Step 1: Eligibility Check
- Provide basic details such as income, age, employment, and credit score.
Step 2: Application
• Fill out the home loan application form.
• Submit the application along with required documents, such as:
• Identity proof (Aadhaar, PAN, etc.)
• Income proof (salary slips, ITR, etc.)
• Address proof (utility bills, etc.)
• Property documents (title deed, etc.)
Step 3: Processing
- advisor will verify the submitted documents and check your credit score.
- The bank may also conduct a site visit to verify the property details.
- You may be required to provide additional documents or information during this stage.
Step 4: Sanction
- If your application is approved, Bank will issue a sanction letter stating the loan amount, interest rate, and repayment terms.
- Review the sanction letter carefully and sign it to accept the terms.
Step 5: Disbursement
- After signing the sanction letter, Bank will disburse the loan amount to your account.
- The loan amount will be credited to your account in instalments, based on the construction stages or as per the agreement.
Step 6: Repayment
- Repay the loan through Equated Monthly Installments (EMIs), which will include both principal and interest components.
- You can also make part-prepayments or foreclose the loan, subject to certain terms and conditions.
Required Documents
Here's a list of documents typically required for a home loan:
- Identity proof (Aadhaar, PAN, etc.)
- Income proof (salary slips, ITR, etc.)
- Address proof (utility bills, etc.)
- Property documents (title deed, etc.)
- Bank statements (6-12 months)
- Credit report (if applicable)
