Getting your application accepted for a home loan is not easy. It involves assessment of various aspects, and many times due to lack of knowledge about the process people end up making some mistake or the other. In the last 3-4 years, HDFC Bank has become the new favourite of the public when it comes to the home loan. However, before you apply for the home loan, it is wise first to understand its process so that you can build a greater chance of your application being accepted.
- Firstly start by checking your eligibility for a home loan as per HDFC Bank and some other banks as well. Even though you have a preference with the bank, it doesn’t hurt to keep some options with yourself.
- After you have checked your eligibility, the next step which you must take is to use the EMI calculator. With the help of a hdfc home loan EMI calculator, you can assess how much monthly burden you can really handle and which bank is offering you the best loan deal.
- Make sure all the required documents are with you while you are applying for the home loan to ensure correct information is filled in the form, and relevant documents are attached.
- Also, make sure that the property you are selecting satisfies the minimum dimensions set by the bank for advancing the home loan.
The home loan is a long term financial commitment involving a significant amount of money. That’s why banks take a longer time to process home loans as they do verification of various information at multiple levels. As an applicant you must also exercise the utmost caution with regards to in which bank you are applying for the loan, at what time are you applying, do you have all the necessary documents, do you have enough pool of funds to cover the down payment, etc. Such aspects hold an important key to have a successful home loan application ultimately.
HDFC Bank is one of the top banks in the country and caters to millions of customers. In the last 3-4 years, HDFC bank has seen significant growth in its home loan application and disbursal. Due to its customer-friendly features and process, more and more people want to avail home loan from HDFC Bank. However, before you apply for the loan, it is better to be aware of its processes so that you can make the necessary preparations beforehand and avoid unnecessary delays from your end.
The process of home loan in HDFC Bank is:
- Check Eligibility: Before you fill the home loan application form on a bank’s website or on an aggregator platform, you must start with checking your eligibility for the loan. Even though basic eligibility criteria for home loans of all banks may be the same, there are always certain differences in each bank’s eligibility criteria. Thus, you must assess whether you are eligible for a home loan as per the criteria of HDFC Bank or not. Even if you prefer applying in the HDFC bank, it is wise to keep options of two-three banks open in case the offer from one bank doesn’t fit your requirements.
- Use EMI calculator: After you have assessed eligibility criteria and known for sure that you are eligible for the home loan in a particular bank, the next step you should take is to use the probable loan amount you think you can get, the tenure for which you want it and the interest rate offered by those banks to calculate your probable EMI. Using the home loan EMI calculator will help you understand how much monthly burden you can afford and which bank is offering you the best deal.
- Prepare Documents: Documentation is an extremely crucial part of the home loan application. Any discrepancy in the information provided by you, whether in form or in the documents shared will only result in rejection of your loan application in HDFC Bank or in any other bank. Thus, make sure to take note of all the required documents and have them with you while you are filling the application form for a home loan.
- Property Verification: After your home loan application is accepted, the bank’s representative will visit the property site for inspection. Therefore make sure to check that your chosen property is satisfying the minimum requirements of the bank before submitting your application.
- Down-Payment: In case of home loan each bank requires a down-payment from the borrower generally within the range of 10-20% of the property’s value, depending upon the loan amount, property type and income level. Thus, it becomes absolutely necessary for you to ensure that you have sufficient funds with yourself to cover the probable down-payment when your home loan gets sanctioned.
Remember to be prudent at every step of the home loan application and make sure to read the terms of loan agreement carefully before signing it.