During the journey of getting the home of your dreams, the home loan sanction letter seems a cherry on the top. But soon, the situation changes as consumers don’t pay attention initially.
To avoid difficulties in the future, we’ve covered six critical points you need to keep in mind if you recently got a home loan approval.
Your bank keeps the original documents such as property papers, registry & other crucial documents with them till you clear the entire outstanding. Due to extenuating circumstances, your bank may lose those essential documents. Therefore, you must demand the confirmation letter of the documents they have as security. Once you clear the entire outstanding, make a checklist as per the confirmation letter & collect all these documents from your bank.
Ask your lender to fill you in with all the necessary information related to the insurance included. Confirm whether it’s property insurance or life insurance as both aren’t the same thing but completely different.
Check online or ask the lender if the processing fee cheque got cleared successfully or not. Failure to clearance may attract heavy penalties. Bank may not approach or notify you of this but it’s your responsibility to confirm proactively.
One of the common issues is the rate of interest. The agent confirms something else verbally, but in the sanction letter, it is something else. Therefore, go through the sanction letter again and reconfirm if the rate of interest is the same as promised initially.
Frequently request a statement of account as it’ll help you find any overdue amount such as late payment, ECS return or cheque bounce fee, etc. Not paying close attention to the statement of account may attract hassles in the future.
As you know, the home loan rate of interest fluctuates frequently. Requesting a foreclosure letter every year will force your lender to think that you may switch to another lender. To avoid this migration, your lender may offer you the same rate of interest or less than that.
Keeping all the crucial points in your mind will make your life easy & smooth. And if you’re looking for a home loan, business loan, personal loan, or loan against property, Fair Fincorp has got your back. No false commitment, easy & quick approval, minimal visits to banks make them a leading loan consultant in Dehradun. Pay a visit or log on to www.Fairfincorp.com for a speedy & hassle-free credit facilities experience.