process of availing home loan - a customer education initiative from dhfl
Post on 11-Jan-2017
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Process of availing Home Loan – A Customer Education Initiative from DHFL
DHFL Home Loans – www.dhfl.com
I can’t tell you Vinodji how relieved I am feeling now. Thank you so much for telling me about Home Loans. Now I feel my dream home is not too far
DHFL Home Loans – www.dhfl.com
You got it! Home Loan could very well be the first step to make your dream of owning a home a reality.
DHFL Home Loans – www.dhfl.com
Quite true. Please tell me more about the Home Loan application process. Is it really complicated?
DHFL Home Loans – www.dhfl.com
It is not complicated. It just has a few stages.
DHFL Home Loans – www.dhfl.com
So how do we start?
DHFL Home Loans – www.dhfl.com
Simply contact the desired Bank or Housing Finance Company. Their representative will visit you and help you with the process. Basically, the lender wants to know if you have
identified the property you want to buy and how much money you would need.
DHFL Home Loans – www.dhfl.com
Okay. What if someone hasn't identified the property yet? Can they not get a loan?
DHFL Home Loans – www.dhfl.com
Yes. They too can. Sometimes applicants finalize on the property depending upon the loan amount that is sanctioned.
DHFL Home Loans – www.dhfl.com
That is really helpful. What next?
DHFL Home Loans – www.dhfl.com
Like we do not lend our money to a stranger, banks or housing finance companies also want to know their customers better before giving them a loan.
DHFL Home Loans – www.dhfl.com
Okay. And how do they do that?
DHFL Home Loans – www.dhfl.com
There is a documentation process where you need to submit your Id proof, residence proof and income or bank statements.
DHFL Home Loans – www.dhfl.com
How do income or bank statements help?
DHFL Home Loans – www.dhfl.com
These statements give the Bank or Housing Finance Company an idea whether you will be able to repay the loan or not
DHFL Home Loans – www.dhfl.com
How much loan can be given to you.
DHFL Home Loans – www.dhfl.com
Got it! Are there any more documents they ask for?
DHFL Home Loans – www.dhfl.com
Yes. If you have already identified the home you are buying, they may also ask you to share details of the builder and property related documents.
DHFL Home Loans – www.dhfl.com
Alright. Does the bank or housing finance company also verify the documents that we submit?
DHFL Home Loans – www.dhfl.com
Of course! They visit your place of work or residence to confirm your identity as well as the validity of the documents submitted.
DHFL Home Loans – www.dhfl.com
Great. That should not be a problem I think. I have all the documents.
DHFL Home Loans – www.dhfl.com
Once everything falls into place, the bank or housing finance company gives you a sanction letter.
DHFL Home Loans – www.dhfl.com
It is like an offer letter mentioning the home loan amount that has been sanctioned, interest rate applicable, the tenure of home loan, EMI details and mode for repayment,
processing fee and any other terms and conditions applicable.
DHFL Home Loans – www.dhfl.com
Great. So there is complete transparency, right?
DHFL Home Loans – www.dhfl.com
Absolutely. It’s a fair deal! Now you are almost done. Once you accept the terms in the sanction letter, you are good to go.
DHFL Home Loans – www.dhfl.com
Great. And how do I get the loan amount?
DHFL Home Loans – www.dhfl.com
Once all the verification process is completed, Loan documents like a Home Loan agreement and security documents will be signed. The Home Loan will be disbursed in
part or full as per your requirement, through a cheque in the name of the seller. DHFL Home Loans – www.dhfl.com
You just have to visit the bank or the housing finance company to pick it up.
DHFL Home Loans – www.dhfl.com
Is that all?
DHFL Home Loans – www.dhfl.com
Yes.
DHFL Home Loans – www.dhfl.com
That was quite smooth!
DHFL Home Loans – www.dhfl.com
I am definitely going to consider a Home Loan and suggest my friends too to go for it. What do you say?
DHFL Home Loans – www.dhfl.com
I completely agree. That’s what I just did here!
DHFL Home Loans – www.dhfl.com
True. Thank You for all your help.
DHFL Home Loans – www.dhfl.com
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