Mortgage Loan Application Checklist: Fill & Download for Free

Buying your dream home is not just an exciting prospect; it is also a fairly extensive project that requires you to do your homework in order to get yourself a good deal out there. Let’s break down the process and understand the steps that will simplify it to help you make the best decision.What you need to do:Prior to loan application, here’s your checklist of things to do -Narrow down the property you would want to purchase, and know the purchase price (including registration and stamp duty charges). In case of a resale property, check documentation, especially title documentation. Once you and the seller have agreed on a price, you can kick start the application process.Know that you can also apply for a loan sanction letter, even if you have not finalised any property at the time of application. Each sanction letter carries a validity period (that may differ from lender to lender), so make sure you keep track of the same.Identify the home loan provider you would wish to apply to. This can be done online, by evaluating various banks, housing finance companies and NBFCs.It is prudent to start putting together the documentation, basis the checklist provided on the lender’s website. Sometimes, this can be a time-consuming process, owing to the nature of documentation (especially if a resale property). Standard documentation includes personal documentation such as the applicant’s identity and address proof, income documents (whether salaried or self-employed, this is mandatory for a lender to gauge your repayment capacity), age proof, bank statements and property documentation (if you have finalised the property).The home loan process:Step 1 - Application form submission: Make your application, either personally at a branch or online. If online, allow for a representative to get in touch with you, to take the process further.Step 2 - Payment of processing fees: Typically between 0.25 percent and 0.50 percent of the loan amount, these need to be paid at the time of loan application. Some lenders do reduce the fee amount or even waive it entirely, so do check with your lender prior to paying up.Step 3 - Field verification: Lenders verify the borrower’s personal information, including conducting a residence and employment check.Step 4 - Personal discussion: Application scrutiny and verification is the next step, which includes a personal discussion or PD, wherein the lender will evaluate your application and ascertain your repayment capacity.Step 5 - Credit appraisal: At the lender’s end, there comes the loan underwriting process, which will determine the exact terms and conditions of your loan, including the loan amount being sanctioned, the rate of interest etc.Step 6 - Offer letter issuance: The lender will now issue you an offer letter, which mentions the following details –Amount sanctionedRate of interestLoan tenureOther terms and conditionsStep 7 - Legal and Valuation check: An important stage in the process is that of property valuation and verification, which requires you as the borrower to submit original documentation such as title search documents, no objection certificate etc. for the lender to verify. Legal checks on the property are also undertaken.Step 8 - Document registration: This involves registering the documents post the legal and valuation check.Step 9 - Signing of loan agreements and submission of post-dated cheques: The loan agreement is to be signed, and post-dated cheques are required to be submitted as per the loan agreements.Step 10 - Loan disbursement: Finally, upon completion of all documentation and related formalities, the loan is disbursed, as per the conditions mentioned in the loan agreement either upfront or in tranches (for an under construction property), as per requirement.Watch out for:It is entirely possible that your application is rejected at the first instance, which can be due to non-fulfilment of eligibility criteria or on account of incomplete documentation. Make sure your application is complete and accurate in all respects.With most lenders, processing fees are non-refundable, so ensure you do check prior to application.The loan amount sanctioned being lower than the one you had applied for.Make sure you know the interest rate that you are signing up at, and whether it is fixed or floating.

SBI’s Global Ed-Vantage Scheme is one of the most preferred and student-friendly education loans out there. Global Ed-Vantage scheme was started in _ with the aim of helping students secure funds for their full-time regular courses from a foreign education.Features of the scheme are as follows -The loan amount ranges from INR 20 lakhs to INR 1.5 crore.The interest rate under this scheme is 9.7% for men and 9.2% for women. SBI offers fixed ROI whereas all other lenders offer floating ROI.You will have to mortgage any tangible or intangible asset. It could be immovable property/flat/apartment/plot with boundary or it can also be LIC Policy or FD.Loan tenure is 10 years to 15 years.Processing Fees is Rs. 10,000 + GST. Fees for property evaluation and legal fees are separate.The moratorium period is course duration plus a 6-month grace period.There are tax benefits under Section 80E of the Income Tax Act.Expenses covered under this scheme are tuition fees, living expenses, travel expenses, cost of books and other equipment, examination fee.Approval for the loan may take some time because the bank will verify all the collateral papers.GyanDhan has partnered with SBI for this scheme and offers plethora of services to ease your loan application process. On applying for a loan via GyanDhan, we provide students with a customized document checklist, document pick-up service from their doorstep. And in case of any issues regarding the process, we solve the issue by getting in touch with the relevant officials. With us, your loan application will get approved within 14 days as opposed to one month, which SBI generally takes if you approach them directly.For more queries regarding SBI’s education loan, you can contact GyanDhan.

In the beginning, take a complete loan application, detail every facet of the information provided on the loan application. Strive to submit condition free files.It helps immensely to have and use a complete checklist and understand how to go about documenting each section of the loan application.Don’t dally, don’t wait for timelines to become challenging, be aggressive, make sure you can meet the deadlines before you make promises.Secure a complete checklist of required documents for each type of loan you endeavor to have approved. Ask your manager for help in making sure you have accurate check lists for each type of loan you are endeavoring to have approved.Hopefully your manager knows what is needed. If not, find a firm that will really train you rather than throw whatever to the wall to see if it sticks. Some firms will actually train you.You may wish to continue looking to find a firm which will help you succeed.