How to get a housing loan for buying a house in Bangalore?
Many of the people confused how to buy a house or flat as to get a property a high amount is required so the simple way is by taking loan from bank.
How to get housing loan of normal people what document are mandatory to submit in the bank, So I have explained the proper details regarding housing loan from a nationalized bank for buying a house in Bangalore.
Document Required
The first thing you have to do before buying a house in Bangalore that is you have to update KYC which is known as Know Your Customer in the respective bank to avail a housing loan to buy a house in Bangalore.
Then you have to provide all relevant document where you can establish your tittle and ownership of the property. To buy a house the property should allotted by any development like BDA, CDA, etc.
If you want to buy a flat in Bangalore, then you have to submit the proper detail of the property developer and the builder should have RERA approval from the authority.
If you buying a flat or house it is mandatory to submit the encumbrance certificate of the respected property.
In addition to the related document you have to produce the layout of the property and submit the plan of the propose house which should be duly approve by the local municipal department.
After submission all this document you have to do the final submission that is the cost estimate of the property which should be certified by a property developer or a civil engineer.
Margin Money
If you are looking for a house for sale in Bangalore and you want to get loan on that property, then you have to contribute then you have to contribute the margin money to the bank and it must 2%-5% of the total cost of the property.
So that the rest money left from the total cost and the margin money you have provided to the bank, after adding this two money the bank will provide you the total cost in form of demand draft to the borrow.
Disbursement of housing loan
After verification of the property document from the bank side then the bank will approve for the loan so that you can buy a house or flat.
So after buying a flat or house if you want to modify the interior of the house or decorate the house you can take a top up loan from the bank. For this you have provide the document after transfer of the document to your name.
So after verification you can 4 lakhs and maximum 5lakhs regarding the modification of the house or flat.
Cifiyah because it has nationalized bank partner so that you can get loan easily from the bank side.
