Are you applying for a home loan? Know all about the home loan sanctioning and disbursement process in India.
A home loan is a lucrative option when it comes to funding your construction or buying of a new home. There are several banking institutions and financial institutions out there providing the ease of applying for a home loan in India. However, in order to avail the benefits of the same, it is vital for you to understand the home loan sanctioning as well as disbursement process. Before you apply for a home loan, a reliable home loan lender or service provider like Bajaj Finserv would check the authenticity of the documents that you provide. As such, you are required to provide relevant, valid documents including ID proof, address proof, CIBIL score, and so more.
After checking the same, the home loan lender would carry out the following steps towards home loan sanctioning:
- Checking the personal details including ID and address proof
- Scheduling of a personal face-to-face meeting with the lender for further identification and clarification
- Starting of the required paperwork
- Making the down payment (around 20 percent of the loan amount)
- Getting ready for the legal inspections including NOC and the Title Deed. Do you know noc full form if not here is, No Objection Certificate.
Once all the necessary formalities are carried out between the loan borrower and the lender, it is important to know when exactly the home loan will be sanctioned. In most cases, the reliable home loan lenders would take around 3-4 days for home loan sanctioning and disbursement.
Additional read: Home Loan Sanctioning And Disbursement: a Quick Guide