Applying for a home loan may seem like a Herculean task, but it need not be so.
We list six easy steps on how to go about applying for a home loan.
Step 1: Submission of loan application
The first step involves filling up the application form of the housing finance company (or bank) along with the required documents. A one-time processing fee will also have to be paid at this stage. For applying now logon to http://www.easyfinance.in/
Income documents needed: http://www.easyfinance.in/
If you are employed http://www.easyfinance.in/
Verification of employment form.
Latest salary slip/salary certificate showing all deductions for at least the past six months.
Form 16 from your employer for the past three years.
If your job is transferable, permanent address needs to be provided.
If you have been in your present employment / business or profession for less than a year, mention details of occupation for previous five years, giving position held, reasons for change and period of the same. http://www.easyfinance.in/
If you are self-employed http://www.easyfinance.in/
Balance sheet and profit and loss account of the business/profession along with copies of individual income tax returns for the past three years as certified by a chartered accountant.
A note giving information on the nature of the business/profession, year of establishment, present bankers, form of organisation, clients, suppliers, et cetera.
Your net worth as an applicant/co-applicant.
Step 2: Submission of property documents http://www.easyfinance.in/
Title deeds of the builder/land owner for a period of at least 13 years.
Development agreement between the builder and land owner if applicable.
Power of Attorney executed in favour of the builder, if applicable.
An encumbrance certificate for the past 13 years. An encumbrance certificate is report issued by registrar of assurances or sub-registrar's office after due verification of the relevant documents certifying that the property in question is free from all encumbrances such as mortgages, leases, easements or restrictions.
A khata certificate. This certificate is the basic document indicating ownership of property as entered in the register of the government authorities.
Up-to-date tax paid receipts of the property.
A sanctioned plan and licence.
Step 3: At the housing finance company branch http://www.easyfinance.in/
An agreement for sale and a construction agreement with the borrower.
A comprehensive legal scrutiny will be done.
Pre-sanction inspection of the property will be carried out.
Credit appraisal and personal interview.
Following this, a sanction letter will be issued.
Acceptance of sanction letter. Administrative fee to be paid at this juncture.
Step 4: Final documentation for the loan http://www.easyfinance.in/
Tripartite agreement between the borrower, builder and the housing finance company to be submitted.
Proof of investment of margin money to be submitted.
Loan papers to be signed by the applicants.
Your guarantors should execute the guarantee agreements.
The original documents executed with the builder to be submitted.
Step 5: Disbursement of the loan http://www.easyfinance.in/
Inspection of the property will be carried out to ensure progress of work done.
Following this, there will be a release of loan amount directly to the builder to coincide with the progress of work done as per the agreement with the builder.
No objection certificate from the builder to mortgage the property in favour of the housing finance company to be obtained.
No objection certificate to be obtained from other housing finance companies if the builder has availed a project loan, to release the mortgage right over the flat to be financed by the company you are securing the loan from.
Step 6: After release of the loan amount http://www.easyfinance.in/
Receipt to be obtained from the builder for the amount released.
The sale deed, duly registered, must be obtained.
In addition to this, an up-to-date tax paid receipt would be sought.
An encumbrance certificate will be deemed necessary.
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