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 The Home Loan disbursement procedure begins after all the documents mentioned below are submitted.

Photocopies to be submitted of the documents in case of resale (BT) purchase.

All Chain of Agreements (registration receipt of all the previous agreements is of utmost importance)

Draft / Registered agreement (with registration receipt)

Share certificate (front & back)

Municipal Approved plan with the commencement certificate

Copy of society registration certificate.

Occupation certificate

Process

Legal Document Checking

The property papers are sent to the banks panel lawyer for “LEGAL” in this his report states whether this property is legal & the title is clear & marketable & also states that this all the norms have been followed by the builder / society & no violations have taken place… any documents called for by the panel lawyer have to be provided as & when the need arises.

Step 1

Step 1

Property Valuation

Banks empanelled valuers (max. 2) visit the property which is to be mortgaged. They inspect the property and send a report to the bank about the saleable area, condition of the property, Market value, the life of the building & legalities (has the property been constructed as accordance with the plan approved by the municipal corporation & have all the necessary permissions been taken… any documents called for by the panel valuers have to be provided as & when the need arises.

Name & No. of the contact person responsible for opening & showing the property to the valuer for inspection has to be provided. The valuers shall fix an appointment with the contact person who will then open the property for inspection.

Title search

This is a report to be provided by the borrower to the bank, in case the bank asks for it.

Step 1

Provided all the above conditions are met, then the next procedure follows.

Step 1

Loan Agreement

The loan agreement between the bank & the customer is signed. Here all the applicants to the loan need to sign the agreement. In case of a NRI applicant the POA signs it on his behalf.

Franking & Notary

Franking & Notary has to be done on the respective pages as prescribed by the bank. These charges have to be borne by the borrower.

Step 1

Step 1

ECS Mandate

The EMI for the loan will be serviced from the bank account as directed by the lending bank, for this an ECS mandate has to be signed by the customer & the same has to be verified from the account holding bank.

Personal Discussion

PDC’s are also collected by the bank….details will be provided for the same. Max no of PDC to be collected are 10. These have to be from the bank from which the loan EMI will be serviced.

Step 1

Step 1

Payment Receipts & Bank Statements

Original Payment receipts & Photocopies of the bank statement for the debit entries
of the same, would be needed. Please pay all of your contribution mentioned in the agreement to the seller through cheque
only. Payments made in cash will not be considered. # Also note that the cheque no., amount & bank details
written in the receipts have to match with the photocopies of bank clearance for the debit entries.

Terms & Conditions

All the terms & conditions laid down in the sanction letter have to be fulfilled by the applicant. (Please read the terms & conditions carefully.)

Step 1

Step 1

NOC Form

NOC form the society has to be obtained, duly signed & stamped in the banks prescribed format.

Cheque release: Very important

Cheque release: Very important

1. When all the original documents of the property asked for as mentioned below are submitted

a. Current Registered Agreement with Registration Receipt
b. Registration Receipt
c. Current – Index II
d. Latest foreclosure letter for our property’s loan a/c from the seller’s bank
e. Own Contribution Receipts of the payment made to the seller. (The bank also verifies the genuineness of these documents)

2. The applicant has paid all of his own contribution & has provided the original receipts & photocopies of bank clearance for the debit entries for the same.

# Please note that the cheque no., amount & bank details written in the receipts have to match with the photocopies of bank clearance for the debit entries.

Illustration: – For payment of OCR

Agreement Value   950,000
Stamp Duty   40,000
Registration   10,000
Total Value of the flat 10,00,000

Bank funding 85% of the property value

Bank Funding 85.00% 850,000

Own Contribution Receipt (ORC)

Payments be made by self to the Builder 100,000
   A. Stamp Duty 40,000
   B. Registration 10,000
   C. 15.00% 150,000

# Bank will only fund the remaining amount after the applicant pays his own contribution of 1,50,000/- as illustrated above.
Composition of the OCR is (D = A+B+C)

Balance Transfer

In this kind of cases where the property to be purchased is mortgaged by the seller with another lender,
a. The 1st cheque disbursed will be favoring the seller’s loan account.
b. The seller’s outstanding loan amount with the other bank has to be closed by this cheque.
c. The seller’s bank will then release the original property papers held with them with a no lien letter.
D. The original property papers with the no lien letter & the society / builder NOC has to be deposited with the our
bank, after this the 2nd cheque of the remaining amount (if any) to be paid to the seller will be disbursed favoring the
seller.

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