How To Get Home Loan In India

How To Get Home Loan In India

 

Processing Fees For Home Loans:-

banks charge a processing fees to every individual that asks them for a home loan that is totally non-refundable and this fees differs from one bank to the other and is generally about 0.25-0.50 percent of the entire loan sum. This fees is for completing out the formalities of the customer during the entire period of the loan process.

How To Get Home Loan In India

How To Get Home Loan In India

Procedure of Home Loan In India:-

the procedure to get a loan for home starts with a formal application in India, the application form consists of the columns about the name of individual, his permanent and correspondent address his income proof, his basic qualification and educational details, details of the property he owns, the mode of financing the property and his family members etc . Along with the other documents like the Aadhar card, the ration card, the voter card, the pan Card, etc. So basically it is like any other application form in India but the purpose is to get a home loan.

the requirements of the documents may differ from bank to bank but there are some things that are mandatory with every bank in India to get home loan and they are namely the proof of the income, the proof of the age (it is basically the school board mark sheet or the voter card), the proof of the identity of the person (this may include the aadhar card, the voter card or the driving license of the specific person ), the address proof (ration card or the electricity bill) or a domicile certificate and a proof of the educational qualifications ( includes 10th, 12th, graduation and post graduation mark sheets) the details of the property also needs to be mentioned with the bank if the property is finalized along with the bank statements. These all the proofs must be   strengthened by valid original documents along with their photo copies to male the application trustable.

this entire procedure is made to make certain if the applicant is suitable for the loan or not. the proof of the income and the salary slip and the bank statements provide to be an effective means to know the financial condition of the person asking for the loan and whether the loan amount can be recovered back from him or not.

 

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