PROCESS

Understanding our Client’s Need.

Free initial consultation where the Client interacts with the Mortgage Advisor to discuss the finance requirement, client’s existing financial position and expectations of mortgage. The Mortgage Advisor works on the information provided by the Client and advises on the possibility of obtaining required mortgage amount. Costs involved and further processes are discussed in brief. The Pre-Approval Documentation requirement is advised to the Client.

Document Collection & Review.

The Documentation provided by the Client is reviewed by the Mortgage Advisor for completeness. If any clarifications are required, they are sought from the Client. This is very crucial to avoid any subsequent delays at the bank’s end. As each Client profile is different, the best possible product parameters are explored, pricing is advised and the choices are discussed for shortlisting the ideal bank or financial institution. A nominal Pre Approval Fee is collected at this stage which is adjusted against the subsequent final approval.

Submission of Pre Approval Documents to Bank/ Financial Institutions

After the review, client signs the preferred banks application form and upon clients confirmation, the documentation provided by the client is forwarded to the bank. A nominal Pre Approval fee is collected at this stage which is adjusted against the final approval subsequently.

Bank issues the Pre-Approval. This has a validity of 1 to 3 months.

Client identifies the property through a real estate broker.

Before signing the property purchase MOU, we request you share the MOU draft with us to ensure you are adequately protected in reference to your mortgage finance commitments to the property seller. We also recommend that you should obtain the copies of property title deed, Sale Purchase Agreement, floor plan, tenancy contracts, etc. at this stage.

Bank conducts property evaluation and issues final approval.

All Property related documents are submitted to bank along with the Valuation fees cheque. A empaneled valuator then visits the chosen property and submits the report to Bank. Upon receiving the report, bank issues the Final Offer Letter.

The final approval is reviewed jointly by Mortgage Advisor and the Client before Client accepts the offer and signs the bank documentation.

The Client is advised of the medical test requirements, if any, for life insurance cover. Mortgage Account is also opened at this stage.

After ensuring that all the documents are in order, the bank requests for the Developer NOC.

The bank initiates settlement of the Seller’s Loan in case the seller has any mortgage outstanding. In case the property is self-financed by the Seller, the transfer of the property is scheduled by the bank at the Land Department Trustee Office.