Loan Process at Bank Level
1st Step
On receipt of the loan application, bank has to take in principle decision whether to accept or not.
If loan application is completely filled up and all the documents properly submitted, bank manager may give written or oral assurance for acceptance of loan.
Even he may be in position to assure about the loan amount and loan tenure subject to detailed study of proposal.
It may not take more than 2 or 3 working days. Here, availability of CIBIL report, Independent Search and Valuation report, and photograph of property play important roll and support. As per our experience, if possible, he may give assurance immediately at the same time.
No bank wants to waste his time and energy and want to do business, hence, it is first step to provide complete information with completed enclosure.
2nd Step
On satisfying, he may insist the loan application in the form of respective bank. Since details are same, it can be filled up and submitted withing two / three days, meanwhile, bank start processing the loan application.
Here, submission of CIBIL report, Search report and Valuation report play important roll. The main hurdle and time-consuming process is Cibil, search and Valuation.
Most time-consuming factors are –
CIBIL report and its discrepancies
Search report – Link documents, T&CP approval, Building Approval, NOC from Society, and discrepancies in such documents.
Valuation – if Search report is ok, there may be no problem except valuation expectation.
If all the three reports are available, he can start processing the loan at his level without waiting for Search and Valuation report. Otherwise, first he will call for search report and subsequently, valuation etc.
3rd Step.
Additional information and terms and conditions.
Before final sanction, the bank will discuss the proposal and may ask for additional information or explanation and also discuss the other terms such as Rate of Interest, Loan Tenure, disbursement, bank charges etc. If agreed, then bank may issue sanction letter.
4th Step.
It is advisable to give acknowledgment of the receipt of sanction letter, but before understanding the terms and condition, it is not advisable to give acceptance of terms and conditions.
Note : If project is approved by bank or Loan has been sanctioned for any flat or duplex in the same society, then, there will be no problem. But well prepared loan application is pre- requisite for any loan application.
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