Home loan is the first step in realizing your goal of home ownership. The distribution stage of the loan procedure is the last step. So, what is the definition of disbursement? It is the stage at which the lender (the housing finance business) pays the loan proceeds to the seller (in the event of a resale property) or the builder (in the case of a new house), depending on the conditions of your home loan agreement with the lender.
Process of Disbursement
Following the completion of the following processes, the home financing firm will distribute the loan amount:
1. The property has been assessed in terms of its technical value;
2. All legal paperwork has been finished;
3. You have put your whole contribution into it (i.e. made the down payment).
You may then make an offline or online request for payout. To make an offline request, you must go to the home financing company's office or branch. To make an online disbursement request, go to the housing finance company's website, enter in with your user ID/loan account number and password, click on the 'disbursement request' page, upload your 'own contribution' data (upload receipts), and change the property's status (ready or under construction).
Fill in the information of the construction stage and submit the appropriate papers, such as the builder's demand letter, architect's certificate, and so on, for an under-construction home. Simply include the demand letter date for ready property. The payment information (payee's account details) must then be entered; in the case of an under-construction property, this would be the builder; in the case of a 'resale' home, it would be the seller. You may request a payout online from the convenience of your own home or workplace.
Stages of Disbursement
Depending on the degree of building completion, the loan will be granted in parts or in whole. The loan agreement will specify the distribution timeline.
The lender will only take into account the building stage, not the builder's instalment payment schedules.
If you get a complete disbursement, your EMI payments may begin the month after the month in which you received the full disbursement (check the EMI schedule in the home loan agreement).
In the event of a partial disbursement, you may be required to pay 'pre-EMI' interest until the complete disbursement has been paid, at which point EMI payments will begin.
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