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HOW TO GET A HOME LOAN FROM SHUBHBANK



Buying your own home would have ever been a dream only without the support of home loans. Once you zero in a home to buy, you have to initiate the process of funding. A home loan from ShubhBank is a financial tool that raises funds for you to buy your dream home. It is a secured loan as your home serves as collateral for the lender. Generally, a home loan contains a number of steps to reach the last step of disbursal of loan. So here, we are discussing some steps for "How to Get a Home loan from ShubhBank". The home buying process starts with the search of suitable home to finding the right lender and at the end disbursal of loan.

APPLY FOR A LOAN: the first step which has to be taken by loan aspirant is to apply for a loan. The application form may differ from lender to lender but generally you have to give the basic personal and professional information, details of your financial liabilities and the details of the selected property. The further step is checking the loan eligibility and your repayment capability. We go through some basic details like income, age, and job stability, no. of dependents, credit score, and verification of residence.

LEGAL VERIFICATION: We will proceed to verify the property you want to purchase if we find you worthy of getting home loan. We will have a site visit and check the legal documents of the property if it is free from any legal issues or disputes.

VALAUATION OF PROPERTY: The next step in loan process is to find out the fair market value of the property being purchased. We send our experts to evaluate the value of property to ensure the appropriate loan amount to be approved.

SANCTIONING OF LOAN: After going through above mentioned steps, the further step is the sanctioning of home loan which denotes that you are ready to sign the loan agreement papers containing all the terms and conditions of home loan. When your loan is being sanctioned, you will have to start the process of registering the property in your name.

PROPERTY REGISTRATION: After sanctioning of loan, you have to register the property at the office of sub-registrar of your area.  You will need to pay the fee and stamp duty charges to the government at the time of registration.

DISBURSAL OF LOAN: When all the legal procedures are cleared, the loan quantum will be disbursed to your bank account. You have to provide the property papers to bank as collateral which means the sale deed and mother of property will be in the custody of bank until the entire payment is repaid in full.

            Now your home loan is disbursed from ShubhBank, its property has been registered in your name, so here comes the celebration to move to your dream home. So consider these factors while applying for the home loan and intend to fulfill the dream of home at attractive rate of interest and other features associated with it.


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