Understanding The Home Loan Procedure 

1. Fill The Application Form

• The home loan process starts with you filling out an application form.
• This form requires personal information such as your name, address, phone number, occupation, monthly and annual income, and education details.
• You must also provide details about the property you wish to purchase, including the estimated cost and the down payment you can afford.

2. Verification Of Documents

• After submitting your documents, El-Valle will verify them to ensure their authenticity.

3. Background Check

• In addition to document verification, El-Valle conducts an independent background check of your credentials. This includes verifying your previous and current residential addresses, place of employment, employer’s credentials, and office contact details.

4. Processing Fee Payment

• Once your repayment capacity is confirmed, the housing loan process begins. A processing fee is required, which is collected to process your loan application.

5. Loan Approval Process

• To avoid loan rejection, you must truthfully provide all listed documents. At this stage, you will learn the maximum loan amount approved and the interest rate for various tenures.
• El-Valle will send you an official sanction letter confirming your loan approval.

6. Processing The Property Documents

• Upon receiving the sanction letter, you need to submit the original property documents to El-Valle. These documents remain in the bank’s custody until the loan is fully repaid.
• El-Valle will verify the property documents and conduct two site visits: one before loan approval and one after sanction.

7. Loan Disbursal

• The final step is loan disbursal, which includes the registration of the loan deal, acceptance of the terms and conditions by the borrower, signing of the loan agreement/documents, and disbursement of the loan as per the Sale Agreement, including the down payment by the lender.

Checklist For Home Loan

For Centre And State Government Employees:

1. One coloured Photo of all applicants
2. Pan card of all applicants
3. Current address proof
4. Aadhar card of all applicants
5. Salary Slip (3 Months)
6. Latest 2 Years Form-16 Part A and Part B
7. Bank Statement (6 Months’ Salary Credit and Loan EMI Debit) stamped by the Bank
8. Loan Track Statement with sanction letter (if running a loan)
9. Property Documents

For Defence Personnel:

1. One coloured Photo of all applicants
2. Pan Card of all applicants
3. Serving Certificate with photo (mention current and permanent addresses) and self-attested Aadhar card
4. Salary Slip (3 Months)
5. Latest 2 Years Form-16 Part A and Part B
6. Bank Statement (6 Months’ Salary Credit and Loan EMI Debit) stamped by the Bank
7. Loan Track Statement with sanction letter (if running a loan)
8. Property Documents

For Private/Corporate Employees:

1. One coloured Photo of all applicants
2. Pan card of all applicants
3. Current address proof
4. Aadhar card of all applicants
5. Salary Slip (3 Months)
6. Latest Form-16 (2 Years)
7. Increment Letter + CTC
8. Bank Statement (6 Months’ Salary Credit, Pension Credit, and EMI Debit)
9. Loan Track Statement with sanction letter (if running a loan)
10. Property Documents

For Partnership Firms:

1. One coloured Photo of all applicants
2. Pan card of all applicants
3. Current address proof
4. Aadhar card of all applicants
5. Income tax return with computation, audit report, balance sheet, and profit and loss A/c (last 3 years)
6. Form-26 AS (last 3 years)
7. GST certificate
8. GST return (last 1 year)
9. Bank statements (6 Months current A/c and saving A/c)
10. Company profile on letterhead
11. Photo of office
12. Pan card of company
13. Partnership Deed
14. Income Tax Returns with computation, audit report, balance sheet with all annexures (last 3 years)
15. Loan track (last 6 months if running a loan)
16. Current A/c Statement (last 6 months)
17. CC limit (last 12 months, if any)

For Proprietorship Firms:

1. One coloured Photo of all applicants
2. Pan card of all applicants
3. Current address proof
4. Aadhar card of all applicants
5. Income tax return with computation, audit report, balance sheet, and profit and loss A/c (last 3 years)
6. Form-26 AS (last 3 years)
7. GST certificate
8. GST return (last 1 year)
9. Bank statements (6 Months current A/c and saving A/c)
10. Company profile on letterhead
11. Photo of Office