You need to take the decision of home purchase, once you are completely ready. You need to look for several factors such as the price of real estate properties, your income and savings, etc. Once, these factors match, you should take the decision of applying for a home loan and purchasing a home.
Generally, when you apply for a home loan in banks and non-banking finance companies (NBFCs) by fulfilling the home loan eligibility, you can get a home loan as higher as up to Rs.3 crore. You just need to fill the home loan application, get loan approval and sanction of the amount and the money gets disbursed to your bank account. The Home loan disbursement process includes the following steps:
Documentation Process – The lender will first check your documents properly that comprises of home purchase agreement, identity, address, and income proofs, bank statements, and PAN Card copies.
Background Check – Lender will check whether the information provided by you to the lender is correct or not. You must ensure what information needs to be provided and relevant to avoid rejections.
Personal Interview – Lenders may schedule a meeting with you to better understand the loan purpose, where you may be asked about your age, job expertise, monthly outlays, and income before sanctioning the loan.
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Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.