How to Get a Fast Home Loan in 7 days Easy Guide with each and every Details - Buying a home is a big dream for many people. But it can also be confusing, especially when it comes to getting a home loan. This guide will take you through the process in simple steps, making it easier for you to understand how to get a home loan and finally own your dream house.
1.Find a Home You Want to Buy (How to Get a Fast Home Loan in 7 days Easy Guide Step-by-Step)
The first step is to find the home you want to buy. Think about what you need: how big should the house be, where should it be located, and what’s your budget? Once you know what you want, start looking for houses that fit your needs.
You can look for houses online, talk to a real estate agent, or visit areas where you want to live and see if there are houses for sale. Make sure the house is in a good location, close to schools, work, and other important places like markets and hospitals.
Step 1 of How to Get a Fast Home Loan in 7 days Easy Guide
2.Collect All the Important Documents
After finding the house, you need to collect all the important documents related to the property. These documents are very important because they show that the house is legally clear and belongs to the seller.
Here are some key documents you’ll need:
- Title Deed: This document shows who owns the property. Make sure the title deed is in the seller’s name and there are no legal issues.
- Sale Deed: This is the document that will be signed when the property is sold to you. It records the transfer of ownership from the seller to you.
- Commencement Certificate & Occupancy certificate (CC & OC): This certificate shows that the property is free from any legal problems or loans.
- Approved Building Plan: Make sure the building was constructed according to the approved plan to avoid any legal issues later.
- Property Tax Receipts: Check the latest property tax receipts to ensure all taxes have been paid.
Tip: It’s a good idea to ask a lawyer to check these documents to make sure everything is in order.
Step 2 of How to Get a Fast Home Loan in 7 days Easy Guide
How to Get a Fast Home Loan in 7 days Easy Guide
3.Talk to Banks or Financial Agents
Once you have the property documents, the next step is to talk to banks, financial institutions, or a financial agent. These professionals will help you understand the different loan options available and guide you through the process.
When you go to the bank or financial institution, show them the property documents. They will check these documents to make sure they are complete and legally valid. This step is important to ensure there are no legal issues with the property.
Step 3 of How to Get a Fast Home Loan in 7 days Easy Guide
Types of Home Loans:
- Fixed-Rate Loan: The interest rate stays the same throughout the loan period, so your monthly payments won’t change.
- Floating-Rate Loan: The interest rate can go up or down depending on market conditions. Your monthly payments might change.
Tip: Compare loan offers from different banks to find the best deal. Look at the interest rates, loan duration, and any other charges that might apply.
4.Verify the Documents
Before you buy the house, it’s important to make sure that all the property documents are legal and valid. Ask the bank or your financial agent to verify the documents. They will check everything to make sure there are no problems with the property.
Once the bank or financial agent confirms that everything is okay, you’ll get an oral approval. This means you can move forward with the process.
Step 4 of How to Get a Fast Home Loan in 7 days Easy Guide
Why This is Important:
- Avoid Legal Problems: Making sure the documents are legal and clear will help you avoid legal problems in the future.
- Ensure Loan Approval: Banks need to make sure the property is legally sound before they approve your loan.
Tip: If there are any problems with the documents, fix them before moving forward. This might mean getting more documents or clearing up any issues.
5.Submit Your Documents for Loan Processing
Once the bank has given you an oral approval, you need to submit your personal and property documents to officially apply for the home loan.
Here’s what you’ll need to submit:
- KYC Documents: These are your identity and address proofs, like Aadhaar card, PAN card, or passport.
- Income Proof: Submit your salary slips, bank statements, and income tax returns (ITRs). If you’re self-employed, you’ll need to submit your business documents.
- Property Documents: Submit the property documents that have already been verified by the bank.
- Employment Proof: If you’re employed, you may need to submit a letter from your employer confirming your job and salary slip for at least 3 months to confirm your monthly earning.
- Bank Statement: Provide your recent bank statements for the last 12 months. This helps the bank understand your financial stability and ability to repay the loan.
Tip: Make sure all your documents are complete and accurate to avoid delays in the loan process.
Step 5 of How to Get a Fast Home Loan in 7 days Easy Guide
How to Get a Fast Home Loan in 7 days Easy Guide
6.Bank Verification Process
After you submit your documents, the bank will start the verification process. They will check your KYC details, income proof, and property documents to make sure everything is correct.
