NEWS & ADVICE : HOME LOANS
Complete Guide to the Home Loan Process in India
By Joseph Samson
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Buying a home is one of the major decisions a person has to take during his life. It is rare to find someone who pays the entire cost of home at one go. A home loan is an essential part of any home buying endeavor. Taking a home loan is a long journey, which involves many stages. The key to getting your home loan in a smooth way is being familiar with the entire home loan process.

Beginning the home loan process in India

The process of getting a home loan starts with a formal application for the loan. The application form requires certain basic information about you. This will include your personal, residential, income, employment, educational details, details about the property, estimated costs and current means of financing the property. Though the requirements may vary from bank to bank but there certain thing which every bank will ask.

The application form must be supported with valid documents to substantiate the facts. Generally the banks will ask you to submit following documents.

  • Income proof
  • Age proof
  • Identity proof
  • Address proof
  • Employment details
  • Proof of educational qualifications
  • Details about the property if finalized
  • Bank statements

The purpose of the entire exercise is to ascertain the suitability of a applicant for a home loan. The income documents and bank statements provide vital clues to the bank regarding your financial health.

Processing fees for home loans in India

An important thing to note about home loans is the processing fee. Banks charge a processing fee for every home loan application. This fees is non refundable. The processing fees varies from bank to bank and is generally between 0.25% to 0.50% of the loan amount. This fees is used by the bank to start and maintain the home loan process including completing the various formalities during the entire period.


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(Comments Posted : 40) Post Your Comments
1. sir i have submit my home loan paper in one bank with pre sanction latter on 24 march 2015,that time he said now march ending,plz come on 4 april,when i go on 4 april he said now our audit period till 10 april,so come on 12 april,when i go on 12 april he said ur paper in legal process & our audit will finish on 17 april evening,so u come on 17 april evening i will give u time for valuation of 18 april saturday,but when i go on 17 april he totaly change his world,your legal is pending,no disbursement in april,so many file pending of our existing costumer,so u come now after when i call u only,now i am very much worry about disbursement bcz i given some commitment to owner also.
what can i do plz give me some suggestion.
sandeep patekar (Posted: Apr 19, 2015)
2. sir i have submit my home loan paper in one bank with pre sanction latter on 24 march 2015,that time he said now march ending,plz come on 4 april,when i go on 4 april he said now our audit period till 10 april,so come on 12 april,when i go on 12 april he said ur paper in legal process & our audit will finish on 17 april evening,so u come on 17 april evening i will give u time for valuation of 18 april saturday,but when i go on 17 april he totaly change his world,your legal is pending,no disbursement in april,so many file pending of our existing costumer,so u come now after when i call u only,now i am very much worry about disbursement bcz i given some commitment to owner also.
what can i do plz give me some suggestion.
sandeep patekar (Posted: Apr 19, 2015)
3. hi need to know the best subvention loan for new project of Super tech in gurgaon subvention plan my current salary is 1.20 lakh/month
arun kataria (Posted: Mar 30, 2015)
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