Mortgage Loan Process
Mortgage Loan Process-Stages for loan process
Mortgage Loans are referred to as the process of borrowing money either by the Property purchasers in order to raise an additional amount to be paid while buying Property or by the Property owners to borrow some money for any other purpose. The main thing in both the aspects is the ‘use of the property’ as the collateral.
Complete steps to the Mortgage Loan Process
The Mortgage Loan process involves the processing of the loan through the series of some steps. When we talk about the important cities of India, namely Pune, Bangalore, Mumbai, Delhi, Hyderabad, the process involved is almost identical to all. The step wise complete process of the Mortgage loan involves
Checking of the essential eligibility criteria
The checking of the eligibility criteria can be called as the preliminary step towards the initial process of the mortgage loan process. The essential and mandatory eligibility criteria may differ depending on the bank and thus the complete requirement of this section cannot be given quite clearly. Overall, we can say that the necessary documents in support of the essential qualification are required by all banks.
Applying for the Mortgage Loan
While applying for the Mortgage loan, the application form for the same purpose needs to be filled. The form can either be downloaded from the internet (as these days, the facility is made available for the people) or can be taken physically from the bank. Once the application completed, all you need is to submit the application process (in case of online application) or visit to the Mortgage officer of the concerned branch (if this is done offline). As soon as you complete the require documents, a loan quote may appear in front of you. You will also get a call from bank’s representative for the same purpose. In the normal condition are fulfilled, the next step is the verification of documents
Verification of documents
The one of the important steps keeping in perspective with towards information/ documents fraud ratio, in this segment the bank takes highest care in the verification of all the necessary documents meant for the property loans. The whole process may take some time, depending on the efficiency of banks and their workloads.
This is the next step, which is in fact the approval stage of the Mortgage loan. During this stage, the entire verification will be done for one last time.
The property valuation is the step, which is followed in close with above step. During this stage, the complete evaluation of the property is done. The construction of the property is verified and the complete legalities of the property are checked at final.
As soon as the above process is justified by the representatives of the bank, the execution of Mortgage loan process goes into the closing stage where the loan deal will be confirmed the bankers and depending on the date as provided by you, the complete settlement will be done and you will avail Mortgage loan in quick time.
Always remember that the Mortgage Loan Process requires some time and the complete process takes verification of necessary documents; so get all your documents ready for the same and apply sooner!