A Mortgage Loan is a loan taken against the immovable assets by the borrower. It is the safest loan option available where the lender retains the borrower’s assets like a home or other property documents until the payment of the loan amount is completed.
Many people find it convenient to apply for a mortgage loan for their new businesses or if they want to venture into the business of Real Estate. Self-Employed and salaried people are most eligible for this loan due to their constant and stable flow of income.
Before one plan to apply for a mortgage loan, here are the steps to follow from Pre-approval to closing procedure.
Find the home of your choice
Find the home or property you want to buy. Get in touch with a local real estate owner to get a competitive rate.
Book appointments for a visual visit to the site or search online for properties and homes to widen your choice in your desired location. Look for options that will fit into the budget.
Documentation Process/ Application for Mortgage Loan
Once you narrow down the property of your choice with the help of a real estate agent, it is time to submit the documents to the mortgage loan finance company.
Carefully discuss the terms and conditions along with the housing loan interest rates.
Every mortgage loan company has criteria to follow to get the home loan approved. It includes filing and organizing the documents like below:
- Bank statements
- Current property documents and estimate
- Income Proof
- Existing loans
- Tax returns, if applicable
- Salary Slips/Job Appointment Letter
- Photo Identification and residence proof
Pre-organizing the documents and handing them to the loan officer makes it a more effortless and smooth process.
Loan Processing/Verification of Documents
After processing the loan, the lender verifies the documents to rule out discrepancies in mortgage loans.
During this process, the lender will thoroughly check the borrower’s credit history, loan repayment capacity and evaluate the property as per the market price.
The borrower must fulfill all the criteria set by the lender to avoid denial of the home loan and avoid any legal issues.
Loan Approval/Loan Sanction
The lender sanctions the loan; once he verifies all the borrower details. 90% of the process is complete; however, the lender will request a signature on the home loan agreement, and in return, the borrower will have to submit the original property papers to the lender.
To seal the deal of your mortgage loan, the lender will issue a cheque to the seller.
Applying for a mortgage loan is now easy and convenient with PNB housing Ltd, the most trusted and reliable housing finance company in India with the lowest home loan interest rates.
Over the years, we have provided numerous financial services to the people of India to build their dream homes and secure their investments. We are the best in offering loan policies with:
- Loan Flexibility
- Doorstep Service
- Long repayment tenures
- Lower Interest Rates
- Wide Network
- Loan Transparency
Contact our efficient team at PNB housing Ltd and start living your dreams.
