Understand the Lending Process

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 Lenders follow a standardized process for the evaluation of Loan applicants. Be prepared for a number of individuals enquiring about various aspects of your eligibility. Lenders generally outsource most of the verification processes to external vendors. The basic process for Home Loan is as follows:

  1. Complete the application form and provide the relevant documents
  2. Once your financial eligibility is determined, the lender will also assess the property value to arrive at the final eligibility
  3. The lender would carry out Legal verification to ensure your property is clear from any legal encumbrances
  4. You are now ready to sign the home loan agreement. All that’s left is for you to submit your original property documents, a few postdated cheques, and the loan agreement.