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What is The Process to Get A Home Loan?

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What is The Process to Get A Home Loan?

Taking a home loan is the most reliable option to finance your home purchase as it offers ample funds and comes with a long tenor that makes repayment easy. Choosing the right lender and familiarising yourself with the process of getting a Home Loan will help you ensure a stress-free borrowing and repayment experience.

Here’s a quick look at three factors you should pay attention to before you consider taking a home loan:

• Check your credit score to ensure that it is sufficiently high. This helps the lender feel confident about your candidature and boosts chances of approval.
• Ensure your employment is stable and that you can repay the EMIs with ease. If your income is insufficient, taking a home loan will not be a viable proposition.
• Make sure your chosen lender offers home loans in your city of residence. When you are browsing home loans, do a preliminary check to ensure this.

Now, take a look at the steps you should follow when applying for a home loan.

Check the Home Loan Eligibility Criteria

The eligibility criteria for a home loan differ from lender to lender, so once you shortlist a loan, visit the lender’s website to learn more. You can check the specifications, or make use of the eligibility calculator. Lenders such as Bajaj Finserv host a Home Loan Eligibility Calculator on their website, and using it makes determining your eligibility extremely simple.

You can enter details such as your name, city of residence, age, income, existing EMIs, etc. The calculator will then tell you if you are eligible for a home loan and how much you can borrow. Not only will you know if you are eligible, but you will also know if the loan amount that you are eligible for is in line with what you had in mind.

Collect the Documents that You Need to Submit

Once you have calculated your loan eligibility, start collecting documents as specified by the lender. This will speed up the approval process later on. Typically, the list of required documents for home loan that you need to submit is minimal.

For example, Bajaj Finserv requires you to submit KYC documents, address proof, identity proof, a recent photograph, Form 16 or your latest salary slips (if you are salaried), Income Tax Returns (ITR) and profit and loss statement for the past 2 years (if you are self-employed), bank account statements of the past 6 months and proof of business for at least 5 years (if you are a self-employed) to complete your home loan application.

File your application

Once you have filled the form and have all the documents ready, you can apply for the loan either online or offline. Applying online is easy, and the process takes only a few minutes to complete. If you are salaried, first fill the home loan application form and enter your personal, financial and employment details.

Supplement this with information about the property that you want the home loan for. The lender will get back to you with an offer, which you must block by paying a secure fee. Then, you can submit your documents online and await loan sanction, which takes place once your documents have been verified.

To apply online with Bajaj Finserv as a business owner or self-employed individual, you will have to go through the same process of filling your details. After this, a representative will call you with an offer, and guide you on the next steps that you need to take.

Alternatively, you can apply by sending a text message too. SMS ‘HLCI’ to 9773633633 to initiate the process, and a representative will get in touch with you with a preapproved offer. Pay attention to each of these steps—from start to finish—to ensure that your loan borrowing experience is both smooth and fruitful.

Additional Read: A Complete Guide to Applying for a Home Loan

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