What To Expect When Banks Process Your Home-Loan Request

Whether or not you will be able to materialise your home purchase plans would largely depend on the acceptance or rejection of your home loan application that your bank might be processing. At this point, it is worth mentioning that the bank is quite diligently reading all the information you have given in the application form, and is going to ensure its veracity. This process typically takes 15 days or less. While this verification process is on, the applicant must be on his toes.

Under no circumstances, you could be “unavailable”

Since mobile phones are the primary mode of communication these days, you have to make sure that your mobile phone is always on and has good reception. There will be plenty of calls coming your way while the process is on. Banks also send mails. Keep checking your mails regularly, too. At the end of it, the bank would also call you for personal interaction. Inform your office that you would need to take a day off to do so.

Also Read: 10 Types Of Home Loans Every Homebuyer Should Know

Be ready to welcome the team

Typically, banks send two different teams to evaluate your property. One member from the legal team and another from the technical team would visit the property you intend to purchase to make their assessment. The former would make sure that there are no legal hassles pertaining to the property while the latter would assess what the market value of your property is. These days, banks employ third-party service providers to do the job. Soon after you submit your application, these evaluators will get in touch with you and fix a time of their visit. According to your convenience, you could fix the time.  

Be in office, be at home

It is not only the property that will be evaluated. The bank will check the veracity of the personal information that you have provided. This is to make sure the loan is going in the “right” hands and that the borrower has the “means” to repay the debt. To do that, someone from the bank would visit your current residence and re-check all the details. Someone from the bank would also visit your office to do the same.

Also Read: How Do Banks Evaluate Property When You Apply For Home Loan?

Keep others in loop

The bank asks you to give details of two people who are not your blood relatives in the home loan application form. It would contact these people to check up on you. Do tell the people whose contact numbers you have given that they should expect a call from the bank. They should not be caught off guard, even if they are your best of friends.

Also Read: Are Home Loan And Mortgage Loan Different?