Stage 5: The Pre-endorsement process
By far the most important stage in the entire home loan process; The bank is currently deciding whether to approve or reject your loan. To ensure that your advance payment is not rejected, you should honestly back up all recorded archives. This is also the stage at which the borrower can determine the largest amount of advance approved by the bank, as well as the loan fee charged by various residences. The bank communicates these subtleties by sending you an official approval letter confirming that your advance payment is approved.
Stage 6: Processing of property records
After receiving the official letter of approval confirming your loan, you will need to provide the lending bank with the first real estate reports, which will remain under the custodianship of the bank until the advance is fully refunded. The initial real estate reports usually include the full chain of ownership and movement in consultation through to execution of your sales contract, relevant NOCs from related specialists, as well as verification of the name, ID and address of the dealer, etc. The bank will review the property archive before issuing the loan supported. The bank also sends its delegates twice to actually visit the property, once before the credit is confirmed and after the advance is approved.
Stage 7: Loan Disbursement
The final advance in the entire housing credit method is the prepayment phase. This includes the registration of the loan agreement, for example the recognition of the conditions and sanctions by the borrower (s), the approval of the preliminary agreement (s) and the submission of the advance payment according to the conditions set out in the sales contract, including the advance payment from the loan specialist.
For the most part, you take out a home loan to purchase a home / level or land for a home development, or to remodel, expand, and repair your current home. Before starting the home loan process, decide on your overall score, which will depend primarily on your repayment limit. Your repayment limit depends on your monthly disposable / surplus income, which therefore depends on components, for example, total monthly income / surplus minus monthly costs, and different elements such as income, resources, liabilities, strength of income from the couple, etc.