How do you get a loan on your home?

Answer 1

First and foremost you need to fill up a home loan application form. After checking all your credentials and documents that you submit, the bank decides, whether to reject or accept your form. After the loan has been sanctioned you will receive an offer letter. After you have chosen your property, make sure to submit all the original property documents to the bank. After the technical and legal valuation check, the draft documents should be finalized, signed, stamped as well as registered. The bank transfers the property ownership documents in your name and lastly you have to make the payment. The bank provides 85-90% of the estimated amount and the rest you have to pay.

Lenders always put their interest at the top of their agenda to ensure that they will be able to recoup their investment and make profit out of the transaction. In order for this to happen, they have established strict evaluation criteria to screen properly potential borrowers to minimize the risks they are taking.

One of the things lenders look into is the borrower's income. The second thing lender's look into is the borrower's savings. The third thing lenders look into is the borrower's current financial commitments and debts.