Home loan document verification


#1

Hello All,

I have sold my flat, the buyer who has purchased it, has applied for home loan at SBI. Before 10 days, the lawyer appointed by SBI had called me of original document verification. I went there and lawyer verified all the documents and said its ok. After that its 10 days and I am asking buyer for update, but the buyer is saying that there is no update from bank. As far as I know if the original documentation is done, it means almost everything is clear. I worried that when will be the next step. I have to pay the amount for my new property based on buyer’s loan sanction and disbursement. Can any here suggest me what to do? Why it is long time after original document verification.


#2

Hi,

Home Loan process might take a fortnight to a month, depending on the bank. We suggest that you contact the buyer and ask him to speak to the bank about the next step. Usually, after the original documents are verified, the bank should be giving out the sanction letter for the loan. This is if they have already done the due diligence for the borrower. For this process, they will go through the borrower’s income sources, Credit Score and other eligibility criteria. This is usually done much before the verification of the property that the borrower has chosen. You must check with the buyer if these processes have been completed. This will give you an idea about the time the bank will take to get back.

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Cheers,
BB Expert