So, you have decided to move out of your rented apartment into a home of your own. The best way to do so is to apply for a home loan. Many people who wish to be homeowners have successfully received a home loan and fulfilled their goal of owning a house. Here is how to get a home loan with some easy steps.
Step 1: Calculating your assets
The first step of your application process is calculating your assets. How eligible are you for a home loan? What assets do you have? How much can you afford to pay in EMI each month? What can you put up as collateral? What is the interest rate you can afford to pay for your loan? Answering these questions can help you narrow down on the various aspects of your home loan eligibility.
Step 2: Applying for a loan
Now that you have clear expectations of how to take home loan – you can now apply for it. You can fill out a form and submit it at the bank, and a representative will reach out to you soon. The form will consist of your necessary details which will determine your eligibility. These details include your personal data, educational information, your income, current means of financing and more.
Additional Read: Want to Own a Home? Find Out How
Step 3: Document submission
A representative of the bank will collect your documents. These documents include identity proof, address proof, bank account statements, salary slips (the more recent, the better), documents of the property which you want to give as collateral. The bank will check these documents to determine if you are eligible for a home loan.
Step 4: Verification and sanction
The bank will verify these documents to ensure that they are accurate. They may contact your employer or other relevant organizations to confirm all the details. The bank also checks your CIBIL score and other credit reports. Only if all the above documents are satisfactory, then your home loan is accepted, and you will receive a sanction letter outlining the terms of the loan.
Step 5: Fee payment and disbursal
Once you receive the sanction letter – all you have to do is sign it, and your home loan is as good as disbursed. The lender will perform some technical and legal inspections on the site. After everything is approved, you will receive your final agreement, and the loan will be disbursed to you by the lender.
Additional Read: 5 Reasons Home Loans are going to be Big in 2020
Find the ideal home loan for you
Have you decided on a dream home, perfect for your family? Is it finally time that you gave up the rental and move into something truly yours? Or are you just looking into your options on how to get a loan for a house? No matter what your needs are – Tata Capital is here for you. Find a home loan that suits your needs – with attractive interest rates, flexible financing options, and more. Apply online, or visit the nearest branch of Tata Capital today. Your dream home is just one loan away.