Effective Home Loan Process and Tips to bying any property.

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Effective Home Loan Process and Tips While Buying
any Property
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Investing your money in buying a residential
property is a smart decision and if you are
getting that in affordable price, it increases
the level of smartness of your decision. One
should get to know that buying property involve
lots of paperwork and many other sophisticate
processes. Before getting into the purchase
process, one should understand all the steps very
clearly so that it will not be stressful.
It is very necessary that you should check all
the documents which are involved in buying the
property. It includes local government approved
layout plan, ownership paper, building plans,
etc. It is advisable that which doing all these
process you must consult any property advocate or
other personality who is well familiar with all
these things.
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Things which are involved in Home Loan Process
1 Contact Bank- If you are planning to take a
loan from any bank for investing in property,
studiously do the research work related to that
bank and clarify all the doubt related to the
loan process before taking the loan.    2
Application Form - While filling any agreement
form, thoroughly read all the terms and
conditions and after understanding all the
things, fill and sigh the form. 3 Delicate
Discussions - Make use of EMI Calculator and
then decide for home loan interest rate.
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Things which are involved in Home Loan Process
4 Banks Field investigation - After processing
all the above procedures, now bank will
investigate your property, as it is developed as
per the norms or not. 5 Credit Appraisals and
Loan Sanction by Bank - Now, bank will check the
value of your property and if it is satisfied,
then you will get the loan. 6 Offer Letter by
Bank - After this, Financer will provide an
offer letter of loan offerings.
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Things which are involved in Home Loan Process
7 Legal Document Submissions and Checking -
Once your deal is final and you buy your
property, you have to hand over the entire
documents to the bank, so that it will keep them
for security against loan. They will also check
the authentication of documents. 8 Check on
Technical / Valuation - At this step, bank will
send their technical person to investigate the
property you intend to purchase.
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Things which are involved in Home Loan Process
9 Registration of property Documents - After
all the legal formalities, process of
registration is done. In this associated
documents are signed and stamped by the lawyers.
10 Signing up Agreements and Post Dated
Cheques Submission - Now, borrowers have to sign
the agreements for home loan. They are needed to
submit post dated cheques for 36 months. 11
Disbursement - After all above procedure, bank
will give you the cheque or demand draft of loan
amount.
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So, before getting involved in home loan, you
must clear all your doubt and then more ahead
carefully. Adding to this, there are some real
estate builders who also provide home loan
facilities to their clients. So, it is
recommended that first ask your property builders
whether they provide home loan facility or not.
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