3 Steps to easy " Home Loan Disbursal"

To " Easy Home Loan Disbursal".

 Lets first understand what is Home Loan ?

A Home Loan is given to  purchase of an Under construction / Built up Property. it is also given as a Construction Loan. A home Loan is also sanctioned to buy over/transfer an existing loan from Bank A to Bank B. We can even give Top-Up Loans under Home Loan scheme these days.

The Amount given as Home Loan starts from 10 Lacs to 100 cr.

Home Loan amount is  calculated considering these two factors:

              Income of the Applicant 
         Value of the Property.

Home Loan is an income based loan so the income of the applicant  and the property value is calculated to arrive on the  Loan Amount figure.As per the IT Act, the following income sources are
come sources are considered to calculate the Loan Amount.

•                Income Sources:
•                Salaried Income 
•                Self Employed Income.

             
               Lets understand the income documents of both these categories

               Salaried Income Documents:

               Salary Slip for Last three Months.
               TDS Form 16/ITR for Last 2 years.
               Bank statement of Salary A/c for Last 2 years.
             

               Self Employed Income Documents:

               Properitorship Company:
               ITR+ Computation of Income for Last 2 years.
               Balance Sheet and Proft & Loss a/c for Last 2 Years.
               Bank A/c Statement of the Current a/c for Last six months.

               Partnership Companies:
               ITR + Computation of Income of partners for Last 2 years.
               Balance Sheet and Profit and Loss a/c of the Partnership co for Last 2 Years.
               Bank Statement of Partnership Co and Partners for Last six Months.
               Partnership Deed.

               Pvt Ltd Company.
               ITR+ Computation of the Income for Last 2 Years of all Directors.
               Audited Balance sheet with All annexures and Schedules of the Company for Last 2 years
               Bank Statement of the Company and All Directors for Last six months.

             
               All Property Documents are to be submitted along with the Income Documents.

               Time to decide the Bank /HFC  for Home Loan and submit the Home Loan Application for processing.The Prominent Bank and Housing Finance Companies which are operating in Delhi NCR are: 

State Bank of India, Punjab National Bank, Oriental Bank of Commerce.Corporation Bank, ICICI Bank, HDFC, Standard Chartered Bank, HSBC, Deutsche Bank, Kotak Mahindra Bank, Lic Housing Finance Ltd. PNB Housing Finance Ltd. Indiabulls, DHFL etc.

Now you have prepared the documents according to your income source and also finalized the Bank of  your choice, so lets now understand what are the 3 steps to "Easy Home Loan Disbural"

Ist Step: Application Submission: An application is filled and the Income/Personal/Property Documents are deposited in the bank. The bank on receiving the application and   initiates Residence/Office Verification , CIBIL Check and other Internal checks. The Property documents are send to em paneled lawyer for a legal Check  and the copy of Sanction Plan is send to the em paneled valuer. These check take minimum 4-5 days and meanwhile the credit officer calculates the credit  eligibility of the applicant and an amount is arrived as per the income.

2 nd Step Loan Sanction: Once all the reports are in order and the CIBIL Check is okay a " Sanction Letter " issued to the customer. The " Sanction Letter" is a detailed offer to the customer which speaks about all terms and conditions on  which a loan has been sanctioined. It will mainly carry the Loan Amount, the applicable rate of interest and the loan Tenor. But this  may not be the final amount , the final amount may depend upon the value of the property and customers acceptance.

 3rd Step Disbursal : The customer has been sanctioned a Loan , now he has to sign on the acceptance of the Sanction letter and a Loan Agreement Kit is signed by him. The Loan agreement has all the detailed terms and conditioned along with repayment terms. The Repayment is taken by ECS these days so only 2-3 checks  are taken from the customers a/c. All theses documents are deposited in the bank and the post sanction team of the  checks the documents and send the  disbursal check for printing. The Loan is disbursed and the check is handed over to the seller /builder respectively and all the original documents are deposited to the bank.  A detailed welcome kit is sent to the customer post disbursal of the Loan.

This is the complete 3 step process for a Home Loan in Delhi NCR.If you are looking for a New Home Loan or wants to transfer your existing Home Loan then calls us at 9911594833 and get the best deals from these banks.

  Please feel free to send in your  regarding Home Loans at dbisht@yahoo.com and you can also type your feedback in the comments column below.