What do I need to get a home loan?

Home loan FAQs

What do I need to get a home loan?

To experience hassle-free processing potential borrowers must meet certain home loan eligibility criteria before applying for a home loan. Certain criteria include factors related to age, income employment status, bureau score, and property value.

The steps and requirements to get a loan are as follows:

  1. Fill out the Loan Application Form & Attach The Documents
  • Pay The Processing Fee
  • Discussion With The Bank
  • Valuation Of The Documents
  • The Sanction/Approval Process
  • Processing The Offer Letter
  • Processing The Property Papers Followed By A Legal Check
  • Processing A Technical Check & The Site Estimation
  • The Final Loan Deal
  • Signing The Agreement
  • The Loan Disbursal

Once the formal application is filled, the next step is to attach all the valid documents required by the bank with it. Usually, this includes the:

  1. income proof
  2. identity (or ID) proof
  3. Age proof
  4. Address proof
  5. Employment details
  6. Educational proof (school/diploma/degree certificates)
  7. Bank statements
  8. Property details on which the loan is applied (if finalized)


  1. Pay the processing Fee:- Once the formal application and document submission process is done, the applicant has to pay the processing fee to the bank. This is the amount collected for maintaining the applicant’s loan account. It includes sending some confidential paperwork (like IT certificates, post-dated cheques, etc.) every year.


  1. Discussion with the bank:- Once the applicant has completed the application and documentation process, he or she has to wait until the bank or the respective financial company checks the papers. It usually takes about 1-2 days or even less if the submitted paperwork is correct.


  1. Valuation Of The Documents:- Keep in mind that millions of people apply for home loans on a daily basis and to ensure that the bank approves the paperwork as soon as possible, the applicant has to be genuine in the entire procedure.


  1. The Sanction/Approval Process:- The approval or sanction part is one of the most crucial stages of a home loan process.
  1. Processing The Offer Letter:- As soon as the loan is sanctioned or approved, the bank then sends a certified offer letter, which mentions the following details:
  • The loan amount that is being sanctioned.
  • The interest rate on the total loan amount.
  • Whether the interest rate is variable or fixed.
  • The loan’s tenure details.
  • The mode of loan repayments.
  • Terms, policies, and conditions of the home loan.
  1. Processing The Property Papers Followed By A Legal Check:- Once the offer letter is officially accepted by the applicant, the bank next concentrates on the home property he/she intends to purchase.


  1. Processing a technical check and the site estimation:- Every bank is highly cautious with the loan it lends and the home property it plans to finance. Hence, a technical check or a double check is further done. The bank sends a property expert to check the premises an applicant intends to buy.


  1. The final deal:- Once the technical and site estimation is done by the bank, and the lawyer clears all the paperwork, the next step is the final registration of the deal. The lawyer of the bank finalizes the loan documents, drafts them, and has them stamped as well as signed.


  1. Signing the agreement:-After the paperwork is complete, the applicant has to sign the agreement of the home loan. He/she has to submit the cheques (post-dated) for the initial 36 months or the duration both parties have agreed upon.


11.  The loan disbursal:- Once the applicant signs the papers and everything is legally clear, the loan amount is given via cheque. However, prior to this, the applicant has to submit a few essential documents to the bank, as these will serve as his/her personal contribution to the home property.

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