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Housing Loans- The Procedures

November 20, 2012 | Comments: 0 | Views: 257

Owning a home is a proud thing to happen in life. These days, property prices are escalating dramatically and so posing obstacle for people to purchase house on a single payment. Therefore, many people prefer to go with the option of housing loans and there are many finance companies found in your local area ready to offer lucrative loans. The housing loans follow in a few steps as listed below.

The Procedures

When choosing housing loans, you need to be extra careful in making the right choice. First, figure out the kind of financial status you have so that you form a rough idea of the resources so as to choose a housing plan that suits you the best. Your next step is to go with the form submission. Once you have decided about the plan and its requirement, fill in an application form. Remember, the documents can vary from bank to bank.

The documents are inevitable to assess your age, income, employment and residence. For the loan to be petitioned from the bank, you need the right procedure of application. You might have to pay a processing fee, which is non-refundable. Once the form is submitted, the bank will start asking for validation of your form. If required, the bank will check through your residential address, place of employment and much more. The bank will thoroughly go through a number of checks to ensure that your loan amount is repaid.

Once a thorough checking by the bank is done with the use of SME toolkit, the bank then issues a sanction letter. The letter contains all details, such as, rate of interest, loan amount, mode of repayment, monthly reducing balance, general terms and conditions and so on. Once you are issued the sanction letter, you will need to leave all details of original documents to the bank so as to get the loan amount sanctioned.

During this process, the bank visits your property and does a site inspection so as to determine that there has been no violation in the construction procedure. Then, the bank will confirm that the property was technically and legally clear and hence the loan is disbursed to you.

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