Home Loan Approval Process

At this stage, we want to determine that you can afford the loan repayments. Our credit team will conduct income verification and validate the accuracy of the information you have provided.

A credit check will then be carried out to reveal your credit history; in this case we as a lender will obtain a credit bureau report.

As your credit history plays an important part in the home loan application process, it is always advisable to clarify and resolve any credit related issues before lodging your loan application.

If there are no major issues with your income verification and credit checks, we at Aadhar Housing will provide a conditional Offer Letter for your loan. This means that we will issue a formal Letter of Offer favouring all the applicants to the loan. We recommend all applicants read this document carefully, sign and return it to us, making sure the information is correct and that everyone understands all the terms and conditions. The Offer Letter is based on your financial and credit check part only.

Since it is a Loan product where collateral is a Property and for taking such collateral we need to evaluate Legal / Title and ownership of property and also ascertain the market value of property. For these checks we will require the xerox copies of property documents to verify.

Technical/ Valuation Assessment: Company Official / Empanelled Vendor will conduct a valuation of the property you intend to provide as security for your loan.

Legal Assessment: Company Official / Empanelled Advocate/ lawyer will examine the property documents i.e. chain of Title Documents to determine if the property documents provided by you are conducive for lending.

After successful Property Assessment, Aadhar Housing will issue Sanction Letter which is addressed to all borrowers (Applicant / Co-applicant) to the loan. There can be some conditions which needs to be complied for taking the disbursement of the loan. Once all borrowers read all terms & conditions of Sanction Letter and accepts the same, the loan application can be taken up for next step towards disbursement of the loan.

Once Sanction Letter is accepted as mentioned above, you need to pay the administration charges (along with all other charges as mentioned in the tariff schedule) favouring "Aadhar Housing Finance Ltd". You are also required to submit the documents (Documents required as per Sanction Letter Terms)

Once all above process is complied, you need to execute the loan agreement with Aadhar Housing along with other documents (as applicable as per norms of Aadhar Housing) to proceed ahead for the disbursement of the loan. An executive from Aadhar Housing will be there to help you to complete this process start to end till transaction is completed and disbursement cheque is handed over.

And with these four simple steps, you and your family can fulfill the needs of Home/LAP Loan