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A home loan, also known as a mortgage, is the sum of money given to you by a financial institution to buy a property. In exchange for this sum of money, the financial institution will have security in the form of their legal entitlement to keep your property's deed until your home loan has been paid bank in full.
On Loanstreet, just press apply and fill in your details. We will give you a call or send you an email within 1 working day, depending on your application. After that, we will submit your application to the respective bank. However, if your application does not meet our criteria, we will send you an email stating that you may have to walk into the bank to apply for the home loan.
Once you have submitted the necessary documents required by your bank, it will take up to approximately 7 working days to approve your application and disburse the loan to you. This process depends on the loan amount, loan tenure and your eligibility. Make sure to submit all the relevant documents with the correct details to help speed up the application process.
You can make additional payments if your bank allows you to do so. Before making any additional payments, make sure to check whether there is an early settlement fee and whether it is worth it. Besides that, you should also consider recalculating the monthly instalments with your bank if you were to make additional payments because sometimes making additional payments will not reduce your monthly instalments.
When you are not able to repay your home loan, your bank will have to seize your assets and you may be evicted from your home. However, your bank will send reminders on your missed payments. If you know you aren’t able to make your monthly repayments, go to your bank and discuss on what other alternatives they can provide you.
There could be several reasons why your home loan got rejected. To check all the reasons, click here.