Mysore has always been the top tourist attraction city for travellers. Also, the recent boom of the IT sector and the subsequent shifting of working professionals made Mysore one of the most desirable places for housing. So, to afford a property, opting for a home loan in Mysore is one of the smartest ways.
Process of applying for a home loan in Mysore
The step-by-step process of applying for a housing loan in Mysore is –
Step 1: Application
The primary step to opt for a home loan in Mysore is the online application. For application, applicants must visit the official portal of their chosen lenders. Then, provide details such as the applicant’s name, phone number, job details, and others.
Step 2: Document collection
After filling out the application form online, individuals must provide the required documents to the lenders. The documents needed may vary with lenders. However, the general document requirements include –
- KYC documents
- Driving license
- Aadhaar card
- Voter ID
- Employee ID
- Financial documents
- Salary slips of last 2 months
- Last 3 to 6 months bank account statements.
- Property documents
- Proof of business existence for last 5 years.
Step 3: Document processing and its verification
After submitting relevant documents, lenders will process them to check their authenticity. Financial institutions might also contact relevant institutions and workplaces for verification of the same.
Furthermore, a financial institution will check a candidate’s credit score and verify the credit report. The lender will provide the sanction letter if all the eligibility factors are met successfully.
Step 4: Sanction letter
After verification and authentication, financial institutions will issue a sanction letter which contains –
- Repayment tenor
- Interest type
- Rate of interest
- Loan amount
Step 5: One-time fee payment
At this stage, candidates will have to pay a security fee to proceed with the loan application process. But, financial institutions might also ask prospective borrowers to pay the fee before verification.
Step 6: Final check and loan disbursal
Lastly, the lender will conduct a final inspection of the property and then run a technical and legal check before disbursing the loan amount. After that, financial institutions will provide a home loan agreement to disburse the loan amount.
But, before application, customers must check the home loan eligibility criteria and document requirements for a smooth application process. Also, applicants must remember that these prerequisites differ with lenders; they must check them from the official website to get the lender-specific documents.
Most lenders also advise borrowers to take the help of a home loan EMI calculator and home loan eligibility calculator to get the financial details of their home loans.
How to calculate home loan eligibility?
The steps to calculate one’s home loan eligibility are –
Step 1: Enter the city of residence.
Step 2: Provide the date of birth.
Step 3: Enter the monthly income.
Step 4: Provide all financial obligations they are liable for.
Step 5: Finally, the calculator will provide all the maximum amount a borrower can avail.
While availing of a home loan, it is essential to select the tenor smartly. This affects the affordability of the loan and the home loan interest rate. Apart from the tenor, several other factors affect the rate of interest; hence knowing about all those will ease the financial understanding.
Customers should opt for leading financers extending pre-approved offers that simplify and expedite loan processing. Such offers are available on a range of financial products like loans against property, home loans, etc. You can enter your name and contact number to check your pre-approved loan offer.
Hence, candidates must check the detailed process above to apply for a home loan in Mysore. Also, check the eligibility and documents required beforehand to lower the rejection chances.