Obtaining a home loan, or any loan for that matter, takes time and often requires a great deal of patience. Your home loan could be on hold for a variety of reasons, ranging from incomplete information, technical glitches, lack of clear entitlement of property or missing documents. Though banks provide pre-approved loans and other features such as applying for a home loan through net banking, none of these services eliminate the need for mandatory document submission, verification, and other such requirements.
We are sharing the timelines for the banks to process your loan, so you can make more appropriate plans to make the process quick, efficient, and as smooth as possible.
Process Flow and Timeline for Home Loan:
| Work |
Task |
Days |
Total |
Result |
| Application |
|
3 |
|
|
| |
Application, Legal Document Pickup |
1 |
|
|
| |
Application Processing |
1 |
|
|
| |
CIBIL Inquiry |
1 |
|
|
| |
|
|
3rd day |
Loan# is generated |
| Verification |
|
3 - 5 |
|
|
| |
Home Address |
1 |
|
|
| |
Employment |
1 |
|
|
| |
Technical |
1 |
|
|
| |
Legal |
1 |
|
|
| |
Valuation |
1 |
|
|
| |
|
|
6th - 8th day |
Report completed |
| Approval |
|
4 |
|
|
| |
First Appraiser |
|
|
|
| |
Second Appraiser |
1 |
|
|
| |
Loan Sanction |
2 |
|
|
| |
|
|
10th - 12th day |
Loan sanctioned |
| Disbursement |
|
2 |
|
|
| |
Original verification |
1 |
|
Owner to show docs in Bank |
| |
DD preparation |
1 |
|
Printed by 1.30 PM |
| |
Acceptance |
0 |
|
Buyer to sign at Bank |
| |
Total |
12 days |
12th - 14th day |
|
Pro Tips:
-
The loan processing time for a property purchased directly from the developer is shorter than for a resale property because most developers have tie-ups with banks as their Financing Partners and/or provide them with (some) property-related documents ahead of time. This significantly reduces processing time.
-
The time frames mentioned above are typical for a bank/financial institution to process your loan. While the turnaround time for a direct developer property may be shorter, it may also be longer for a resale property.
-
It may take “only” 5 minutes for the bank official to approve your loan, however, he might be engaged in other activities which may/may not be related to your loan in particular.
