Everyone dreams of owning a house. Now, this dream can become a reality as we have banks and NBFCs (Non-Banking Financial Companies) ready to finance your dream homes. Are you worried about the Home Loan process? No, that should not be a problem at all. We explain the entire Home Loan Process to make it easy for you to go ahead and acquire your dream home.
Keep the following points in your mind before setting out to search for your dream home:
There are two options in front of you. You can go for a pre-approved Home Loan depending on your income and repaying capacity. Alternatively, you can look for your home and approach the bank subsequently for the Home Loan. The former option is a better one as you know your budget and can work accordingly. However, with Home Loan service providers like MyMoneyMantra available to help you, it is easy to estimate your eligibility thereby enabling you to plan accordingly.
In a Home Loan process, you incur various expenses. Make a note of the same and be ready with your finances.
It is the difference between the cost of your home and the Home Loan amount.
It depends on where you propose to buy the asset. Every state in India has its stamp duty and registration requirements.
Searching for a house can involve paying brokerage fees to real estate agents. Usually, it is in the range of 1% to 2% of the cost of the house.
Banks charge processing fees for Home Loans. Some banks require you to pay a portion of the processing fees as a non-refundable upfront fee. The processing fees are usually in the range of 0.50% to 1%.
Banks conduct legal searches with the Sub-Registrar’s office to determine the genuineness of the title to the property. The advocates on the bank’s pane do this job for them. Similarly, banks have evaluators on their panel to evaluate your house. Some banks require the borrowers to pay the charges for these services. Most of the banks include these charges in their processing fees.
You have to create an equitable mortgage of your property after the disbursement of your loan. Registering the equitable mortgage is compulsory in many of the states in India. You have to bear these expenses as well.
Once you have your finances ready, you can proceed with searching for your dream home. On finalising your property, you apply for a Home Loan. MyMoneyMantra can help you locate the banks that offer the best Home Loan interest rates. Applying for your Home Loan through MyMoneyMantra has its advantages. We have qualified people to help you in:
On receiving your Home Loan application, the bank proceeds with the processing of your Home Loan in the following manner:
On receiving the sanction letter, you have to proceed as follows.
We have just discussed the Home Loan process in detail. Now, it should not be difficult for you to acquire your dream home.
To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.