Home Loans in New Delhi

How to Get a Home Loans in New Delhi

Delhi, the national capital territory, encompasses Old Delhi and New Delhi, the nearby rural areas, and surrounding metropolitan areas. Delhi holds great significance as one of the most important cultural, political, and historical centres in India. It has always been one of the most booming and primary real estate markets in India. The blend of cosmopolitan culture and traditional Indian values, big corporations, ever increasing job opportunities, and world-class amenities make it a highly desirable residential hub. Even during the pandemic, the real estate market in Delhi has shown profits. This is because of the quality and secure real estate options available and also the increased awareness and popularity amongst people to invest in real estate assets. Real estate investments are expected to grow in 2022. Although real estate investments are widely sought after, not everyone will have the money to purchase properties with down cash. Even if they do, it is not a good idea to use up one’s savings. That is where home loans come into play. Let us read on to find out more about home loans in Delhi.

Eligibility Criteria for Home Loans in Delhi

The Requisite Documents

ID Proof Documents 

• Voter ID Card
• Valid Driving License
• Aadhaar Card
• Valid Passport

Income Proofs

• For salaried people
  • Salary slips for the last three months
  • Income Tax Returns or Form 16
• For the self-employed people
  • Income Tax Returns along with the calculation of income for the last three assessment years
  • CA certified/audited balance sheet and profit and loss account for the  latest three years

Other Documents

• Bank statements for the repayment of existing loans if any for the recent six months
• Processing fee cheque
• Passport size photographs of all the applicants/co-applicants pasted on the application form with the applicants’ or the co-applicants’ signatures across them.

A Step by Step Guide to the Home Loan Application Process

Fill in the loan application form and attach all the necessary documents : You can do this online or get a physical copy of the application. It will ask for details, such as name, age, address, details about your income, employment, education and phone number. You have to submit all the required documents for proof

You have to pay the initial processing charges, which the bank takes in order to verify the property’s ownership title and value. The outstanding processing fee is taken at the time of loan disbursal.

Verification - In this process, the lending institution verifies the documents and proofs you have submitted. The lender will call your organization or employer to verify the details about your employment. The lender will also conduct an enquiry into your credit score and credit report. The loan will be approved only if your credit score is good. In case you are self-employed, then the lender will send a representative to your premises.

Sanctioning the Loan: The lending institution sends an offer letter to the loan applicant in case they approve the loan. The offer letter will consist of

• The interest rate 
• The repayment tenure
• The kind of interest rate - fixed or variable
• Terms, conditions, and policies related to the home loan

You have to sign a copy of the offer letter and revert back to the lending institution in order to convey your acceptance of the loan.

Property Verification:

After the loan is approved, the lending institution will conduct the following checks

• Legal Check: The title of the property will be verified legally, and the lending institution checks if there are any disputes or conflicts surrounding the property
• Technical evaluation:
  • Stage, progress, and quality of construction if the property is under establishment.
  • The lifetime, condition, and conservation levels of the property.
  • The lending institution will check if the property has already been pledged as a collateral.

You have to submit all the property related documents to the lending institution

Disbursal

After all the verifications are completed, the registration process for the loan will begin.

The legal documents for the loan will be prepared according to the format dictated by the bank’s lawyer. You have to sign the loan agreement, and the loan amount will get disbursed according to the terms. The amount can be dispensed either in stages or as a lump sum.

Types of Home Loans in Delhi

Additional Read: Home Loan Schemes

List of top various home loan providers in Delhi

Conclusion

There are many perks of investing in real estate in Delhi and also getting a home loan to finance the investment. You must understand and choose the best home loan in Delhi from a fine home loan provider.

FAQs – Home loans in New Delhi