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I didn't face any issues in processing and my loan got sanctioned on time. Even the documentation process was easy and finance buddha executives helped me throughout the process. A sale deed is prepared by an authorised lawyer on behalf of an individual. The sale deed declaration should include all details of the property, ownership and the financial deal and it has no fixed format.
Mortgage Loans are easy to avail but it is not easy to access in case of dispute. According to the guidelines of mortgage loan if the borrower fails to repay the loan amount then the lender can easily cease the asset that is being mortgaged. The lender put the asset on sale and realise the money.
Charges associated with a home loan balance transfer
You will first need to submit a letter to your existing lender requesting a balance transfer. You also need to request your bank to inform CIBIL about your successful loan closure. The bank usually informs CIBIL once a month for all loan closures.
All the above mentioned details are very important for filling the Property tax. Overall khata is the document which licence the property and ensure that your property is eligible for paying the property tax. There are two types of Khata in Bangalore one is A Khata and the second is B Khata. These two are different in nature having their own significance. Here is a complete list of the documents required for a home loan. Next, your new lender will ask you for proof of income.
Factors to consider before taking a Home Loan
Imagine that you have recently settled into your own house and have begun making monthly payments towards your loan. While the terms and conditions of your loan seemed feasible earlier, you realize that you aren’t happy with your home loan’s features any longer. You have identified another home loan with a better interest rate and more benefits. In such a case, there is a solution for you in the form of a home loan balance transfer. I chose to go with SBI for my Home loan because of low interest and flexibility they offer.
We understand your emotions for your home as it is the place where you make best of your memories with your family and near and dear one’s. We also understand the value of your time and the difficulty which you face while the documentation regarding your home loan, hence we try to keep it as minimal as it can be. Each financial institution has its own set of regulations to transfer home loan balance to be considered. It is necessary to enquire about these rules to determine whether the benefits of moving your home loan outweigh the drawbacks. The new lender will hand over a cheque of the principal balance amount to the old lender if the loan is granted.
DOCUMENTS REQUIRED FOR HOME LOAN
It is very important for bank / financial institute to make sure that you are eligible for the loan & you will able to repay t on time. Documentation is a very important part, as this is the only way by which lenders can know their customer in a better way. The documentation process regarding a home loan is bit complicated as it as a secured loan.
But in that case the there must be a division of the property. If there is an undivided land Patta will not get issued. B Khata contains the Name of properties which have outstanding taxes on them. Those properties which are in B Khata have yet not received their Khata certificate or any legal status. If a property is in khata A that means that for that property the property taxes are being paid. And they are having no outstanding tax amount on them.
For Developer property (Direct Allotment from the Developer)
Patta generally issues in the name of the owner of the land. But government issues Patta only for those properties which are in constant use. As for example if your land is unproductive then you can’t get the Patta for it.
However, the time taken for disbursal was a bit more but overall the service was good. Age is important as home loan is long term loan & the person should be at the age of repayment till the loan is over. You will also have to submit a NOC from your builder/ society, along with the documents procured from the first lender. This website is using a security service to protect itself from online attacks.
There is a specific format of the required details that the owner has to follow during the process of obtaining Patta. The authority will enquire and do survey of the land as well. The Patta does not need annual or monthly renewal.
When you reach the end of your loan tenure, you will need to write a letter to your bank informing them about the end of your loan. 3, Give the bank a 15 to 20-day window for calculating your dues for closing out your loan prematurely. Latest three months' Salary Slips indicating break up of Gross salary that is the Basic Pay, House rent and Net Salary after deductions, if any. Finally, post-dated cheques that lie with the old financial institution will be cancelled. In any dispute , lawyers would normally advise a client to first issue a “letter of demand” (usually referred to as an “LOD”). A letter of demand is a letter which establishes the background facts and records your demands.
The reason behind taking my housing loan from HDFC is trust, I have my salary account in this bank and an ongoing personal loan as well. The documentation process was simple and it took almost 4 to 5 days to get the loan amount disbursed. Patta is issued by the administrative authority or Tehsildar of the district. The owner has to submit an application or requisition along with necessary documents and details of the owner. There might be an interview of the owner or verification and inspection of the land and the owner.
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