Owning a home is an important thing in life. It is a long cherished dream for many. These days, there is a great increase in the property prices in India. • And so, buying a house in a single payment is difficult for many people. Therefore, many people go for housing loan and it makes the process of buying a home easier. • Many nationalized and private banks offer housing loans. There are also some housing finance companies in India which offer Housing Loan. • In India, the housing loan procedure includes few steps. It may be small process for few people, if they have all the documents required in the process.
Housing Loan Procedure in India Choosing a Housing Loan While choosing the best housing loan plan, you have to study a lot and figure out which housing loan plan fits best to your needs. • Figure out your financial status in the coming few years so that you have a rough idea of your resources in the coming years and choose the housing plan that suits you. • Submission Of Application Form Once you have figured out the plan you need, you have to submit the application form to the Bank. • You will also be asked to submit some relevant documents along with the application form.
Registration of Property and Signing of Agreements At this stage, the registration of your property takes place. And now it is time for signing the final agreement of the home loan. • After signing the agreement, you must hand over a bunch of Post dated cheques as agreed on the agreement paper. • Payment Procedure After the bank ensures that financing the property involves no risk, they pay the amount that is agreed upon. At this stage, the money is given to the builder or the owner of the property. • The money will be disbursed based on the construction stages of the property. The payment may be full or part based on the construction stage of the property. • Source: http://ezinearticles.com/?Housing-Loan-Procedure&id=4853237
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