An Ultimate guide to getting a home loan

Lately, the scenario of real estate in India has been growing rapidly, and homes for all kinds of budgets have been available. People from all kinds of income can buy apartments according to their pocket pinch; some prefer to buy studio apartments, some buy villas, some choose comfortable shelters and many select economic homes. As the house rent shoots up every year, it is wise to invest in EMI of a permanent house, than to live in temporary houses and pay rents. Of course, the discretion lies at the end of the home buyer.
There have been many banks both private and government, and also government bodies which have been supplying money in the form of loans to people who are interested to buy property. The home loaners pay about 80% approximately of the total house cost, which is indeed a huge coverage. Since buying homes can be a nerve wrecking and an exciting task, it is better to follow certain home loan rules and regulations because it is after all one of the biggest investments that one makes in his lifetime.
First things come first after you have selected the bank, make sure that you have the 20% of the money that you have to pay, is ready. The bank will cover up only 80%, and the rest burden you must carry. For that, prepare your savings well. Also, there will be an expense after you move into the house too- money for paint, furnishings, fittings, decoration, etc. will automatically come in that is to say if you are not buying a ready to move in apartment. Hope this will give you a better understanding of home loans in India

Step by step guidelines:

1. Apply for a home loan:

This task needs to be done well ahead of time, and the application of any bank is available online. Complete the form, attach the needed documents like ID proofs, and address proofs, age proofs, and others. The benefits of applying online are that you can receive instant verification and approval of loan within 24 hours, making it easy, so that you don’t need to run to the bank every time.

2. Discussion with the bank:

The next step is usually a face to face discussion of the bank and the applicant, on which they decide the loan amount to be sanctioned. This usually happens within 2-3 days, which is a relatively short period.
It is crucial that original documents be carried because this is when the bank verifies the credibility of the documents sent online.

3. Legal document submission:

Banks need all the legal information concerning the property for verification of all the needful data of the property intended to be bought.

4. Technical valuation of property:

The bank will check the technical property valuation, will check the time and the price of the property, and this check is done to ensure that the property is worth investing in it.

5. Registration:

The loan agreement is usually signed up and sent back to the bank for verification.

6. Disbursal:

The bank either pays in either installments or full amount.

Taking a pre-approved property from a reputed builder like Godrej Prime Nova is always advisable.