হোম লোন অনুমোদন এবং ডিসবার্সমেন্ট প্রক্রিয়ার জন্য গাইড

Housing market prices have skyrocketed in the last few months. However, it hasn’t led to a steep decline in either demand or sales. Instead, a majority of new home buyers, even young and first-time buyers, have set their hearts on mid-end (Rs. 40 – Rs. 80 lakhs) and high-end (Rs. 80 – Rs. 1.5 crores) properties. One of the factors behind this has been the simplicity of getting a home loan:

• এটি হাউসিং লোনের জন্য আবেদন করা আগ্রহী সম্পত্তি ক্রেতাদের সাথে শুরু হয়.
• The loan is then sanctioned by the lender (bank or other financial institutions) after thorough verification of the borrower’s background, documents, CIBIL score, etc.
• অবশেষে, লোন ডিসবার্সমেন্ট করা হয়.

In this article, we will go through the home loan sanction and disbursement process in detail for the benefit of individuals who might be interested in taking a home loan.

হোম লোন অনুমোদন এবং ডিসবার্সমেন্ট প্রক্রিয়া কীভাবে কাজ করে?

As already mentioned, it’s up to the bank to approve any loan application after verifying the applicant’s background, required documents, and CIBIL score. The “quantum of loan” that can be approved also depends on these factors. Once the application is sanctioned, the bank will issue a home loan sanction letter, which will include details regarding the loan amount, tenure, and interest rate, and other relevant information regarding the loan for the rest of the home loan disbursement process.

The home loan disbursement process is when the loan amount is actually delivered to the borrower. The time between loan sanction and disbursement is when the bank carries out technical, legal, and relevant checks. The borrower has to produce the allotment letter, photocopies of the title deed, the encumbrance certificate, and the agreement to sell at the time of the disbursal.

Banks have a specific home loan sanction letter format that they follow. The validity of the home loan sanction letter needs to be checked by the borrower.

The home loan sanction letter format will also contain details of the interest rate prevailing on the disbursement date. If all documents are submitted on time, it helps to reduce the time between loan sanction and disbursement. This is the home loan disbursement process.

Also, read – Home loan sanction letter vs disbursement explained

Housing loan sanction process

When the bank approves a loan, it indicates that the borrower can now confirm the booking of the property and make the down payment. Sanctioning of the home loan depends on the applicant’s income. Banks usually sanction a maximum of 80% of the value of the property as a loan. The amount has to be repaid within a stipulated period.

Home loan sanction criteria

• Eligibility of the applicant:

Banks decide the eligibility of an applicant based on their income, financial stability, CIBIL score, liabilities, etc. If an applicant has a high monthly income, they will be eligible for a bigger loan amount. Usually, banks consider that the borrower will make use of 50% of their monthly income to repay the loan.

• সম্পত্তির ধরন:

Banks may approve loans for buying plots on which the borrower will construct a house or for buying an under-construction or a readymade property, whether new or old. Banks offer loans for repairs or additions to property as well.

• সম্পত্তির ডকুমেন্ট:

The applicant should submit a copy of the property’s sanctioned construction plan, approved by a competent authority. A delay in submission could lead to an increase in the time between loan sanction and disbursement.

Home loan sanction limit

An applicant must pay at least 10-20% of the total property cost from their pocket. Banks approve a maximum of 80-90% of the property value. An applicant may, however, opt for a lower loan amount.

প্রয়োজনীয় ডকুমেন্ট

• Applicant’s photograph
• Legal certificates pertaining to purchasing the property
• পরিচয়পত্র
• বাসস্থানের প্রমাণপত্র
• The latest salary slip, validated by the office and attested by the applicant himself
•  Six months’ bank statement
• Form 16/ income tax return

হোম লোন অনুমোদন পত্র

A sanction letter is a document that signifies that the applicant’s home loan has been approved by the bank. 

Here’s what a sanction letter is composed of:

• Home loan sanction limit
• মেয়াদ
• Repayment method
• সুদের হার
• Type of interest rate: fixed or floating
• কর মুক্তি
• Terms and conditions of the bank
• A “valid until” date, mostly six months from the date of approval

অনুমোদন পত্র পাওয়ার পর, আবেদনকারীকে একটি গ্রহণযোগ্য কপি স্বাক্ষর করতে হবে এবং "বৈধতা" তারিখের মধ্যে এটি জমা দিতে হবে.

এছাড়াও, পড়ুন – পার্সোনাল লোন অনুমোদন পত্র: অর্থ, ফরম্যাট, গুরুত্ব এবং বৈধতা

অনুমোদনের পরে হোম লোন প্রক্রিয়া

হোম লোন অনুমোদিত হওয়ার পরে, হাউসিং লোন ডিসবার্সমেন্ট প্রক্রিয়া করা হয়. হোম লোন চেক ডিসবার্সমেন্ট প্রক্রিয়ার মাধ্যমে প্রকৃত ডিসবার্সমেন্ট করা হয়. চেকটি সম্পত্তির বিক্রেতার পক্ষে ইস্যু করা হয়, যা রেজিস্ট্রেশনের প্রকৃত প্রক্রিয়ার পরে হস্তান্তর করা হয়.

