STEP 1 Submit an Application form along with relevant documents :



The finance company will process your application to check your loan eligibility based on your income and personal profile. Usually an up front (non–refundable fee) of about 0.5-1% of the loan amount must be paid before processing begins.

STEP 2  Verification of the property and supporting documents:
            (usually takes 7-10 working days after Step1)

A company representative may visit the property as well as your residence to verify information submitted in your application form. Further, a property valuation maybe carried out by the company to determine the maximum loan amount they are willing to lend you. Any references submitted by you in the Application Form may also be contacted. You may be personally interviewed and any further clarifications in the documents submitted maybe sought.

STEP 3  Sanction of the loan:
             (usually on the 10th working days after Step 1)

A sanction letter is issued which you will have to sign. This letter will contain the loan amount and the terms of the loan. Some companies specify the period for which the loan sanction is valid. You will have to pay a Commitment fee (normally 1% of the underutilized loan amount) if you do not draw on the ENTIRE sanctioned amount before that period.

STEP 4  Submission of the original Property documents and signing the loan 
            (usually on the 10-15th working days after Step 1)

You will be required to pledge the title deed of the property with the company as a security for the loan. You will be required to go to the company’s office to execute the legal loan documents.

STEP 5  Disbursal of the Loan Cheque
            (usually on the 15 –20 working days after Step 1)

You can draw the loan in parts depending on the stage of construction of the building. Until such time that the entire sanctioned amount is NOT drawn, you will pay a simple interest on the Actual Amount drawn ( without any principal repayments). The EMI payments will commence only after the entire Sanctioned Loan Amount is drawn.