Process To Acquire Home Loan

Owning your home is important part of your life. It is basically the long treasured dream for several people. Now a day, there is also great enhancement in the price of property. And hence, buying house in single payment is quite difficult for several people. Hence, many people generally choose the option of home loan Philippines as it makes entire process of purchasing the home to be simple and easy. Several nationalized as well as private banks provide the housing loan.

New Home

Moreover, there are even few companies of housing finance that offer Housing Loan. The procedure of housing loan consists of few steps. It might be small procedure for some people, if they also have all requisite documents in this process. For others, this will also be a lengthy process. Moreover, with the help of housing loan calculator you will be able to identify the amount of the emi that you will need to pay to avail the house loan for the specific amount.

Process to avail Housing Loan

Choose the housing Loan

When you are selecting the best plan for housing loan, you should also study much and identify which plan of housing loan fits best as per your requirements. Identify the status of financial in coming few years hence that you have the rough idea about the resources in coming some years and select the housing plan which suits you.

Submission Of the Application Form

When you have identified the plan that you require, you must also submit application form to your Bank. You would even be asked for submitting the relevant documents with application form. Such documents will also differ for various banks. Such documents are also used to ensure about your income, about your age, about your residence, the kind of employment and also many others. At such kind of stage, you also need to pay for the processing fee for loan to your Bank. The processing fee for home loan is also non-refundable. The processing fee would be nearly 0.5-1% of entire loan amount.

Validation of Information:

When you have also submitted form and relevant documents, bank will also start to validate entire information offered by you in application form. Here, bank will also check the residential address, the place of the employment & also many other. The Bank also performs several checks to make sure that you able to repay entire amount of the loan.

Issue Of the sanction Letter

After such kind of important checks, bank issues the sanction letter. The letter consist of details like the loan amount, interest rate, reducing balance monthly, mode of the repayment as well as various terms as well as conditions of housing loan. It is an approval of money lending process by bank. But, money will also get sanctioned after documents and so property for the loan is also getting granted is completely verified.

Documents Submission

Once you also get sanction letter, so you will also have to leave entire set of the original documents of property getting purchased with Bank as the security for your sanctioned loan amount. The bank will also have all such documents till you completely repay the amount of loan.

Once everything is done, you will get the payment amount in the name of the builder and so your house is ready for possession!

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