Everyone dreams of buying their own house. But most people are unable to buy or build a house due to a lack of funds. You can buy or build your home through a home loan. Today we will discuss the process of getting a home loan through HDFC Bank in this article. Here we will know what you need to do to get a home loan from HDFC Bank and we will also tell you about the necessary documents required for it.
HDFC Home Loan Process Steps
The process of getting a home loan through HDFC Bank has been made quite simple and convenient. It has been designed according to the convenience of home loan customers.
Now we will tell the process of getting HDFC Bank Home Loan step by step below. So let’s go into detail about HDFC Home Loan Process.
Step 1: Apply for a Home Loan
To get a home loan from HDFC Bank, the applicant first has to fill the application form for the home loan. You must submit this application form after providing the general information requested, together with a copy of your identity card, proof of income, etc.
If you are applying for a home loan with a co-applicant then you will also have to submit a set of documents related to the co-applicant and also sign you and the co-applicant in your application form.
If you have already selected a property for a home loan then you will also have to provide its details in your form. Also, for legal and technical evaluation of this property, a copy of all the documents related to the property will have to be submitted to the bank.
If you want, you can also apply online for HDFC Home Loan. For this, you have to go to the official website of HDFC Bank and fill and submit the form related to home loan. After this, you will be contacted by the bank representative and further process will be completed.
Step 2: Loan Approval
The process of evaluation of your application form is initiated by the bank after submitting the application form for HDFC Home Loan along with other necessary documents. In this, eligibility assessment related to the applicant’s income, liabilities, credit score etc. is done by HDFC Bank.
The bank can confirm the information given in your application form by visiting your home, office or property for field credit check through the bank representative. After this process, your loan eligibility is determined by the bank.
Step 3: Legal & Technical Verification
It is checked by the bank after you submit copies of all the documents related to your property. You must submit all relevant papers, including the entire set of title documents (if the property is a resale), the selling contract with the builder, the NOC (no objection certificate), the OC (occupancy certificate), and any additional documents, if needed. So that its legal and technical verification can be done by the bank. All these documents are thoroughly scrutinized by the bank.
A technical inspection of the property will be carried out by the bank to check whether the property has been constructed as per the approved schemes and other applicable norms. Also, the market value will also be assessed by the bank.
Step 4: Home Loan Sanction
The home loan amount provided to you is reported through a home loan acceptance letter by the bank to determine your loan eligibility and legal and technical examination of the property. This home loan sanction letter contains the following details-
- Total sanctioned loan amount,
- home loan interest rate,
- Type of interest rate applicable (fixed or floating interest rate),
- loan term,
- EMI (as applicable) payable,
- validity of acceptance letter,
- Special conditions to be fulfilled prior to disbursement (if any),
- Other Terms and Conditions.
You have to send this home loan approval letter back to the bank with your signature. This assumes that you accept the terms and conditions that have been applied by you to the home loan by the bank.
Step 5: Home Loan Disbursement
You must submit the original title paperwork for your property after completing all of the above steps. As soon as you submit the original documents of your property and make a disbursement request to the bank, the process of preparing your disbursement cheque is started by the bank.
You have to sign a loan agreement before providing a disbursement cheque. Remember to thoroughly study the loan agreement’s terms and conditions, including the interest rate, interest type, loan tenure, EMI, and other information, before signing it.
After signing the loan agreement, you are issued a disbursement cheque. After this, you can use your home loan.
It is worth noting that if you are buying a property which is under construction, the amount sanctioned by the bank is provided in installments based on the progress of construction.