Wednesday, February 8, 2023

Process of Applying for a Home Loan in Jaipur

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Jaipur is the capital of Rajasthan and is known for its exquisite architecture and rich history. It is a popular tourist destination and one of the first planned cities in the country. Apart from this, Jaipur provides most amenities, including ease of transport and employment opportunities. Thus, individuals willing to opt for a property in the city can avail of a home loan in Jaipur

The process of home loan application in Jaipur is hassle-free and straightforward. Applicants just need to follow simple steps for it.

Process of availing a home loan in Jaipur 

The process to apply for a home loan is given below – 

Step 1: Online application 

Firstly, applicants have to visit the official portal of their preferred lenders. Then, they have to fill out the online application form for a home loan with all the required details, such as name, contact number, employment details, pin code, and others. 

Step 2: Document requirements

After successfully filling out the application form, candidates have to provide a few documents to prove their candidature.  Just like the home loan eligibility criteria, this may vary from lender to lender; hence they must check it from the lender’s website beforehand. However, the common documents required are:

  1. KYC documents
  • Passport
  • Voter ID
  • Aadhaar card
  • Driving license 
  1. Employee ID card
  2. Property documents 
  3. Proof of business existence for last 5 years.
  4. Financial documents 
  • Last 3 to 6 months bank account statements.
  • Salary slips of last 2 months

Step 3: Document processing and verification 

After providing all the documents, lenders will process them for authenticity and credibility. Furthermore, they can also contact respective issuing authorities for verification. In this step, lenders also check an applicant’s CIBIL score and credit report. 

The CIBIL score of an applicant is an important deciding factor for the home loan interest rate; hence they must enhance it to 750 and above before application.

Step 4: Sanction letter 

After proper authentication and verification, lenders will issue a sanction letter to applicants that will contain loan details, including – 

  1. Loan amount
  2. Rate of interest 
  3. Repayment tenor
  4. Interest type 

Step 5: Fee payment 

In this step, candidates have to make a one-time secure fee payment to proceed with the loan availing process. However, they might also ask applicants to pay the fee earlier, depending on the financial institution. 

Step 6: Legal and technical check 

Here, lenders will run a final legal and technical check of the property before disbursing the loan amount. Most experts recommend to calculate home loan eligibility to get a financial understanding of the maximum loan amount they can avail.  This eases the loan availing process and financial planning. 

Step 7: Loan disbursal 

Finally, after all the checks, the lender will disburse the loan amount based on the terms and conditions mentioned in the agreement. This agreement will contain all the financial details, including the EMI, a borrower is liable to pay. 

In this regard, a prospective borrower can use a home loan EMI calculator to get the estimation of the monthly payables beforehand. Besides, it also provides an amortisation schedule that gives details on how the payment will proceed throughout a tenor.   

Residents of Jaipur can opt for a reputed financer extending pre-approved offers that simplify and expedite loan processing. Such offers are available on a range of financial products like loans against property, home loans, etc. You can enter your name and contact number to check your pre-approved loan offer online. 

Thus, prospective borrowers can follow the steps mentioned above to avail a home loan in Jaipur. Also, they must remember to check all the prerequisites beforehand, as this will expedite the loan application and help in faster loan processing. 

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