Home Loan in Bangalore

Home Loans in Bangalore – An Overview

If you wish to bridge the gap between you and your dream house, look at Home Loans in Bangalore. A home loan becomes your partner in making your dream house a reality. Whether you live in a rented house, wish to have your own place, or finally find the ideal apartment you’ve been planning to buy for years, a housing loan in Bangalore can offer solid financial aid.

Buying an estate for housing or investment purposes is not easy in Bangalore. Scouting for the right locations, finding your kind of place, working around the documentation and finally moving in involves a lot of hassle. However, with the best home loan rates in Bangalore, finance would not be a problem.

How to Get a Housing Loan in Bangalore with Fast-Disbursement? 

Three-Step Process

Home loan approval is much more complex and time-consuming than other loans. Stringent application and verification steps precede disbursals in the home loan approval process.

• Applicant Verification – Verifying the information provided by the borrower in their application and establishing their repayment potential is the first step. The banks decide the loan amount they are willing to sanction only after a thorough background check of the applicant. Banks or HFCs may sanction the loan in full or part, depending upon the borrower’s credibility ascertained by them. An applicant’s CIBIL score plays a crucial loan in establishing their creditworthiness. 
  
• Property Verification: Banks conduct thorough checks of the property as it is the only security against which the loan is issued. Property verification is a reviewing process through which banks ascertain the estate’s value. Banks may do a legal check on their own or by hiring third-party agencies to ensure no conflict or discrepancy is involved in the matter. Lenders may keep property-related documents with them until the loan is settled. Several factors like the location, condition of the land/building and ownership history, among others, are key areas around which lenders make their judgments. 
  
• Loan Disbursal: After successful verification, the loan disbursal process begins by signing the necessary legal documents. The loan agreement prepared after the verification stages specifies the loan amount, tenure and applicable interest rate. A lender may extend the loan amount in full or in parts. The formal signing of the loan agreement implies approval of the loan by the lender and a transfer of ownership by the borrower. An applicant must sign the loan papers carefully and seek immediate clarification on anything unclear.

Approval Time 

The approval time for a housing loan in Bangalore is 2-4 weeks. The banks conduct detailed verification before lending big amounts to minimise the possibility of loan default. It must be kept in mind that the approval process may take even longer in some cases.

Pre-approved loans can offer relatively quicker access to home loans through digital applications. Banks offer pre-approved loans to their existing customers as their verified information is already available. While these loans do not eliminate the thorough verification procedure, they minimise it to some extent.

Further, it must be noted that the majority of delays in home loan approvals happen because of discrepancies in the documentation process. Hence an applicant must keep all the documents handy and submit genuine details while applying for a home loan.

Documents Required for Home Loan in Bangalore

Photocopies of the following documents may be asked by a lender while extending home loans in Bangalore.

• Loan Application Form 
• PAN Card
• Id Proof- Aadhar Card/Driving License/Voter ID
• Address Proof- Utility Bills/Aadhar Card/Voter ID
• Income Proof- Previous bank/salary statements or Form 16
• Employment Proof- Certificates showcasing past as well as current employment
• Passport size photographs
• Property documents
• Disclosure of applicant’s investments

Conclusion

Housing loans in Bangalore have become a go-to financial aid in recent years. The loan offers huge sums at affordable interest rates, which can be repaid within 30 years. Different types of home loans are easily available for different housing needs. An increase in home loan disbursements in recent years is a testament to its wide accessibility. With strong financial credibility, you can add wings to your dreams with the help of home loans in Bangalore.