Loan Against Property helps you get the amount on the value based on the property. It is available for salaried, self employed professionals and non professionals on residential as well as commercial property. An individual should know and understand the entire process and the steps involved in the complete process of the loan:

• Application
• Processing
• Documentation
• Sanctioning of the loan
• Valuation and legal check
• Disbursement

During the complete process Banks/ NBFC’s use parameters and various filters which involves certain verification done by the Bank/ NBFC’s.

Login of file with complete set of documents and duly filled application form

A complete set of the correct and complete information is a very important step on which the lender decides to lend. A loan application entails neither a pledge by the applicant nor a commitment by the lender.

CIBIL

In this process credit scoring is done on the basis of financial information provided by the borrowers & co borrowers in the application form as well as with the help of KYC given by borrower & co borrowers.

FI ( Filed Investigation)/CPV ( Contact Point Verification) /TVR ( Tele-Verification)

In this process an outsourced agency is hired to verify the residence and business stability as per the information provided by borrower & co- borrowers.

Personal Discussion

The name itself suggest that in this process a personal discussion is done by the lender, generally at the business premise with the borrower & co borrowers to have the in-depth knowledge of the business model which cant be understood by just going through the set of documents provided by borrower & co-borrowers.

Reference Check

In this process reference checks are being done with the help of details provided by borrower & co- borrowers in duly filled application form. Market references like business traders or suppliers are also being checked by the internal team of bank employees about the business and individual profile.

Documents Verification

Banks / Financial institutions have a process to get the verification done for all the documents submitted by borrowers & Co- borrowers to check the authenticity of the documents. These documents include all the KYC’s, financial s as well as the other documents asked by the lender.

Property Valuation

Being a secured loan it is one of the most important step in the case of mortgage loan. The property which is used as a security or a collateral has to be verified. An empanelled valuer of the bank visits the collateral property and gives a detailed report to the bank mentioning the market value and other important aspects of the property.

Legal Clearance 

Lawyers are appointed by Bank/ Financial institution to get the title search of the property to find out whether the property is clear and marketable and free from all encumbrances. They also assure that the loan amount is given to the right owner of the property and for the valid reason.

Approval/Decision of File

Now comes the step where the decision has to be taken. If all the verification process goes well than the loan gets sanctioned by the sanctioning authority of Bank/ Financial Institution or else the application gets rejected by Bank/financial institution.

Sanction Letter Acceptance by the Borrower

Post sanctioning of the loan a sanction letters is being issued by the Bank/NBFC with the terms and conditions mentioned on the sanction letter. If the terms and conditions are agreed upon by the borrower and co-borrower than the sanction letter is duly accepted by all the borrowers and co-borrowers.

Disbursement documents completion by the Borrower & Co-Borrower

It is also called the 2^nd step of the mortgage loan after the sanctioning process which is known as disbursement process. Loan Agreements, security PDC’s ( Post dated Cheque’s) , Original Property Papers and few other formats are being signed by the borrowers & co-borrowers.

Complete Loan Kit Submitted to the Operations Dept 

The complete set of Loan agreements, Security PDC’s, Original property papers along with the prescribed formats of Banks/ NBFC’s are submitted to the operations department for the verification and completion of internal process which generally takes 2-3 working days.

Disbursement /Funds Released

Post completion of operations process and verification of all the above mentioned disbursement documents funds are being released as per the request of the borrower & Co- borrowers.    

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