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“Ready Reckoner rates up 30%, to hit old flat deals”
Nowadays, “ready things” are on high demand, so why not apartment or flat buildings? Rising of the flats and apartment buildings are increasing in an alarming rate. In coming 5-10 yrs. according to the urban planning commission, there will be hardly nay vacant land will be there in the cities or towns to have individuals house. Transactions of land and property have increased to a great extent especially for the flats. Ever individual is now in a tendency to shift themselves in the apartment buildings. To be very frank, buying a new apartment is not a very big thing and this will give lots of benefits. You can buy through homes loans from various reputed banks like Axis or HDFC Bank. The next best option that nowadays is very common, buying used flat. May be you cannot afford to buy a new flat with your desired space and place; in that case you can buy a used flat or apartment. Bank also offers loans even for the used flats
We have a general notion that for taking loan, the procedures are very time taking. But this notion is absolutely wrong. This article will show you what are the procedures or process that you have to undergo while applying for the loan for the flat or apartment.
Filling up of application form:
First you have to fill up the application form for the home loan that you have to take from your HFC (Housing Finance companies). HFC will be solely according your choice. Though the application form of the different HFC will be a bit different but most of the information will be the same. After you complete of filling the form correctly, you have to submit the form to the HFC. Don’t forget to attach all the necessary documents that are required along the application form like your identity proof, age proof, address, account statement and other mentioned documents. When you are going to submit the application you have to pay processing fee which can be different from the different HFC.
After the submission of the papers, bank or the HFC from where you have applied the loan, they will call for the applicant for having a couple discussions about the terms and conditions of the loans. You have to carry the original documents, they will check the documents.
After the submission of all the documents, bank representatives will for verification of the home and other related things. Actually they will verify whether the applicant is reliable or not.
Credit appraisal of the bank:
At this point bank will process the loan by keeping in mind the income and the age group of the applicant and the nature or the mode of business of the applicant. This is a very crucial stage because here bank can refuse the loan after considering the following things minutely.
Submission of the legal documents:
The bank or the HFC from where you are applying for the loan, they require all the legal documents of the property. The bank will keep the document unless the applicant repays the entire amount of the loan.
Registration or signing of the property: After the verification, sanction of the loan and verifying the legal documents of the loan, the bank will now go for the registration on the documents in the presence of the lawyer.
Before the registration process there will be the verification regarding the technical valuation of the property.
Mode of payment: Soon after the registration procedures complete, the applicant will sign other documents and agreement and will submit the post-dated cheque to the bank according to the instalments of the loan.
The disbarment actually varies; it depends on the type of property you are applying loan for. For the ready property there is final disbarment.
These are basic procedures for applying home loan.