Taking a home loan is not an easy thing, also it’s not something which will happen with the snap of a finger. It takes not less than 48 hours to a weeks time for approval depending on the type of lender you choose.
Sure?
How much can be sanctioned? The first thing is to decide how much amount can be sanctioned as a loan. If you’re the borrower, you can find out the same using the home loan eligibility calculator. This will keep you aware and help you plan your loan accordingly.
Documentation: The same is followed by the documentation process where the lender checks if the applicant has all the required documents or not.
Credential check: Moving on, the lender initiates the verification process to check if all the details i.e the income details, the details about the property being purchased, the identity and the address of the applicant is correct or not.
Personal meeting: Upon completion of background check, the lender calls the applicant for a face-to-face meeting. The same helps the lender to achieve a clear understanding of the purpose of a loan.
Paperwork: As the personal meeting concludes, the amount is sanctioned. The same is followed by the paperwork where the applicant needs to sign the agreement and submit the ownership/purchase agreement of the property with the lender.
Legal checks: Lastly, before the loan amount can be finally transferred into your account, the lender will do some legal verification to ensure the property is legally purchased.
These above guidelines to Home Loan Disbursement Process will help you.
