What to do While Your Home Loan is Under Process
Jun 12, 2018 Home Loan
Your home loan purchase hugely depends on your home loan application. As you apply for a home loan, the bank meticulously studies your application; goes through all the information provided by you and then process it. Usually, it takes around 15 days or less to process the loan. While your application is under process, you should be always available for any need of the bank.
You should be always available whenever needed
As mobile phones are the primary mode of communication these days hence your phone should be always on and available for communication. While the process is on banks might call you numerous time so you should not get irritated. Make sure that you check your emails regularly as banks also send emails regularly. Also, the banks can call you on and off for personal interaction so, it will better if you inform your office that you might take few days off for the loan purpose.
Be present in office as well as in home
The banks do not only evaluate the property you are buying, they also check your personal details and information that you have provided. This is to ensure that the money is going into the right hands and the borrower can pay the loan amount. In order to check your capability and details, then some representative from the bank might visit your present address as well as to your office to re-check your given information.
Be prepare to welcome the team
Banks usually send two teams to evaluate the property that you want to purchase. One team from the legal department to check whether there are any legal hassles or not pertaining to the property while the other team is from the technical department to evaluate the actual market value of the property. Nowadays, banks usually outsource this job to the third party service providers. As soon as you submit the home loan application, the evaluators will contact you and fix a time with you to visit the respective property. Fix the time as per your convenience and welcome the team.
Inform others
While applying for home loan, the banks usually ask for the details of two persons who are not your blood relatives. The bank will contact this person to recheck the details that you have provided in the application. Hence, inform those people whose names you have mentioned in the application form that they can get a call from the bank. They should not ignore or deny anything when the bank calls them as that can create hassles in the processing of your home loan.
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