Application Form Submission

The home loan process begins with completing an application form.

This form requires personal details such as your name, address, contact number, occupation, monthly and yearly income, and educational background.

Additionally, you will need to provide information about the desired property, its estimated cost, and your down payment capacity.

Document Verification

Once the application is submitted, the bank will verify the provided documents.

Background Assessment

Along with document verification, the bank will conduct an independent background check on the borrower's credentials.

This includes reviewing previous and current residential addresses, employment details, and employer information provided in the application form.

Processing Fee Payment

After verifying the borrower’s repayment capacity, the bank will initiate the housing loan process, which includes the payment of a processing fee.

Loan Approval

Providing all documents accurately is essential to prevent loan rejection. At this stage, the borrower will be informed about the approved maximum loan amount and the applicable interest rates for different loan tenures.

The bank will communicate these details through an official sanction letter confirming loan approval.

Property Document Processing

Once the sanction letter is received, the borrower must submit the original property documents to the lending bank, which will retain them until the loan is repaid.

The bank will verify the property documents and may inspect the property site twice—once before and once after loan sanction.

Loan Disbursement

The final step is the loan disbursement process, which includes the registration of the loan deal, acceptance of the terms and conditions outlined in the sanction, signing of loan agreements, and disbursement of the loan as per the Sale Agreement terms, including the down payment.

Home Loan Checklist for SS Group

Document requirements can vary based on the applicant's occupation or business type, such as government employees, defense personnel, private/corporate employees, partnership firms, or proprietorship firms. The checklist includes essential documents such as identification proofs, income statements, bank statements, property documents, and other relevant paperwork as per SS Group’s guidelines.