Guidence for home loan while buying property in Pune

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Guidence for Home Loan
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Once you finalized ideal property, next step is
to look for the financial support. Banks in India
are the reliable sources of money lending, it
easies the financial burden to a major extent.
Lets discuss about the home loan application
procedure which makes your task easy to some
extent.

• Obtaining an Application Form The home loan
  application form for most of the banks is more or
  less similar. A basic home loan application form
  consists of the following sections
• Personal and Employment Details
• Financial details
• Bank account details
• List of documents required for home loan
  application include
• Fees for Home Loan Processing Every bank charges
  a non-refundable processing fee which is
  generally 0.25-0.50 of the total amount. This
  fee is paid to the bank towards formality
  completion and loan maintenance.

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• Face-to-Face Discussions After submitting the
  application form, the bank then calls for an
  in-person discussion. The documents submitted
  will also be evaluated along with loan
  application.
• Applicant's Credentials Banks then send their
  representatives to the applicant's workplace to
  get the submitted documents validated. Banks
  taken into account the following most important
  factors while evaluating Banking History,
  Employment History, Income, Age and Job
  stability. Based on this banks analyse the
  repayment capacity of the applicant.
• Loan Sanctioning If the records are found to be
  satisfactory then the bank sanctions the
  specified loan amount to the applicant. A loan
  sanction letter will be sent to the applicant in
  this regard which will include details like the
  loan amount, rate of interest, tenure of the
  loan, mode of repayment, general terms and
  conditions.
• Submission of Legal Property Documents Once the
  loan has been sanctioned all legal documents
  pertaining to the property like the Letter of
  Allotment, NOC has to be submitted to the bank
  for verification. Bank will validate the property
  documents submitted for the purpose of
  authentication.

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• Site Verification Representatives from the bank
  personally visit the property to make sure that
  the property meets all legal guidelines laid down
  by the bank.
• Document Registration After the bank has
  personally validated the property, clearing the
  drafted documents from the lawyer is essential.
  Only after the clearance will the registration
  and stamping procedures be completed.
• Agreement Signing and Cheque Issuance With
  documents thoroughly verified and registered, a
  final agreement will be signed between the bank
  and the applicant. Then post-dated cheques will
  be issued to the bank by the applicant in
  repayment of the bank loan.
• Loan Amount Disbursal Only upon the completion
  of the above procedures will the actual loan
  amount be dispatched to the applicant. Moreover
  the bank makes sure that there is 'Zero Risk' in
  financing the applicant. Loan amounts will be
  disbursed in instalments in case of under
  construction properties and in full for
  ready-to-move-in properties.

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Budgeted flats helps you in applying loan for
new house taking into consideration all above
discussed points. For more information
contact Budgeted Flats Address - Office 102 D
E, 2nd Floor, A- 3 Building, E-Space IT Park,
Samrat Ashok Rd, Aga Nagar, Vadgoan Sheri, Pune,
Maharashtra-411014 Mobile No. - .91 77559 33370
/7755955522 Email - sales_at_budgetedflats.com
Website - www.budgetedflats.com
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Thank you