With the increasing cost of everything, people are keen on availing themselves of a loan. A mortgage loan is compatible as it has a reasonable interest rate, stretchable tenure, no prepayment, etc.
Check out the steps below to know how to take a mortgage loan in just 5 steps:
Step 1: Fill out the loan application form
Filling in the loan application form is the first step to take. You must be meticulous at this stage as it requires filling out a lot of vital details. You can find your application form online or offline depending on your lender. So, check out the details you must provide in that form below:
Personal details
Income details
Employment information
Loan requirements
Step 2: Wait for your loan processing
You must wait for the lender to evaluate your eligibility for availing of the loan once you file the application. After the assessment is over, the lender will offer you the terms of the loan. However, if you lack any eligibility criteria, adding a co-applicant will allow you to increase your eligibility.
Step 3: Arrange the necessary documents
In the meanwhile, you must keep your necessary documents prepared. You must submit those once the initial loan processing is completed. Check out the list of general documents that you require to produce for the loan processing:
Income documents
KYC
Property documents
Step 4: Await the loan verification process
Your lender will now initiate a legal and technical verification of your documents once you produce all of them. The lender will assess the property title and check its authenticity at this stage. It is the final stage of verification where the lender confirms your eligibility and approves your loan.
Step 5: Issuing sanction letter by the lender
Although you do not have anything in your hands at this stage, it comes under the process. The lender now issues a sanction letter to authorize your disbursal on the basis of approved terms. Additionally, you submit all the original documents to your lender which you can only get back after your repayment.
Conclusion
So, these are the steps to avail of a mortgage loan. Now that you know how to take a mortgage loan in just 5 steps, get prepared appropriately.
