Buying a home is one of the major decisions a person has to take during his life. It is rare to find someone who pays the entire cost of home at one go. A home loan is an essential part of any home buying endeavour. Taking a home loan is a long journey, which involves many stages. The key to getting your home loan in a smooth way is being familiar with the entire home loan process.
Beginning the home loan process in India:- The process of getting a home loan starts with a formal application request for the loan. The application form requires certain basic information about you. This will include your personal, residential, income, employment, educational details, details about the property you are about to buy, estimated costs and current means of financing the property. The requirements may vary from bank to bank.
The application form must be supported with valid documents to substantiate the facts. Generally the banks will ask you to submit following documents.
Proof of educational qualifications
Details about the property if finalized
The purpose of the entire exercise is to ascertain the suitability of the applicant for a home loan. The income documents and bank statements provide vital clues to the bank regarding your financial health.
Processing fees for home loans in India:-
An important thing to note about home loans is the processing fee. Banks charge a processing fee for every home loan application. This fee is non-refundable. The processing fee varies from bank to bank and is generally between 0.25% to 0.50% of the loan amount. This fees is used by the bank to start and maintain the home loan process including completing the various formalities during the entire period.
Anyways we at Greenmark Developers Projects take care of facilitating your home loan, so that you don't have to chase after different banks.