What to Expect While Bank is Processing Your Home Loan Request?

Applying for a home loan application is not just the end of the road, there is entire streamlined process that had to be followed, which usually take up to 15 days.

What to Expect While Bank is Processing Your Home Loan Request
What to Expect While Bank is Processing Your Home Loan Request

There is no doubt in the fact that your dream of purchasing a home will always remain far sight until and unless you are not planning for a home loan.

Your entire destiny, whether you will get loan or not, lies in the hands of bank officials who must be scrutinising your home loan application.

All the details and documents you have submitted in the bank must be under the scanner of officials right now.

However, this is quite a time-consuming process and usually takes 15 days or so. This is one of the most crucial times of your loan application and you need to keep on your toes during this time.

So, here is a list of a few things that you need care while your bank is busy in deciding your fate.

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Be “Available” in All Situations

Since the time, mobile phones have become the fastest and most reliable mode of communication, the banks have also started contacting the applicant over phone call.

So, always keep your mobile phone to get any important phone call from bank officials. There will be numerous occasions when they will call you until the home loan application process is on.

Not just phone calls, the banks may also communicate over emails. Being the written statements, conveying information via mails are more reliable. Hence, do check your mails regularly during this time.

After all this, the banks personnel will also call at your office to inform that you will require to take a day off for face-to-face interaction with the bank.

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Be “Ready” to Welcome Bank Teams

In order to examine all the details, the banks send teams for two different works. One of the teams is for legal works and the other one is technical team. These teams visits the property you are looking to purchase and will do its assessment.

The legal team will cross-check that there are no pending legal cases on the property and all its papers are on the right place. The technical one will examine the exact market value of that property.

As soon as you apply for the home loan application, these people will contact you. After that, a visit will be scheduled as per the time of your convenience.

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