Thinking of buying your first home but facing a shortage of funds? Don’t worry! HDFC Bank offers hassle-free home loan services at affordable interest rates to eligible borrowers. The application process is easy and straightforward. You can use HDFC home loan calculator available on their website to know about different loan amounts and interest rates you can afford to opt for. In this blog, we have provided a step-by-step guide to HDFC home loan application and disbursement.
Step-by-step Guide to Seeking an HDFC Home Loan
Step 1: Application for the Home Loan
A correctly filled application form must be submit, including important documents like address proof, identity proof, and income proof. If there is a co-applicant involve, they need to sign the application form too and submit the same set of documents. If a property has already been short-listed, you are required to provide details of it in the form and submit photocopies of the documents related to it for legal verification and technical evaluation.
You can also visit the official HDFC website hdfc.com and apply for a home loan there. They even have a toll-free number on which you can call and request a counsellor to visit your home and guide you through the process.
Step 2: Loan Approval
The appraisal process starts after you submit the application form and all the necessary documents. The bank evaluates your application and decides whether you are eligible for the loan by considering several factors related to your credit score, income, liabilities etc.
If you are self-employ, the sustainability of your organisation will also be assess apart from the above information to make sure you will be able to repay the loan without any hassles. The bank will conduct a field credit investigation, as a part of which their representative will contact you to verify the information you have provided in the application form. Based on the complete evaluation and investigation, they will determine whether you are eligible for the loan.
Step 3: Legal and Technical Verification
For the home loan, you need to submit copies of the documents related to the short-listed property, including the entire chain of title documents, a no-objection certificate, and an occupancy certificate. You might also need to produce other documents if the bank demands to see them. The bank will also conduct a technical inspection of your property to ensure that it has been construct according to the sanctioned plan and to assess its market value.
Step 4: Home Loan Sanction
After you are considered eligible for the loan and the bank is satisfied with the legal and technical aspects of the property, the loan amount will be communicated to you through a sanction letter which will contain details including the total loan amount approved, the interest rate and type of interest applicable, the repayment tenure, easy monthly instalments payable and other special conditions that are required to be fulfilled before loan disbursement.
Step 5: Home Loan Disbursement
After all the above steps are complete, you will need to submit the original title documents to the bank so that you can raise a disbursement request. After the request is made, the bank will initiate the procedure of preparing your cheque. Before they hand over the disbursement cheque to you, you will be require to sign the loan agreement and agree to the terms and conditions. You must ensure that you are well aware of the HDFC Home Loan interest rate and type of interest, the repayment tenure, and other terms and conditions before you sign the loan agreement.
Conclusion
If you have a good credit score and history, getting a approval for an HDFC home loan will be quite hassle-free. You can check the official website of HDFC to use the hdfc home loan calculator to know about different loan amounts for different values of HDFC Home Loan interest rate and vice versa. We hope this blog guides you towards your journey of getting a HDFC home loan.
