The journey begins: A step-by-step guide to applying for a home loan
1. Choose your lender
There is no dearth of lenders in the market to choose from. However, not every lender will be willing to offer you the best loan deal.
Therefore, thorough research is crucial. Talk to as many lenders as you can. See what each lender is offering you.
Compare home loan offers using a home loan EMI calculator, and in the end, choose to go with the lender who has extended to you the most lucrative deal.
2. Apply for a loan
The next thing you must take is to apply for a loan. Most lenders offer borrowers the option of applying for a home loan online.
However, if the online option doesn't work for you, you can apply for a loan the traditional way, that is, by visiting your lender's office. Please keep in mind that you will be required to attach a few documents along with your application, such as KYC, age, address, and income proof documents, educational marksheets, property documents, etc. Please keep all these documents ready to experience a hassle-free loan application process.
3. Pay the processing fee
While submitting your home loan application form, the system will prompt you to pay the home loan processing fee.
The home loan processing fee is the charge that lenders charge to maintain your loan account. Home loan borrowers continually receive home loan statements and the home loan processing fee covers the costs associated with sending these statements as well as taking care of other expenses related to your account. Furthermore, your application will be handled by a dedicated agent and their commission is also covered by the home loan processing fee paid by the borrower.
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