Buying a home is a huge and emotional decision. You buy a home to live with your loved ones and ensure their financial security regardless of anything. You buy a house to build something you can cherish for life and pass on to future generations. A Home Loan is a Secured Loan that lets you borrow a significant amount at a competitive interest rate for at least 30 years. You can apply for a Home Loan to finance any home you wish to buy.
Apply with any bank by filling out the Loan application form and attach the necessary documents. The bank then verifies your Home Loan documents and establishes your eligibility. Based on your eligibility, the bank will make a suitable loan offer. Once you accept the bank's offer, they will disburse the Loan amount soon. So, if you are eager to book a flat in an upcoming residential project in Delhi, you can do so by applying for a Home Loan in Delhi.
What is a Home Loan disbursement?
Home Loan disbursement is when the bank provides the sanctioned Loan amount to finance your home purchase. Depending on your loan agreement, the bank may disburse the entire Loan amount or in parts. The bank deposits the disbursed amount in your Bank Account or provides an equivalent amount cheque. This ensures a secure and seamless Loan transaction.
What are the disbursement document requirements?
You need to submit the following Home Loan documents to facilitate disbursement:
Loan agreement and annexures
- Loan Agreement as per product type
- The following annexures should be duly filled, signed, and stamped as per the state laws:
- Most Important Information pages
- MCLR consent form
- Loan Agreement schedule
- List of Documents
- Loan restriction letter (if any)
- Disbursement request letter
- For NRIs – Franked GPA document
- Indemnity for under-construction cases in plot plans
- Guarantor Agreement (only if applicable)
- Any alteration/ correction to be authenticated by applicants.
National automated clearance house mandate/ Standing instructions form and security cheques:
- NACH mandate/ SI mandate with a signed cancelled cheque with the Account holder's name as mentioned in the bank records.
- SPDC – Three undated security PDCs equivalent to EMI Amount.
- One undated cheque with the amount kept blank
- One cheque towards PEMI amount
- SPDC favouring the bank name and account name
Loan cover/ Insurance details
- Property Insurance application form (mandatory)
- General Insurance application form (if applicable)
- Life Insurance application form (if applicable)
Processing fee/ Equitable mortgage cheques
- Balance processing fee cheque (with clearance details)
- Equitable Mortgage charges/ stamping charges favouring the bank
Property documents
According to the bank's policy, you need to provide all property documents for the Home Loan transaction.
Note: This is an indicative Home Loan documents list for disbursement. The additional document requirement may arise based on your case.
