Begin with investigating multiple lenders and their goods. Compare interest rates, processing costs, and requirements for eligibility. Some lenders offer pre-approval, which provides you a sense of the loan amount you may be qualified for.
Gather every required document, like your passport, visa, income proof, address proof, and bank records. Having these records available will speed up the application process.
Submit a loan application along with the necessary paperwork to your chosen lender. You can apply online, in the lender’s branch, or with a designated agent.
The lender will need to verify the documents, assess the creditworthiness along with conducting property valuation as well. This process takes some weeks.
When your application is approved, you will receive a loan approval letter with the loan amount, rate of interest, and terms for repayment.
Finalize the property acquisition agreement and finish all legal procedures. The lender is paying the loan amount immediately to the seller or property developer.
After the legal process is completed, the lender will just disburse the loan amount in installments as the construction process moves forward ( this is the process for under-construction properties ) on in-full ready-to-move properties.