important parameter. Know that other overhead charges are also applied, apart from the cost of the property. It covers stamp duties, legal fees, brokerage fees, property taxes and so on. Define your plan to invest in a house. Choose the properties and begin to determine the value of those properties with the sale price. Once you find a property suitable for your budget, start looking for a bank which offers an attractive home loan interest rate.

Verify Property Documents

The next and most crucial move when you locate the desired property/house is to search the lawyer for property-related documents and legal documents. These documents include the title deed, permits from the local municipal body, encumbrance certificates, occupational certificates, and property tax (in the case of resale) receipts. Documents for releasing the loan are also required (if the property was mortgaged for a loan).

Get Documents Stamped

The sales agreement is also stamped as another step in the home buying process. There should also be two stamped agreements for ongoing construction, one for sales and one for construction.

What are the documents required for getting a home loan?

  • Identity Proof and residence proof for KYC
  • Income Proof  
  • Property Documents related
  • Six months bank statement 
  • Applicant’s and co-applicants photographs 
  • Cheque for paying the Processing fee
  • Salary slips (For salaried professionals)

Submit Documents to the Lender

  • You must submit the loan application along with required stamped documents relating to property and income.
  • After that, the lender carries out the legal and technical assessment of the house, verifying the authenticity and inspecting the item according to different requirements in your submitted documents. 
  • After this, the valuation of the property is estimated and the loan amount assessed in the event of a satisfactory appraisal.

Collect Valuator Statement

You have to obtain the Valuator Statement after the significant appraisal of the property by the panel.

Submit Original Documents for Sanction

  • Submit the original documents to the lender. Bring all original papers submitted along with the online application
  • In the case of a guarantor, both the borrower and the guarantor should be present in the bank.
  • If the landlord share remains, the builder’s presence is also an obligation.

Collecting the Loan Agreement

After loan approval, the bank will then draw up a loan agreement along with the terms of the loan. Please read carefully and sign it for approval.

Points to remember

  • Collect the builder’s NOC to claim that the property is free of mortgages.
  • A note indicating how much money is needed in a given building construction process.
  • Ensure that the demand notice complies with the loan agreement payment plan.
  • The borrowers can query the next part of the payment by sending an email to the bank in the event of partial payment.

Conclusion: This thorough guide will certainly help you prepare yourself in advance so that the loan is processed correctly and approved quickly. Keep these fine points in mind, and avail home loans hassle-free and best interest rates.

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