Stated below is a brief overview of loan process at AHFCL covering application to disbursement. You can get a detailed overview by visiting any of our branches.
Application for Home Loan
You may apply for a home loan by walking in to any of AHFCL branches. You need to:
- Completely fill up the application form as per the given instructions
- Submit the necessary documents (Income and KYC documents) to initiate the processing of the application
- Submit the initial processing fees for processing the application
Our relationship officers are always geared up to assist you in case you have any queries during this process.
Once submitted, the application goes through the following processes:
At this stage, our appraisal officer will interact with you and with the help of submitted documents one-on-one discussion; he / she will calculate loan eligibility. Post found eligible, you will be handed over the sanction letter which will contain the information on sanctioned loan amount, processing fees, loan tenure and rate of interest. You need to read this sanction letter carefully and sign it which indicates that you accept the terms and conditions mentioned in this letter.
Post acceptance, you need to submit
- Balance processing fees
- Property related documents for legal and technical appraisal
Legal check on property documents is conducted which validate their authenticity. You need to submit all property related documents as required to avoid delay in processing. These papers are evaluated by empanelled lawyers who verify if the borrower is the absolute owner of the property that needs to be financed. Subsequently, validation of succession of title from earlier owners to the present one is done.
In technical appraisal, the validity for approvals for construction from local government bodies is verified. Compliance with building laws, like restrictions on the number of floors or height of the building, is also verified and the property to be financed is valuated and its condition is checked. Technical appraisal judges if the property to be financed is viable at all.
Post credit, legal and technical appraisal, the documents are scrutinized one final time by the operations team.
Once this is done, you formally request for disbursement and enter into a loan agreement with AHFCL post which the amount will be disbursed through cheque.
With these simple steps we assist you in realization of your long cherished dream of owning a own home. We at AHFCL strive to provide hassle free services to our customers. With this philosophy, we have simplified our processes at each and every level which helps us to serve you better and faster.