Home loans details in Tamil | Housing loan (details) in Tamil/தமிழ் (2018): How long have you been living in a rented house in the city? Tired of shifting your belongings from house to house? Why not buy your own dream home when banks are ready to give you Home Loan? All you need to have is some savings for the down payment. Banks typically provide 75-90% of the value of the property, making it financially viable for you to purchase your dream home.
Process to Apply for Home Loan in Tamil Nadu 2018
10 step process to apply for a home loan in Tamil Nadu : 2018
Home Loan Eligibility – As a first step to apply for a home loan in India, you should calculate your Home Loan Eligibility and estimate your home budget accordingly.
CIBIL Score – After assessing your loan eligibility, you should Check your CIBIL Score, to ensure that your loan will easily get approved. In case your CIBIL Score is not above 750, you can always Improve your CIBIL Score before you apply for home loan or start your home search.
Evaluate Interest Rates – After checking your CIBIL score and assessing your loan eligibility, you should compare interest rates of various banks. You can compare interest rates online through portals like Bank-bazaar, deals4loan etc.
Loan Application – After selecting lowest interest rates available, submit loan application to the concerned bank along with Documents for Home Loan.
Appraisal by Bank – Once you make loan application, the bank will evaluate your credit history and assess your repayment capacity based on your income, age, experience, qualifications, nature of business of your company etc.
Loan Sanction – After evaluating your application, the bank will sanction your loan and send you an offer letter mentioning the approved loan amount, tenure, interest rate offered, EMI, mode of repayment etc.
Legal Evaluation of Documents – After you accept the offer letter, you will have to submit title documents of the property in original to the bank. The bank will conduct its title inspection and if everything is found OK, bank will keep all original documents with itself until the entire loan is paid off.
Valuation Check – The bank will also conduct an independent valuation of the property by making a physical property visit to assess true value of property.
Loan Agreement – After completing the valuation and legal check, bank will call to sign the home loan agreement. You will be given one copy of loan agreement for your records.
Loan Disbursement – After signing the agreement, the bank will disburse the loan amount in full (in case of ready to move property) or the next installment amount (in case of under construction property).
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