Applying for a home loan? Here's a step by step guide to the procedure

The bank scrutinises the documents submitted by the applicant like their proof of income, ability to pay back the loan, identity proof and more. A background check is also done to verify the applicant’s details Opting for a home loan is one of the first steps toward buying a house. Document verification: The bank scrutinises the documents submitted by the applicant like their proof of income, ability to pay the loan, identity proof, and more. The letter will contain details like the total sanctioned loan amount, tenure of the loan, interest rate, and the terms and conditions that must be followed by the borrower.