Home Loan Process
At DHFL, our focus is to simplify, abridge and shorten the process of acquiring your “Dream Home”. Once you have identified your “Dream home”, we work towards ensuring that you also get your home loan just as easily.
Our home loan application form, which you can download right here, is both simple and comprehensive. Simply fill it, collate the essential documents required to process your home loan and submit it to us along with a cheque favouring “Dewan Housing Finance Corporation Ltd” for the initial processing fees. If you any questions at this stage or need help with this, our home loan advisors are at hand to assist you with your application.
Your dream home is not too far away now, as we at DHFL work on getting your loan application processed at the earliest.
Here is a quick guide to the process we follow, and the steps involved before you become the proud owner of a beautiful home you dreamt of.
Four Major steps in a Home Loan approval process:
Step 1 – Home Loan Eligibility Assessment
At this stage, we want to determine that you can afford the loan repayments. Our credit team will conduct income verification and validate the accuracy of the information you have provided. Further basis your income, our credit team will arrive at an eligibility loan amount that you can avail from us.
A credit check will then be carried out to reveal your credit history; in this case we as a lender will obtain a credit report that will show the following details:
- Personal details such as: Name, Residential Addresses, Date of Birth and PAN card number
- Records of some recent credit accounts
- Overdue Accounts (Defaults) which may have been listed against your name, including an indicator on whether the default amount has been paid or not
As your credit history plays an important part in the home loan application process, it is always advisable to clarify and resolve any credit related issues before lodging your loan application.
Step 2 – Conditional Home Loan Sanction
Considering there are no major issues with your income verification and credit checks, we at DHFL will provide conditional sanction for your loan. This means that we will issue a formal Letter of Offer cum acceptance favouring all the applicants to the loan. We recommend all applicants read this document carefully, sign and return it to us, making sure the information is correct and that everyone understands all the terms and conditions.
Your DHFL Home loan executive will be there to guide you through this step and assist you in compiling documents should we require any further information.
Step 3 – Security Assessment for providing Home Loan
- Technical Assessment: A qualified technical officer will conduct a valuation on the property you intend to purchase and any property that will be used as security.
- Legal Assessment: A qualified lawyer will examine the property documents i.e. chain of agreements/title etc to determine if the property documents provided by you are conducive for lending.
Based on the technical and legal assessment report, we will determine if the property is suitable for mortgage lending purposes.
Step 4 – Home Loan Disbursement
Once you have formally accepted our loan offer, a thorough scrutiny of all of the above steps is conducted by our Operations Team to ensure accuracy of the entire process. Once the final check is completed, you need to submit the final processing fees cheque favouring “Dewan Housing Finance Corporation Ltd” to your DHFL executive. After clearance of the final processing fees cheque, the disbursement cheque for the approved amount is prepared by the Operations Manager and it is handed over to you.
Upon receiving the funds you will start paying your first home loan repayment, usually one month after the disbursement date.
And with these four simple steps, you and your family become a proud owner of your “Dream Home”- and take us that one step closer to fulfilling our mission – of providing everyone in India with a home of their own.