Home Loan Process
02 Jan 2023
Table of Content
Home Loan Process - A Step by Step Guide to get Bank of Baroda Home Loans
Owning a home gives you a sense of financial security. You can easily become a homeowner, thanks to a Home Loan. To make this type of loan more accessible to anyone in need, Bank of Baroda has made the home loan application process even more convenient. Now, you do not need to visit the bank several times to get your loan approved. Indeed, you can get approval for your home loan from the comfort of your home. Yes, Bank of Baroda has streamlined the Home Loan process. You can start the loan application process online. Here are the steps you need to follow:
Step 1: Application for a home loan
At Bank of Baroda, you can apply for your home loan online, visit www.bankofbaroda.in. Log into the portal to apply for a home loan with your valid mobile number and email ID. Select the product that you wish to apply. Pre-calculated the EMI and eligibility. Keep the documents ready while filling out the application for a home loan.
Step 2 - Home loan documents listp
Home loan document list required include, duly filled, and signed home loan application form, IT details, 6-months bank statement, personal details that include ID proof, address proof, age proof. Separate documents for salaried and self-employed applicants. For details check the website, www.bankofbaroda.in.
Step 3 - Document Processing & Verification
Document verification in home loan procedure is crucial for loan approval. The verification is a background check to confirm the authentication of the documents submitted. Legal and technical verification is conducted pre loan sanction.
Step 4 - Home loan sanction
Document verification in home loan procedure is crucial for loan approval. The verification is a background check to confirm the authentication of the documents submitted. Legal and technical verification is conducted pre loan sanction.
Step 4 - Home loan sanction
The home loan sanction is loan approval by the lender. This approval is based on the assessment of the borrower's profile and the condition of the pledged property. Documents are verified by the lender individually for authenticity. Once the lender is fully satisfied, the home loan sanction letter is sent to the borrower.
Step 5 - Secure Fee Payment
The processing fee for a home loan is a fee charged by the lender on approval of loan application. This home loan fee and charges come from lenders, if the lender is a bank or NBFC, for processing the home loan application. The one-time home loan fee and charges are an upfront payment paid by the borrower and are not deducted from the home loan amount.
Step 6 - Legal & Technical Verificationp
The bank approves the home loan application after conducting a legal and technical verification of the property that encompass creditworthiness of the borrower, long tenure loans are stringently verified, property evaluation ensures it is investment worthy, verification of all original documents, title deed, no-objection certificate (NOCs), and ownership paper.
Step 7 - Home loan disbursement
comes with the home loan disbursement is the final stage of the loan application. Once the technical appraisal of the property concludes, with verification of all documents and the fee paid in full, the applicant can request for home loan disbursement. The disbursement process is determined by the stage of the property.
Conclusion
The Home Loan procedure is indeed simple and straightforward. The partially online procedure makes it a great time and energy saver. So, visit the Bank of Baroda website to begin the Home Loan process today!
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Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
Documents required for home loan
When you apply for a Home Loan, a bank needs proof to verify your identity and assess your creditworthiness before sanctioning. It does that by requesting you to provide several documents. As such, you should ensure you provide all the documents required for Housing Loan as mentioned on the loan application form.
Different Types of Loans for Your Home
With property rates rising with each passing year, it is almost impossible to buy one from your savings. Thankfully, you do not need to worry about exhausting all your savings to become a property owner. You can get the necessary funds with the help of a Home Loan. You can also get a loan for construction or land purchase. Each type of loan is designed to help fulfil a specific objective. You can choose the type of Home Loan that best serves your needs. Let us take a look at the different kinds of Home Loans provided by banks in India.
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