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How to get home loan from bank?

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Tips on How to Get Maximum Home Loan from Bank
  1. Improve your CIBIL Score
  2. Clear your existing score.
  3. Take joint loans
  4. Opt for a longer tenure
I hope now you have an answer to your “how can I get home loan from bank” question.
1 2021-08-12T14:12:48+00:00

Getting a home loan can be a time-consuming process if you don’t know the proper procedure. While there could be small differences from one lender to another, the general procedure given below is common to every bank. Read below to know how to get a home loan from a bank:

Fill the Loan Application Form & Submit the Documents

The first step is to fill the application form with basic information like personal details of the applicant, residential address of the applicant, educational information, property details, yearly or monthly income, etc.

Along with the application form, you are required to attach some documents like address proof, income proof, employment details, etc.

Pay the Processing Fee

The next step is to pay the processing fee to the bank, which generally ranges from 0.25-0.50% of the requested loan amount

Document Processing and Verification

After that, the bank will check the application the form, attached documents, and CIBIL score to ensure whether you can get the loan or not  

Sanction Letter

After the loan is approved or sanctioned or, your bank will send a certified offer letter, which includes details like the loan amount, interest details, repayment tenure, etc.

Technical and Legal Check

Then, the bank will send a representative to the property site for inspection purposes.

Loan Agreement and Disbursal

After the paperwork completion, you will have to sign the home loan agreement. After everything is legally clear, the bank will give you the loan via cheque.

You can also visit NoBroker to get a home loan at low interest rates!

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I hope now you know how to get a bank loan for a house!

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