Track2Realty || India's real estate e-newspaper » Loan

Home loan procedure & flow chart

Track2Realty — Mon, 01 Aug 2011 17:01:25 +0000

Pre-Approval
A number of factors are taken into account when assessing your repayment capacity for the Pre approval of the loan. Your income, age, number of dependants, qualifications, assets and liabilities, stability/ continuity of your employment / business is one of them. Bank’s credit team underwrites your profile on the basis of documents provided by you and decides the loan sanction amount.

Legal and Technical
Legal is a process where lawyer’s appointed on bank’s panel verifies and checks the authenticity of your property documents which you are buying and it ensures you that you are buying a safe property.

Technical is a process where team of experts with relevant experience in the real estate evaluates the real value of your property and after the report submitted by both the teams (Legal and Technical) to the bank your case proceeds for disbursal.

Disbursal
It’s the process of preparing the pay order after submission of all the original documents of the property you are purchasing and signing of the agreement between the bank and the applicants of the loan.

SBI home loan utsav from today

Track2Realty — Fri, 21 Jan 2011 13:22:09 +0000

State Bank of India (SBI) is organizing a three day event called SBI Utsav at the bank’s local head office on St Mark’s Road in Bangalore. The second edition of the loan utsav will be flagged off on Friday. The event is powered by the Times Red Cell.

The bank will showcase a bouquet of home loan products . Around 60 real estate developers /builders and auto dealers will participate in the utsav. The bank is offering a 0.25% concession in interest rate from the fourth year of the home loan if it is availed at the SBI Utsav.

Soundara Kumar, chief general manager (Karnataka) of SBI, said the bank was looking to generate a business of Rs 550-600 crore from the three day event. “We expect the ticket size of home loans to be in the order of Rs 20-25 lakh. IT professionals and people employed with public sector companies will drive the demand for home loans,” she said.

Those buying flats in real estate projects for which SBI has extended loans can avail home loans in four days. The Utsav is open from 4pm to 7pm on Friday and 11am to 7pm on Saturday and Sunday.

Home loans for resident Indians

Track2Realty — Fri, 10 Dec 2010 17:47:04 +0000

Home is the most integral part of an individual, who since his birth and childhood, dreams to have a living space of his own in India. Once in a lifetime investment requires loan to accomplish it, and that is how the home loans comes into the scheme of things.

Home loan for resident Indians are offered by the Housing Finance Companies (HFCs) which range from buying a house either from the developer – built, un-built or under construction or from a second owner or for the improvement and renovation of the existing building structure.

With the latest boom in the Real estate, and investment market in India, many venture capitalists are coming forward to have their share invested in so called rich dividend paying projects. And so has been the mushrooming of banks and financial institutions that are coming forward to offer to the customers a variety of deals to choose from.

With so many private sector banks, and private as well as public sector’s housing financing companies lending their shoulders out, it’s becoming gradually uneasy for the consumers to choose the best deal as well.

For an Indian resident to avail loans, certain factors including eligibility criteria, documentation need to be considered, and of course you must know about some Home Loan Tips before applying for Home Loan, which are discussed in this section, which includes eligibility, amount of loans, types of interest, tenure of interest, the documents required, rate of interest, and even disbursal of loans.