What is the step-by-step procedure to get a home loan?

2 min read

There are several steps involved in the sanctioning of a home loan. You start by applying and submitting documents, await verification, get the sanction letter, sign it and pay the secure fees, await a technical check of your property and then sign the final loan agreement before receiving the loan amount in your bank account.

Step by step detailed process

While the home loan process involved many steps, they are taken quickly, and you can get your loan just 3 days from Bajaj Finserv.

Here are the steps in more detail.

Step 1. Application
The first step is filling the application with details like your name, phone number, pin code, type of employment, and more. Our representative will get in touch with you to move forward with the application procedure.

Step 2. Document collection
Our representative will come at your doorstep to collect the required documents*, which include:

  • KYC documents – Passport, Driving License, Aadhaar Card, Voter ID Card (any one)
  • Your employee ID card
  • Salary slips of the last 2 months
  • Bank account statements for the last 3 months (salaried) / 6 months (self-employed)
  • Document of proof of business of minimum 5 years (for businessmen/ self-employed individuals)
  • Documents of the property to be mortgaged

*Please note that the list of documents mentioned is indicative. During loan processing, additional documents may be needed.

Step 3. Document processing and verification
The lender will process and authenticate your documents. They may contact your workplace or relevant organisation to confirm your employment or occupation.

In this step, they will also conduct a credit enquiry to check your CIBIL score and credit report. Your loan application will move to the next step only if all the documents are in order, and your CIBIL score and credit report are satisfactory.

Step 4. Sanction letter
You will receive a sanction letter after successful completion of all the above steps. A sanction letter usually contains the following details:

  • Loan amount
  • Rate of interest
  • Type of interest rate, fixed or variable
  • Repayment tenor

A sanction letter may also contain other terms, conditions, and policies of your home loan. You have to sign a copy of this letter and send it to the lender to accept their offer.

Step 5. Secure fee payment
You have to pay a one-time secure fee after you sign the sanction letter. The lender may ask you to pay this fee at an earlier time as well.

Step 6. Legal and technical check
The lender will perform a legal and technical check before disbursing your loan. They will send representatives to the property site for inspection.

Step 7. Loan agreement and disbursal
You will receive the final agreement after the lender has performed all their checks. Finally, your home loan amount will be disburse as per the terms.

Additional: Check your eligibility before applying home loan

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