The process for obtaining a home loan from Indian banks or financial institutions typically involves the following steps:
1. Pre-qualification: Determine your eligibility and borrowing capacity.
2. Application: Submit the required documents, including income proof, identity proof, address proof, and property documents.
3. Verification: The bank verifies your documents and assesses your creditworthiness.
4. Approval: Upon approval, the bank issues a loan sanction letter with the loan amount, interest rate, and repayment terms.
5. Disbursement: The loan amount is disbursed directly to the seller or builder, or as agreed upon in the property transaction.
Some banks offer up to 90% of the plots value and 80% of the flat value as loan.