Can I get home loan on sale deed?

If you are looking for a home loan, you will need to submit your Sale Deed. Without having an original sale deed, it is almost impossible to purchase or sell any land or do any construction on it. After repaying the loan amount, the lender returns your Sale Deed.

What is home loan disbursement?

Home loan disbursement refers to the process of providing the home loan amount to the borrower. Banks or housing finance companies disburse the amount after the technical appraisal of the property, documentation and down payment being made in full.

Why is sale deed necessary for home loan?

When you apply for a home loan, the lender or bank will do a thorough check also known as due diligence and it is to ensure that property you are purchasing is legal and all the documents are valid. A sale deed is an important document to showcase your final ownership over the property.

What is difference between agreement for sale and sale deed?

What is the difference between agreement for sale and sale deed? An agreement for sale is a promise in future, that the property will be transferred to the rightful owner while sale deed is the actual transfer of property ownership to the buyer.

How do I cancel a disbursed loan?

If a loan is to be cancelled before its disbursement, you can write an email or visit the bank stating reasons as of to why you want to get the loan cancelled. The bank will then reverse the process of sanctioning the loan.

How long does it take for Icici home loan approval?

What Is the ICICI Bank home loan processing time? Once the application is submitted ICICI Bank will take about 3 – 7 working days to run the background verification to approve the loan. 4.

Can we do sale deed without agreement to sale?

Even with regards to a resale property transaction, unless the registration of the sale deed follows the agreement to sell, the government will continue to consider the original owner as the current owner. Thus, to avoid such situations, it is imperative to draft a sale deed and get it registered.