Any customer who has a requirement for funding any purchase of Residential Property will have to comply with the following requirements:
- Application Form filling
- Processing Fees payment
- Documents Requirement (at both login and post-sanction-pre disbursement stages)
- Personal Discussion (for assessment and gauging requirement and repayment by Underwriting Officer)
- Investigation verification (mandatory verifications instituted to ensure validation of documents provided)
- Sanctioning of Loan
- Legal / Property Assessment
- Disbursement of Loan
You'll need to know that a 'sanction of loan' and a 'disbursement of funds' are two entirely different entities. Here's how you can get your loan sanctioned and disbursed, explained in a logical order:
Application form:
This document enables your lender get a gist of yourself and all your details required in order to provide funds as per requirement. All the terms and conditions vital as customer information are mentioned on the application form. The accuracy and conciseness of data provided such as the borrower's (your) personal information, your contact details, details of the property offered as collateral, the total cost of that property, the total loan amount required, details regarding your income, and the loan tenor requested will form the base of the loan application. It is a key document upon which the entire loan approving process is based on. The processing fee cheque will also be required to be attached with this form.
Processing fees:
The Processing Fees charged at the Initial Stage is dependent upon the loan amount applied. Usually Initial Processing Fees charged is either Rs. 2,500* up to Rs. 10 Lakhs and Rs. 5,000* for amounts greater than Rs. 10 Lakhs.
*Please note applicable Service Taxes will apply in addition to chargeable PF amounts..
Documents:
Depending on the loan requirement, our Relationship Manager will gauge the best possible scheme under which you will be applicable to avail maximum eligibility. Basis this you will be directed to provide a list of documents which would enable us to best serve your requirement.
Documents required are categorized into these broad categories:, some which are non-deviatable and mandatory as per NHB (National Housing Bank) guidlelines whereas on some a little leeway can be provided
- Identity proof
- Address proof
- Income proof
- Proof of educational qualifications (where applicable)
- Age proof
- Employment details
- Bank statements
- Details about the property in case you have finalized it before hand
- Any other obligation documentation (SOA, Sanction Letters, etc.)
Discussion with the lender:
Basis the assessed information from documents collected, the Underwriting Team will interact with you (via phone or in person) either directly or through a third party service provider to gather more information with regard to your loan application to help serve you better.
Investigation verification
Customary checks are made at your residence address as per KYC provided as well as office address from where income is gauged. Basis certain requirements, additional checks can be made to ensure due diligence on Home Loan Application.
Loan Sanction/Loan Sanctioning Letter:
Basis the congruence of all the aforementioned processes, Capital First Home Finance Limited holds the right to approve or reject your Home Loan Application. In either case you will receive intimation of the same via our Relationship Manager. In case your Home Loan Application has been approved, you shall receive a Sanction Letter for a loan amount equaivalent to your maximum eligibility or requested loan amount (whichever is lesser).
Your sanction letter gives you details on:
The loan amount sanctioned by the lender
- Rate of Interest (ROI).
- Tenure of Loan.
- EMI Amount.
- Documents required basis conditional Sanction.
- Validity of the Loan sanctioning letter.
- Any other terms and conditions.
Legal / property assessment:
Once the property is finalized and the asset is defined to the financier, you will be required to provide a distinct set of documents relating to the property selected. These documents will assist in providing information whether said property is sound upon which funding can be provided.
a. Legal check:
A check is conducted on whether documents provided are within norms of the prevailing law of the land. It is of pivotal importance that the property being mortgaged be legally sound and documents provided be in line with enforceable legislation of the land.
b. Technical check:
Through specialized qualified third party vendors, a thorough check is done whether property approvals are complied with in the construction of the property. Regulatory norms with regard to NA Lands, CRZ Norms, B-Khata rules, etc depending on the location of property are checked along with the structural integrity, life and maintenance of structure erected. It is to be noted that a property complying with all these stated norms will be deemed fit to provide a justified mortgage for the entire tenor of the loan.
The checks vary depending upon the type of Property, i.e.:
Under Construction Property:
The approved plans, CC, IOD, NA and other construction related documents are checked and verified by the specialized third party representatives who then check whether said construction is being constructed in tandem with the aforementioned documents.
Ready Purchase / Resale Property:
The Occupancy Certificate (OC), BCC, among other documents are checked by the specialized third party representatives who then checks the structural integrity of the property.
Disbursement of Loan:
Signing the home loan agreement: The borrower signs the home loan agreement at this stage and hands over the originals.
Registration and signing of loan agreement: Once you are done with the above process and your property gets a nod, the registration, stamping and signing of the loan agreement is done.
Disbursement of loan: Funds are only released if all submitted documentation is found to be in order according the norms set by Capital First Housing Finance Limited, the loan agreement has been executed,original receipts of payments have been received and due legal vetting of these original documentation along with mandatory checks are found to be sound.
