Yes You Can .. but You Should Not.
You can apply for as many banks and NBFC you like to apply. But you need to know what are the disadvantages you will have if you apply for multiple loans.
Disadvantage of applying with multiple banks for home loan for same property ?
- Every bank will check your credit report and its a hard touch. Which means on every time bank pulls your credit report your credit would come down by certain points. Also it would be reflected in you Credit report who had queried it. So it affects your credit score and it affect your loan eligibility over all
- Every bank or NBFC would charge you a processing fee. Its compulsory to take a cheque leaf as a processing fee. If the banks or NBFC say ZERO-Processing fee, that would mean they would refund it once the loan is disbursed, it will not be refunded if its only sanctioned and not disbursed. So now you will have to pay to multiple banks.
- In time to come all the banks are maintaining a common data base of the loan process state for a certain property. If one bank is processing then other bank till NOC from other bank will not process. This system is under proposal and will be available shortly. Right now Banks and NBFC use CERSAI for it.
- Last but not the least, you will have to face multiple bankers, have to submit multiple times the same documents and the pressure the banker or brokers would put is not pain free. So avoid it.
If you plan your loan well, you will be able to close it faster and home will be fully yours.
Instead of applying with multiple lenders its always good to get right suggestion and apply for one lender.
If you are looking for Home Loans and want right home loan fit for you and to plan it well to close fast then apply on.
If you already have existing home loans then to plan it well and close faster, then manage the loan on Loanyantra for free