What the Bank Checks:
- KYC Verification: The bank will verify your identity and address using your KYC documents.
- Income Verification: The bank will check your income proof to see if you can afford to pay the loan back every month.
- Property Verification: The bank will double-check the property documents to make sure everything is legally sound.
Tip: If the bank asks for more information, provide it quickly to avoid delays.
Step 6 of How to Get a Fast Home Loan in 7 days Easy Guide
7.Receive the Final Sanction Letter
Once the bank has verified everything and is satisfied, they will issue a final sanction letter. This letter confirms that your home loan has been approved.
What the Sanction Letter Includes:
- Loan Amount: The amount of money the bank will lend you.
- Interest Rate: The rate of interest you will pay on the loan.
- Loan Tenure: The time you have to repay the loan, usually between 5 to 30 years.
- EMI Details: The monthly payment amount you will need to pay.
Tip: Read the sanction letter carefully and make sure you understand all the terms and conditions. If you have any questions, ask the bank before moving forward.
Step 7 of How to Get a Fast Home Loan in 7 days Easy Guide
8.Register the Property
With the sanction letter in hand, you can now register the property. This step legally transfers the ownership of the property from the seller to you.
Steps Involved in Property Registration:
- Prepare the Sale Deed: The sale deed is the document that officially transfers the property to you. It needs to be signed by both you and the seller.
- Pay the Stamp Duty and Registration Fees: Stamp duty is a tax you pay to the government for registering the property. The amount depends on the state and the value of the property.
- Pay Down Payment to the Seller: According to bank rules, the bank typically provides up to 90% of the property’s value as a loan. The remaining 10% must be paid by you at the time of registration or before the final disbursement of the loan. Ensure you pay this down payment to the seller as required.
- Disbursement Process: During the disbursement process, the bank will ask for proof of your 10% contribution. You must provide the receipt for this payment and a copy of the bank’s reflection statement of the payment to the seller.
- Sign the Sale Deed: After paying the stamp duty and down payment, both you and the seller will sign the sale deed in the presence of a registrar. This officially completes the property transfer.
Tip: Make sure all the details in the sale deed are correct before signing.
Step 8 of How to Get a Fast Home Loan in 7 days Easy Guide
9.Submit Original Property Documents to the Bank
After the property is registered, you need to submit the original property documents to the bank. The bank will have its legal department verify these documents to ensure everything is in order.
This step is important as the bank will keep these documents for security and to ensure the property is used as collateral for the loan.
Why This is Important:
- Ensures Security: Submitting the original documents to the bank ensures that the property is used as security for the loan.
- Bank Verification: The bank will double-check the documents to make sure they are legally valid and correct.
- Submit Original Property Documents: Provide the bank with all the original property documents that were used during the loan application process. This includes the title deed, sale deed, encumbrance certificate, and any other related documents.
- Loan Agreement: The bank will prepare a loan agreement outlining the terms and conditions of the loan. You will need to sign this agreement.
- Pay Franking and Notary Charges: You must pay franking and notary charges for registering the loan agreement. These charges are paid to an advocate or notary who will register the agreement. Make sure to keep receipts for these payments.
- Provide Security Cheques: You will need to give the bank 12 security cheques in its favor. These cheques act as a guarantee for the loan and will be kept by the bank.
- Bank Holds Documents: The bank will keep the original property documents, a copy of the loan agreement, and the security cheques for the duration of the loan as security.
Tip: Ensure all the documents and cheques are correctly prepared and submitted. Keep copies of all receipts and documents for your records.
Step 9 of How to Get a Fast Home Loan in 7 days Easy Guide
10.Bank Issues Cheque/DD to the Seller
Once the bank has verified the original documents, they will issue a cheque in favor of the seller. This cheque completes the payment for the property, and you officially become the owner of the home.
How to Get a Fast Home Loan in 7 days Easy Guide
Final Steps:
- Get the Keys: Once the seller receives the payment, they will hand over the keys to your new home.
- Start Moving In: You can now move into your new home and start making it your own.
Tip: Make sure to set up a system to pay your monthly EMIs on time. You can set up automatic payments to avoid missing any payments.
This step will take minimum 7 days if we do right follow up with banker or Dsa agents. who process our loan file application.
Step 10 of How to Get a Fast Home Loan in 7 days Easy Guide
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