Step By Step for getting a home loan

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Home Loan Process
Bank Of Maharashtra
www.bankofmaharashtra.in
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Step By Step Process

• Fill Home Loan Application Form
• Submit Home Loan Documents
• Pay Home Loan Processing Fee
• Discussion with the Lender
• Documentation Process Verification
• Home Loan Sanction Letter
• Property Verification Legal Check
• Home Loan Disbursal

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Detailed Process
Fill The Home Loan Application Form
Filling out the application form, which includes
your personal information as well as information
about your income, employment, current
liabilities, property, education, and so on, is
the first step in getting a house loan. The home
loan application form is available both online
and offline.
www.bankofmaharashtra.in
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Submit the Form and the Supporting Home Loan
Documents

• After you've completed the house loan application
  form, you'll need to attach supporting papers and
  send it to your lender.
• Documents Like,
• Proof of Identity/Age/Address
• Education Qualification
• Proof of Income
• Proof of Business

www.bankofmaharashtra.in
5
Pay Home Loan Processing Fees
The lender may require you to pay a processing
fee once you submit the home loan application
form and all supporting papers. The processing
charge for a home loan is non-refundable and
varies by lender. It normally ranges from 0.25
percent to 1.0 percent of the loan amount
requested. There are also a lot of lenders who
don't charge processing costs. Lenders charge a
processing fee to start the home loan process and
keep track of the borrower's loan account.
www.bankofmaharashtra.in
6
Discussion With the Lender
The applicant must wait for additional
notification from the lender after submitting the
form and supporting papers. During these days,
the lender will review your information and
determine your eligibility for a loan based on
your repayment capacity. Before the loan can be
approved, your lender will need that you come in
for a face-to-face meeting. A personal meeting is
required in order to obtain additional
information and analyse your repayment potential.
www.bankofmaharashtra.in
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Documentation process and verification
The lender will proceed with the verification of
the given documents and other details after a
personal conversation. Bank employees may visit
your home or contact your organization to verify
the facts you provided in your home loan
application. Your lender will also request your
credit score and report from one or more credit
agencies throughout the checks.
www.bankofmaharashtra.in
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Home Loan Sanction Letter

• Following the preceding processes, you will
  receive a loan approval or sanction letter, which
  will normally include the following information
• Sanctioned loan amount
• Applicable loan Amount
• Type of interest rate- fixed or floating
• Loan tenure
• Mode of repayment
• Terms and conditions of home loans
• Policies of your home loan

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Property verification and legal check
The bank will verify the property pledged before
disbursing the loan. Original copies of the title
deed, no objection certificate, encumbrance
certificate, and any additional papers requested
by your lender will be required. The property
will be subjected to a legal review to ensure
that the title is clear and that no disputes
exist. The bank will also undertake a technical
value of your property. The property will be
inspected by a bank representative. In the event
of an under-construction property, the bank will
examine the property's location, building stage,
quality, and progress, among other things.
www.bankofmaharashtra.in
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Home Loan Disbursal
You will receive the final agreement from the
lender once all of the above processes have been
completed successfully. Finally, the home loan
will be disbursed according to the terms that
were mutually agreed upon.
www.bankofmaharashtra.in
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THANK YOU
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