dlf garden city

6 Steps to Finance Home in DLF Garden City

DLF brings independent low-rise floors for the people who give importance to their privacy. After the pandemic, the demand for real-estate property rose and the trend showed that people preferred independent floors over flats in high-rise buildings. So, DLF Garden City is the right choice for you where you get the best amenities and luxury facilities along with the wide open space adjoining the project.

You never want to miss such an awesome opportunity. If you are a novice at buying a property or this is the first time you want to finance your home from a bank or financial institution, this information is for you. Here is a step-by-step guide to getting a loan to buy your dream home.

1. Research to select the right bank

The first step to applying for a loan to buy a home in DLF Garden City Floors is to research and get details from their representatives. Every bank differs in procedure, interest rate, and processing fee. So, before formally applying for a loan to buy a home in DLF Garden City Gurgaon. You must research well about various banks offering home loans to get the right idea about their procedure, interest rates, and processing fees. The processing fees vary from 0.5% to 2% depending on the bank. So, find a bank that creates the right balance for all three features to buy the property at the best value.

dlf garden city

2. Applying for a home loan in a bank

After you have done your research and selected the right bank or financial institute, the second step is to apply with a formal application in the bank you want to apply for.  Along with the application, you must give some personal details to let them assess your eligibility. The personal details include Identity proof, Address Proof, Age proof, Proof of educational and professional qualifications, Employment details, Bank statements, Proof of income, PAN card, and the details of the property you are buying.

3. Scrutiny and Verification by bank

After getting your application for the loan to buy a home in DLF Garden City Sector 91 Gurgaon the bank will verify your details and scrutinize the claims of salary or income. A representative will visit your home and they may also visit your office to verify your position and authenticity of the work. They will also verify your CIBIL score to understand your repayment trend. The amount you get as a loan and the interest rates applicable to your mortgage also depend on your CIBIL score.

4. Evaluating the repayment capacity of the applicant

The amount of the loan you get to purchase a home in DLF City Floors does not depend on the price of the house but it depends on your repayment capacity. Banks assess your repayment capacity based on your salary or income. Usually, they have the provision to offer a loan amount that is only 50 or 40 percent of the income. So, your EMI does not go beyond 40 or 50 percent of the salary.

5. Issuing offer letter for home loan

After all the verification and scrutiny for the loan to purchase a home in DLF Garden City Floors is done you get a draft from the bank with the details like Sanctioned amount, Rate of interest applicable, your choice of interest rate fixed or floating, Loan tenure, Mode of repayment, and Terms and conditions associated with the loan. After you agree with all this information the bank continues to the next step.

6. Verification of property at DLF Garden City

They verify the authenticity of the property before disbursal of the loan because this is a kind of mortgage loan that you get against your property. In this case, you are lucky because DLF Group is a top-rated real estate organization and almost every bank approves loans without any question.

7. Get the disbursal of Home loan

In the last step after all the verification and completion of all the formalities, you get the disbursal of the loan, and the dream home you coveted becomes your own sweet home.

To Sum Up

Following all these steps, you can get finance to buy a home in DLF Garden City Sector 93. You must calculate your budget in advance and don’t forget to give the correct details to the bank to prevent rejection of your application. Also, you get a maximum of 90 percent of the price amount of the property as a loan, and 10 or more percent you have to deposit as a down payment. Do check the property in DLF Garden City, because it’s a golden opportunity to invest or to settle down.

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