What to do when your Loan Application is in the Process?
Jun 25, 2019 Home Loan
When you decide to purchase a house and approach a bank to provide you with the home loan, your work does not end with providing all the necessary documents for the home loan to get approved. The banks take 10 to 15 days to complete your home loan application, and during this time, they are diligently going through your documents making sure you are an eligible and trustworthy candidate to give out a home loan too. While your application is in process, a borrower must be on his toes, if the banks reach out o them.
1. Always be available:
If the banks have any question regarding your job or income or anything else, they will try to get in touch with you through the mobile phone number and email. It will affect your loan application process negatively if you are not available for the correspondence. If there is a genuine reason that you cannot take the call or reply t the email regarding the home loan, it is advised to give them the reason for the same and a tentative date by which you can contact them.
2. Be ready for the visitations:
Before the banks lend the loan for the property, they will send teams to assess the property. One from the legal team and another from the technical team will be visiting the property you are taking the home loan for. Being available for the same is a good idea. It is also advised to set up the visitation date and time beforehand so you can clear up the schedule for the fixed time and date.
3. Be available in the office and at home:
To make sure that the information provided by you regarding your employment and current residence is correct, the bank will send someone from the team to your place and even to your workplace. It is advised to be available for the inspector when they arrive to make sure you are capable of repaying the home loan you are taking.
4. Contact details of others:
The bank will ask you to provide the contact details of at least two people who are not your blood relative. There are good chances that the bank will get in touch with them and ask regarding your financial standing and repayment capability. It is better to inform those people beforehand and ask them to be ready to take the call from the bank. Even if they are your friends, getting off guard when the banks reach out to them will not reflect nicely on your application.
1. Always be available:
If the banks have any question regarding your job or income or anything else, they will try to get in touch with you through the mobile phone number and email. It will affect your loan application process negatively if you are not available for the correspondence. If there is a genuine reason that you cannot take the call or reply t the email regarding the home loan, it is advised to give them the reason for the same and a tentative date by which you can contact them.
2. Be ready for the visitations:
Before the banks lend the loan for the property, they will send teams to assess the property. One from the legal team and another from the technical team will be visiting the property you are taking the home loan for. Being available for the same is a good idea. It is also advised to set up the visitation date and time beforehand so you can clear up the schedule for the fixed time and date.
3. Be available in the office and at home:
To make sure that the information provided by you regarding your employment and current residence is correct, the bank will send someone from the team to your place and even to your workplace. It is advised to be available for the inspector when they arrive to make sure you are capable of repaying the home loan you are taking.
4. Contact details of others:
The bank will ask you to provide the contact details of at least two people who are not your blood relative. There are good chances that the bank will get in touch with them and ask regarding your financial standing and repayment capability. It is better to inform those people beforehand and ask them to be ready to take the call from the bank. Even if they are your friends, getting off guard when the banks reach out to them will not reflect nicely on your application.
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