Applying for a home loan before deciding on the property may bring nasty surprises later. Also, the banks incline more to the consumers who has finalize the property as it gives them a scope to start their evaluation and technical process. The amount of home loan looses its significance if valuation of the property is different from the bank’s valuation. However, a number of property developers have tie-ups with banks today. So, one can get the fast home loan as the projects are already pre-approved by HFCs.
Your checklist differs in case of the loan for second hand homes. The pointers for the concerned will include:
- Will the property be acceptable to the lender?
- Can you show all the documents and No Objection Certificates required by the bank in the same format?
- Will you bank agree on to evaluate before you pay the processing fee?
- Do you accept the valuation done by the bank?
- Will an amenities agreement (if any) affect your loan eligibility?
- If the property is under construction, check if the property developer and the stage of construction are acceptable to your bank?
No comments:
Post a Comment