How Banks Work on Your Home Loan Application
Feb 08, 2019 Home Loan
After you have chosen the right property that fits your budget, need and requirement, you are all set to buy it and be the proud home owner. You have a particular timeline and set of process and procedures in your head, and you hope that everything goes as expected. But sometimes, things may not go as you expect them to. There can be some changes in the process, and it can set you back from owning the house.
Be always prepared for what has to come your way.
Be always prepared for what has to come your way.
What if the seller is in a hurry?
For example, the seller resides outside the country and needs the process of property registration to be completed within the time. Or if the seller is in dire need of money, then you will be pressured by the seller to complete the process soon. But no matter how quickly you want to get the process done, the banks will take their own time. They cannot fast track your process. Before they approve the loan for the property, they do the due diligence of the property.
The banks follow their procedure guideline
No matter how much you ask to pressurise them to fast track the process of home loan approval, the banks will follow their procedure and timeline. In many ways, they are only doing you a favour. When they take their time, the buyer can think about the property and give it a second thought. Also when the banks do the due diligence of the property, they make sure that the property is not caught in any legal or technical issue. In such a case, they will immediately withdraw from any further paperwork process.
Meanwhile, the bank is processing your home loan request; there are small transactions that need to be carried out. The bank will ask you to present the required documents like the down payment receipt, the TDS receipt of the payment, and the receipt or the papers of the stamp duty payment and registration charges. Be ready to present the same at the demand.
The bank sends a representative at the time of sales deed, to the sub registrar’s office. The representative hands the cheque directly to the seller. All the above processes need time and proper communication among the parties.
There can be several expenditures that may arise while the process of home loan approval is in process. May sure you have a certain amount ready for the same. Also, the repayment of the loan starts from the day the bank approves you the cheque. Even if it is ready-to-move-in property, make sure you have enough to pay for the next EMI.
The entire process can be time taking and tedious. But be patient. It is all for good.
Meanwhile, the bank is processing your home loan request; there are small transactions that need to be carried out. The bank will ask you to present the required documents like the down payment receipt, the TDS receipt of the payment, and the receipt or the papers of the stamp duty payment and registration charges. Be ready to present the same at the demand.
The bank sends a representative at the time of sales deed, to the sub registrar’s office. The representative hands the cheque directly to the seller. All the above processes need time and proper communication among the parties.
There can be several expenditures that may arise while the process of home loan approval is in process. May sure you have a certain amount ready for the same. Also, the repayment of the loan starts from the day the bank approves you the cheque. Even if it is ready-to-move-in property, make sure you have enough to pay for the next EMI.
The entire process can be time taking and tedious. But be patient. It is all for good.
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