Buying a home is considered one of the major decisions made financially, especially while keeping in mind the location, which in this case happens to be a thriving one, and that is Tathawade. If you are looking to buy 2 or 3 BHK flats in Tathawade, it becomes very essential to understand the process of the home loan so that the process goes very smooth. Here is a simplified guide to help you understand the process of home loan in India and make your dream of owning a home come to life.
Eligibility Check: This is the very first step in the home loan process; banks and financial institutions decide whether you qualify for the loan based on certain criteria. These commonly include:
Spacious Homes with Modern Amenities
Age: The majority of lenders prefer applicants to be between 21 to 60 years of age.
Income: The individual applicant must be earning enough to carry the EMI burden, so the salaried applicants’ monthly salary has to be around Rs. 25,000.
Credit Score: 750+ is good. The more the score, the better the interest rates.
Employment Status: Regularly employed or for self-employed, proof of income with stable flow.
Value of Property: The borrower gets financing up to 80% of the actual value of the property, while the rest of the amount is given as a down payment by the borrower.
Tip: Check your eligibility with different banks or use online eligibility calculators to get an idea of where you stand.
Submission Of Application
Once you have determined your eligibility, it is time to submit your home loan application. Here’s what you will need:
Identity proof (e.g., Aadhar card, PAN card)
Address proof (e.g., utility bills)
Income proof (e.g., salary slips, bank statements)
Property documents
Make sure that you fill the application form correctly and submit all relevant information.
If you are applying with a co-applicant, then details and documents of the co-applicant will be required.
Verification of Documents
The bank or financial institute will verify your document after the submission. They scrutinize your credit history, employment status, as well as property details. They might even conduct a physical inspection of the property to confirm whether it meets the lender’s standards.
Note: If any discrepancy at this juncture takes time, hence ensure all the information is correct and complete.
Loan Sanction Letter
After your documents get verified, the lender will take a decision to either sanction or not sanction your loan. If sanctioning is done, you will receive the sanction letter containing the following details:
The amount sanctioned on the loan
Interest rate
Tenor of loan
Any other terms and conditions if applicable
Carefully read the letter, and sign it upon you understand everything mentioned on the letter.
Loan Disbursal
After signing the sanction letter and completing all the formalities, the amount is being disbursed. Most of the times, they are wiring funds directly to seller or builder. The procedure takes some days up to weeks as per the lender’s process.
Conclusion
If you’re planning to buy a home in Tathawade, check out Prithvi Paradise NXT—luxury residences near the Mumbai-Bangalore Highway offering well-designed 2 and 3 BHK homes, perfect for a modern lifestyle in a prime location!
