Many people fantasise about owning a home in their ideal city. The satisfaction of owning your own dream home is unfathomable. With the help of a home loan, these goals can come true. Applying for an HDFC home loan has never been easier. House loans with low interest rates are available to HDFC customers. You will be able to take advantage of a number of benefits if you apply for an HDFC home loan now. Apart from the tax advantages that come with owning a house. The builder’s dependability and track record are guaranteed by the HDFC home loan. HDFC home loans include a low interest rate and a straightforward application process.
Process to apply for HDFC Home Loan
The step by step process to apply for HDFC Home Loan is as follows:
Application Form
An HDFC home loan application form must be completed and submitted by each borrower. Name, address, proof of income, employment information, education information, and phone number are all required fields on the HDFC home loan application form. If the applicant is a salaried employee, he must also present three months’ worth of salary slips, evidence of employment, six months’ worth of bank statements, and the most recent Form 16. Self-employed applicants must provide a complete set of ITR returns for the past two years, as well as extra income documentation.
Loan Processing Charges
After completing the documents, the applicant must pay a non-refundable processing fee to HDFC. This charge reimburses the bank for its first efforts in verifying borrower information and analysing the property’s worth and ownership title. When the loan money is distributed, the applicant will pay the remaining processing fee. It could be a fixed amount or a percentage of the total loan amount.
Discussion with the Bank
Within 5 working days, HDFC chooses whether to approve or reject the house loan application based on their credit standards. HDFC Bank may contact the applicant for a phone interview. In the case of self-employed borrowers, an HDFC bank representative may conduct a personal visit to their place of business. He’d go over the loan terms with them and learn more about their company.
Validation of documents
HDFC Bank will begin examining a candidate’s eligibility after speaking with him in person. At his current address, an HDFC officer may pay him a visit. HDFC will investigate the applicant’s CIBIL score. The applicant’s documents will be checked by the bank.
Obtaining Approval
When deciding whether or not to approve a loan application, the HDFC bank uses this strategy. If all of the applicant’s documents are in order, the application could be declined. The HDFC bank may reject the home loan application if the applicant’s paperwork contains an inaccuracy. The candidate would need to reapply in that case.
Sanction Letter
The applicant will receive a loan sanction letter from HDFC Bank if the loan is approved. The letter will include the maximum loan amount, HDFC home loan interest rate and type (fixed or variable), loan tenure, and all other terms and conditions of the home loan.
Verification of Property
HDFC will inspect the property now that the loan has been approved. A legal examination of the property will be conducted. The goal of the test is to ensure that the title is clear and that there is no evidence of disagreement or conflict. It will also inspect the stage, progress, and quality of the work if the property is under construction. If the property is a resale, the bank will consider the structure’s age, condition, and care. It will also look into if the property has ever been mortgaged. All original documentation for the property, including original copies of the title deed, must be provided to HDFC Bank by the applicant. The HDFC bank will hold these papers as mortgage till the applicant fully repays the loan.
Disbursement of Loan
Once the property verification is done, the borrower must send all original papers to the HDFC bank. The loan will be disbursed and the borrower will receive the cheque if all of the documentation is in order. If you’re purchasing a home from a builder, make your check payable to the builder. Following the disbursement, HDFC will send the customer a welcome packet as well as a repayment plan.
This is the process through which you can apply for an HDFC home loan. Moreover, it is recommended that you should check your eligibility and make sure that you have all the necessary documents before applying for an HDFC home loan.
