Hello
I am asking this question just to increase my knowledge and idea about home loan. Say, I have chosen to buy a 3 BHK flat in an apartment pricing 30 lac. Now, as do not have thithis much amount handy in cash i need to ask for loan options provided bu banks or other finance institutions. Now, say i got 10 lac out of this 30 lac in cash including my savings and my other parental money, now what will be the next procedure ?
How to approach the bank about my purchasing? I have seen on some newspaper advertisement, bank finance available , then does it mean the real estate company will take care of my loans? Please clarify.
And on the loan is sanctioned, will the bank pay the allotted loan amount to myself or to the real estate group? Will i give the upfront money that is 10 lac to the real estate group whom am purchasing the flat from.
I know all these are very very basic questions, still if you can kindly provide me proper guidance i will be grateful. There are so many scam in the market, i get to know the basic idea from scratch.
Please post your authentic information.
Regards,
SD