Understanding the Home Loan Process with Ghar Expo

Application Form Submission

1. Initiating the home loan process begins with completing an application form.

2. This form entails providing personal details such as name, address, contact number, occupation, monthly and yearly income, and educational background.

3. Additionally, information about the desired property, its estimated cost, and the down payment capability must be provided.

Document Verification

Upon submission, the bank undertakes verification of the provided documents.

Background Assessment

Alongside document verification, the bank conducts an independent background check on the borrower's credentials.

This investigation may involve reviewing previous and current residential addresses, employment details, and employer credentials provided in the application form.

Processing Fee Payment

Once satisfied with the borrower's repayment capacity, the bank initiates the housing loan process, requiring the payment of a processing fee.

Loan Approval

Furnishing all listed documents accurately is crucial to prevent loan rejection. At this stage, the borrower learns about the approved maximum loan amount and the applicable interest rates for various tenures.

The bank communicates these details through an official sanction letter confirming loan approval. Property Document Processing Upon receiving the official sanction letter, the borrower submits the original property documents to the lending bank, which retains them until loan repayment.

The bank conducts verification of the property documents and may physically inspect the property site twice—once before and once after loan sanction.

Loan Disbursement

The final step involves the loan disbursement process, including registration of the loan deal, acceptance of terms and conditions outlined in the sanction, signing of loan agreements, and disbursement of the loan per the Sale Agreement terms, including down payment.

Home Loan Checklist for Ghar Expo

Specific document requirements vary based on the applicant's occupation or business type, such as government employees, defence personnel, private/corporate employees, partnership firms, or proprietorship firms. The checklist includes essential documents like identification proofs, income statements, bank statements, property documents, and other relevant paperwork as per Ghar Expo's guidelines.