Home Loan Process Bank Of Maharashtra
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Step By Step Process ● 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 www.bankofmaharashtra.in Check
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. www.bankofmaharashtra.in
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 www.bankofmaharashtra.in
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. www.bankofmaharashtra.in
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.
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