For a home loan the process will be a long on and have to follow many formalities. At first have to fill the application and the process will starts from that by submitting necessary supported documents. Generally some banks will charge a processing fee which is usually a non-refundable amount as 0.25% to 0.5% of the loan amount. This processing fee will be varying from bank to bank and these fees will be used by the banks to start and maintain the home loan process during the complete period.
Along with the application form we have to submit certain documents as proofs. The needed documents are:
• income certificate
• age proof
• photo id and residential proof
• employment details and continuity of service
• educational details
• property details which are to be purchase
• bank account details
After submission of documents bank will conduct verification whether the details submitted is correct or not. And bank will enquire about financial status and about debits then they will decide whether you are having eligibility or not for a loan. If the bank finds that any of the information provided by you is incorrect and having doubt on your repayment capacity then the loan application will be rejected.
Banks usually have a legal expert team to evaluate the property value and they will do legal verification of the property documents. If there is no objection to issue the loan then bank will send an offer letter. That contains all the details about the loan such as total loan amount, interest rate, terms and conditions etc.
The applicant must read the loan agreement details carefully and have to sign it. At that time they have to submit post-dated cheques to the bank. The property documents will be with the bank until the loan amount is cleared.
If you want to buy a property online, you must be so careful as much as you would buy it in personal. Before going to complete the transaction you must take the help of legal experts, real estate agents and investigators to avoid victims. Then there be no difference between buying the property in online and in usual manner. Also make sure to know about the surroundings. If you are not familiar with that town, city or country then search about the location details such as climate conditions, people economy status, crime rate, communication and so on. If you want to sell your property in online it is easy to process. But remember and be careful while giving information about the property. Always give the clear details and specifications in honest.
Kindly do not feel that seller is giving 100% exact information about the property online. Many certain things always have to verify very important facts by visiting local government offices regarding to legal matter or can visit the relevant legal experts and registered agents. Online real estate auctions are very convenient instrument in buying and selling. But keep in mind that they are not complete enough information to buy a property and do your own investigation and confirmation.
My name is Rosen Stela. I am working for Real Estate Property . I am working for Delhi , Noida , NCR properties. http://www.keyaunty.com/
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