ধাপ-ধাপ হোম লোন ডিসবার্সমেন্ট প্রক্রিয়া

হাউসিং লোন বিতরণের ধাপগুলি নিম্নরূপ:

1. লোন অনুমোদন পত্র ইস্যু করা: যোগ্যতা, ক্রেডিট স্কোর এবং ডকুমেন্ট মূল্যায়ন করার পরে লোনদাতা লোন অনুমোদন করেন.
2. অনুমোদন পত্র গ্রহণ: আপনি লোনের নিয়ম এবং শর্তাবলী স্বাক্ষর এবং স্বীকার করেন.
3. Legal and technical verification: The lender verifies property documents and construction status.
4. Agreement execution: You sign the loan and mortgage agreements.
5. Fulfillment of pre-disbursement conditions: You submit the required documents and pay applicable charges, such as processing fees and other administrative charges.
6. Disbursement of loan amount: The funds are released in a lump sum or stages, based on property type and construction progress.

Home loan disbursement stages

There are multiple stages (usually three) in the home loan disbursement when the lender disburses loans in installments. Disbursement in installments is usually done when the property being purchased is an under-constructed one. The payments are made depending on the stage of construction of the property.

Home loan disbursement criteria

• A bank-appointed architect should certify that the proposed construction is in strict adherence to the sanctioned plan.
• No upfront disbursal of loan should be made to incomplete/ under-construction projects. Disbursement will only depend on the stages of construction of the property.
• However, projects sponsored by the government or statutory authorities shall enjoy disbursal of loans as deemed fit by any such authorities.

The interest rate options

Home loan interest rates are of two types: fixed or flexible

Tracking home loan disbursement status

When you take a housing loan status update, you can avoid delays by staying informed about fund release timelines. Most lender websites or mobile apps allow you to perform a home loan disbursement status check online using your account number or loan application. You will also receive updates through SMS or email after the pre-disbursement conditions are met.

You can track home loan status to learn if legal checks, document verification, and agreement execution are completed. You can also take the assistance of your relationship manager or customer support in case there are delays. They will inform you about any pending requirements and help with quick disbursement.

এছাড়াও, পড়ুন – এডুকেশান লোন অনুমোদন পত্র: একটি কম্প্রিহেন্সিভ গাইড

When does EMI start after disbursement?

While most home loan EMIs start after disbursement, the exact timing depends on the property type and loan terms. EMI starts in the month after full disbursement for ready-to-move-in properties. Pre-EMI applies to under-construction properties, where you only pay interest on the disbursed amount until possession. Regular EMI starts once the final disbursement is completed or the construction is finished. This includes both principal and interest components as mentioned in the lender’s home loan EMI schedule.

Difference between home loan sanction and disbursement

Home loan sanction and disbursement are two distinct stages in the home loan process. Understanding the loan sanction vs disbursement difference helps to know what will happen when you apply for a loan. Sanction refers to the lender’s in-principle approval of the loan amount, interest rate, and tenure. Lenders provide a sanction after evaluating your eligibility and documents. It does not involve fund release. Disbursement happens later, once you accept the sanction, complete legal and technical checks, and fulfill all pre-disbursement conditions. During disbursement, the lender releases the approved loan amount, either in full or in stages, directly to the seller or builder.

এছাড়াও, পড়ুন – হোম লোন ডিসবার্সমেন্ট প্রক্রিয়া: ধাপ এবং ক্লেমের সীমা

Necessary documents for home loan disbursement

Home loan disbursement requires specific documents to confirm loan approval, property details, and borrower compliance with lender conditions. 

Here’s a list of required documents for loan disbursement:

• Sanction letter: A signed copy of the sanction letter confirming your acceptance of the loan terms and conditions.
• Loan agreement: A duly signed loan agreement.
• Property documents: These include the sale deed, allotment letter, or builder-buyer agreement.
• Payment receipts: Proof of the borrower’s own contribution or margin money paid is a must.
• Identity and address proof: A copy of any valid KYC document, including PAN Card, Aadhaar Card, etc.
• Bank account details: A cancelled cheque or mandate for EMI setup.

সমাপ্তি

There’s no place like home. Many people dream of owning a home. The availability of home loans has helped many people to realize their dreams of owning one. Understanding the various housing loan disbursement stages helps to expedite the entire home loan amount disbursement process. If you are looking for a home loan to purchase a property, get in touch with Tata Capital for tailor-made home loans with an attractive rate of interest starting at 7.75%.