Don’t understand the home loan process? You are not alone

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Owning a home isn’t just a keystone of wealth, it’s what gives us and our families, stability and emotional security. If you’re hesitant about buying a home because you feel that getting a home loan is a daunting task. Don’t worry! Applying for a home loan is an incredibly simple process.
If you take care of a few important details at the very beginning, securing a home loan is easy.

Step 1: Applying for a Home Loan

• Place an inquiry: To being with, you can go to Estate.One/homeloan to place an inquiry and the company rep will get in touch with you. Otherwise, you can just register with your phone number and fill in the necessary details.

• Documents required: It’s always helpful if you can keep a few required basic documents handy which will be required for your home loan processing checklist. Below are the documents required for a home loan which form a basic set of requisites.

– Age & Identity Proof

– Residence Address proof

– Income Proof i.e. salary slips, form 16, income tax return

– Obligation Details with a statement of accounts

– Property Documents, if the property is finalized i.e. Allotment letter of agreement of sale & previous property chain link documents if the property is being resold. 

• Documents pick up: The Estate.One representative will make a visit to the place of your convenience, collect the documents and will submit them along with the processing fee.

You have now completed the first step i.e. applying for a Home Loan.

Step 2: Home Loan Sanction

• Determining financial eligibility: Estate.One will use the information provided by you to determine your financial eligibility based on your income, age, existing loans, and their repayment track and the same will be subject to the positive residence and office verification. 

• Property valuation: Once your financial eligibility is determined, the bank will also assess the property value to arrive at the final eligibility. 

• Legal Valuation: The lender would carry out Legal verification to ensure your property is clear from any legal encumbrances Based on the above checks, your loan is sanctioned. This is when you complete the 2nd stage, i.e. Loan Sanction 

• Pre-finalized Home Loan: You can also go for a pre-approved loan even before you have the property. 

Step 3: Home Loan disbursement

Once you have formally accepted our loan offer, thorough scrutiny of all of the above steps is conducted by our Operations Team to ensure accuracy of the entire process. Once the final check is completed, you need to submit the final processing fees cheque favoring selected bank to your bank executive. After clearance of the final processing fees cheque, the disbursement cheque for the approved amount is prepared by the operations manager of the particular bank and it is handed over to you. 

Upon receiving the funds you will start paying your first home loan repayment, usually one month after the disbursement date. 

And with these three simple steps, you and your family become a proud owner of your “Dream Home”.