Home Loan Process
You have selected the property you want to buy, and you require the lender to disburse the home loan amount to the seller.
There are a number of steps involved in the home loan process. So it can take anything from one to two weeks for the loan to be disbursed, assuming that you already have a lender selected. If you have not accounted for this time, and the seller is in a hurry to sell, you might be caught unawares. In some cases, you may also get caught in a situation where the lender insists that the sale agreement be registered before the loan is disbursed, while the seller insists on getting the money before signing the sale agreement. In such situations, you need to go in for a Partly Paid Agreement.
Factor in the time to complete the home loan process, into your overall timeline to buy the property. The steps involved in the process are outlined below.