Step by Step Home Loan Process

Home Loan Process
Bank Of Maharashtra
www.bankofmaharashtra.in

Step By Step Process
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Fill Home Loan Application Form
Submit Home Loan Documents
Pay Home Loan Processing Fee
Discussion with the Lender
Documentation Process &
Verification
Home Loan Sanction Letter
Property Verification & Legal
Check
Home Loan Disbursal
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Detailed Process
Fill The Home Loan Application Form
Filling out the application form, which includes your
personal information as well as information about your
income, employment, current liabilities, property,
education, and so on, is the first step in getting a house
loan. The home loan application form is available both
online and offline.
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Submit the Form and the Supporting Home
Loan Documents
After you've completed the house loan application
form, you'll need to attach supporting papers and send
it to your lender.
Documents Like,
● Proof of Identity/Age/Address
● Education Qualification
● Proof of Income
● Proof of Business
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Pay Home Loan Processing Fees
The lender may require you to pay a processing fee
once you submit the home loan application form and all
supporting papers. The processing charge for a home
loan is non-refundable and varies by lender. It normally
ranges from 0.25 percent to 1.0 percent of the loan
amount requested.
There are also a lot of lenders who don't charge
processing costs. Lenders charge a processing fee to
start the home loan process and keep track of the
borrower's loan account.
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Discussion With the Lender
The applicant must wait for additional notification from
the lender after submitting the form and supporting
papers. During these days, the lender will review your
information and determine your eligibility for a loan
based on your repayment capacity.
Before the loan can be approved, your lender will need
that you come in for a face-to-face meeting. A personal
meeting is required in order to obtain additional
information and analyse your repayment potential.
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Documentation process and verification
The lender will proceed with the verification of the
given documents and other details after a personal
conversation.
Bank employees may visit your home or contact your
organization to verify the facts you provided in your
home loan application. Your lender will also request
your credit score and report from one or more credit
agencies throughout the checks.
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Home Loan Sanction Letter
Following the preceding processes, you will receive a loan
approval or sanction letter, which will normally include the
following information:
● Sanctioned loan amount
● Applicable loan Amount
● Type of interest rate- fixed or floating
● Loan tenure
● Mode of repayment
● Terms and conditions of home loans
● Policies of your home loan
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Property verification and legal check
The bank will verify the property pledged before disbursing the
loan. Original copies of the title deed, no objection certificate,
encumbrance certificate, and any additional papers requested
by your lender will be required. The property will be subjected
to a legal review to ensure that the title is clear and that no
disputes exist.
The bank will also undertake a technical value of your property.
The property will be inspected by a bank representative. In the
event of an under-construction property, the bank will examine
the property's location, building stage, quality, and progress,
among other things.
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Home Loan Disbursal
You will receive the final agreement from the lender once all of
the above processes have been completed successfully.
Finally, the home loan will be disbursed according to the terms
that were mutually agreed upon.
www.bankofmaharashtra.in

THANK
YOU
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