Banks
have introduced the product home loan and started funding to customers which
resulted in fulfilling the dream of people who wants to own a house of their
dream. Banks provide home loan on two kinds of rates of Interest one is Fixed
and the other one is Floating. The fixed interest rate will be fixed for a
limited period of time even if the rates in the market fluctuates and floating
interest rates will be increased or decreased according to the rate
fluctuations in the market.
To
avail home loan from any bank or financial institution one need to submit all
his personal and income documents which prove or authenticate his identity and
income to the concerned bank where he wants to avail the loan. Along with the
personal and income documents the customer need to submit the documents of the
property which he is buying. The documents should cover last 15 years
transactions over the property.
Post
submission of all the documents banks usually take a min of one week time to
conform whether they will fund to the property in the name of customer or not
or the application is fit to their policy. Banks will verify the details stated
in the application form so it is always suggestible to stated only required and
genuine information only for which you have authenticated documents to provide.
Banks reserves the right to ask for additional documents if needed. It’s the
bank sole discretion on all the loans. Once the application is approved then
the Home loan will be disbursed by taking the required documentation like Post
dated cheaque’s, signed agreements, sale agreements and disbursement request
forms etc. Post disbursement the customer needs to register the property on his
name and submit in the bank. The whole process takes just one week and fulfills
the dream of a common man of owning a house.
With
the Equated Monthly Installments and longer comfortable tenure to repay without
any worries the product Home Loan is considered as the best product in the
market.
