What is the home loan verification process?
Home loan is one of the most available secured loans in India that borrowers seek to purchase a residential property. With Bajaj Finserv, both the application and the Home Loan verification process are simpler and quicker. Salaried employees can apply for a Home Loan of up to Rs. 3.5 Crore while self-employed applicants can seek up to Rs. 5 Crore with minimal documentation.
What Are The Documents Required For Home Loan?
- Identity Proof
- Address Proof
- KYC documents
- Last 6 months’ bank account statements
- Latest salary slips or Form 16.
- For self-employed borrowers, documents certifying a business vintage of at least 5 years are required.
- Property documents (house purchase agreement)
Besides these, you may need to submit additional documents during the processing of the loan as per requirement.
The Process Of Loan Verification
- After your loan application receives approval, our representatives shall get in touch with you for further processing.
- You need to pay a secure fee online, and then, submit the scanned copies of the documents required for Home Loan.
- Once done, a background check will be conducted to verify the authenticity of the information provided. Registered address, job background, bank details, etc. are verified.
- As a part of the Home Loan verification process in India, you may also be called for a one-to-one meeting to understand your purpose of taking the Home Loan.
- After the Housing Loan verification, we shall initiate the disbursement procedure.
- You need to sign the property documents and submit.
- Next, pay the down payment. Its percentage usually depends on lender policy and individual profile.
- A legal check of relevant property papers including title deed and NOC are conducted. Applicants may have to provide additional documents in case the submitted papers aren’t enough.
- A technical check of the property to verify its age, construction quality, valid certificates, etc. may be conducted.
- Once done, the loan will be disbursed.
The significance of this Home Loan process of verification is to arrive at the Loan to Value after evaluating the market value of the property and your repayment capabilities.
Advance verifications also ensure that the EMIs you pay towards your loan repayment are convenient as per your profile and the Home Loan doesn’t go NPA.
Apply for a Home Loan from Bajaj Finserv with a few easy steps, submit all updated documents as required and purchase your dream property effortlessly.
