Buying a new home is not the case where you pay hard cash and get the flat instantly. Almost all of us need a loan to buy a new home, and when it comes to flats in Thane, the costs push you to take loans undoubtedly.
1 BHK Flats in Thane are available at Rs.50 Lakh onwards, whereas, 2 BHK flats in Thane can be purchased around Rs.70 Lakh onwards. You have several options from which you can choose your dream home. But, before that, you need to find how to apply for a home loan, if you haven’t taken any.
- Check interest rates for a home loan with different banks and go for the one which offers lower interest for the maximum tenure.
- Fill the application form of the bank and provide mandatory documents such as proofs of identity, age, address, educational qualification, employment, bank statements, income, and nationality. You also need to disclose to provide property details, here- flats in Thane, to ensure bank that you are availing a loan for the sole purpose.
- Before the process takes place, you need to pay the loan processing fee, which is usually up to 1% of the loan amount. This is generally done after the scrutiny of the applicant. The bank verifies all the facts provided by you and then approves the proposal.
- The bank also analyses whether you are capable of repaying the loan or not. Approval or denial of the loan depends on the facts you provide.
- Once the loan is approved, you are notified, and the loan offer letter is provided by the bank. The letter includes the amount sanctioned; the interest rate applied, type of interest such as fixed or floating, tenure of the loan, mode of payment, and lastly terms and conditions.
- The bank asks you to sign a copy of the offer letter and pay administrative charges along with it.
- A team of the bank visits the property in order to verify the details provided by you. The representatives check copies of the deed, no-objection as well as occupancy certificate, and other essential documents.
- After evaluating the property, the bank considers it as collateral until for the same period as of the loan tenure. The property documents you have submitted to the bank shall only be returned if and only if you repay the entire loan amount after the given tenure.
- Disbursal of the home loan takes place when all the formalities mentioned above are fulfilled. The disbursal is commenced when you sign the offer letter.
In the entire process, the developer isn’t involved directly. Flats in Thane usually start from Rs. 50 Lakh onwards for which you need to be prepared for. Once all the essentials are done, you are free to get possession of your dream home.