Step 1: Appraisal

The client visits our office with his requirements and personal details. He is then explained the complete procedure for availing home loan & all the necessary documents are called for. At this stage, we want to determine that you can afford the loan repayments. Our credit team will conduct income verification and validate the accuracy of the information you have provided. Credit check will then be carried out to reveal your credit history; in this case we as a lender will obtain a credit report that will show the following details: Personal details such as: Name, Residential Addresses, Date of Birth and PAN card number Records of some recent credit accounts (if any). As your credit history plays an important part in the home loan application process, it is always advisable to clarify and resolve any credit related issues before lodging your loan application.

Step 2: Security Evaluation

A) Technical Evaluation A qualified technical officer will conduct a valuation on the property you intend to purchase and any property that will be used as security. We have appointed a Field Investigation (F.I.) agency for checking correctness of all the personal information provided by the client such as – number of earning/non-earning members in family, relationship with the neighbors, number of years at the current residence, nature of construction of house property, living standard of the family, affiliation with any political party, occupation of all earning members, name of their employer, name of their organization, time since working with the current employer, details of any existing loan facility availed with any other bank or individual & repayment track record of the same, his pass book for saving bank account, his identity proof and property documents. The FI agency then prepares a detailed report of its observations & if found positive then Search and Valuation reports are being called for.

B) Legal Evaluation A qualified lawyer will examine the property documents i.e. chain of agreements/title etc to determine if the property documents provided by you are conducive for lending and provide us a search Report for the same. If there is any contradiction between any of the above 3 reports then an executive from our office gives a personal visit for verification of the correctness of the same

Step 3: Loan Sanction

Considering there are no major issues with your income verification and credit checks, we will provide sanction for your loan. This means that we will provide you a loan Agreement favoring all the applicants to the loan. A guarantor, who should be a person known to the company or a government employee, is also asked to be a party to the contract & liable to the company in case of any default in repayment of loan installment by the borrower. We recommend all applicants read this document carefully, sign and return it to us, making sure the information is correct and that everyone understands all the terms and conditions. Home loan executive will be there to guide you through this step and assist you in compiling documents should we require any further information. The maximum loan amount sanctioned in any case shall not exceed 80% of the value of property as assessed by the Valuation Report prepared by approved valuers. If the loan amount exceeds his capacity, then a co-borrower is being asked for.

Step 4: Disbursement

After such clearance, the disbursement course for the approved amount is prepared by the company and it is handed over to you. After receiving the funds you will start paying your first home loan repayment, usually one month after the disbursement date.