Loan and Flow of Bank Internal Decision Request
Each bank may differ a bit but here is a flow of bank internal decision request for a loan.
◆Flow of Loan
Phone or visit a bank for a consultation.
It may be the best to call them and make an appointment for a visit.
It is possible to apply for a loan if you are qualified for the loan criteria.
You are usually required to turn in a loan application and a proof of your income.
Interview may be held by the person in charge of loan to check your rental business structure, plans, intension, and characteristics of you.
Based on the documents turned in and the interview, loan screening will be done.
Once you pass their screening, you can move onto the next step.
In principle, you need to come to the brach that you turned in the application at and make the loan agreement.
Your joint debtor or joint guarantor also need to come with you if the bank has requested it.
Loan amount will be transferred to your bank account.
From the account, payment towards the seller should be made.
Mortgage will be taken out on the property.
◆Flow of Bank Internal Decision Request
1. Loan representative → 2. Superior → 3. Head of Loan Department → 4. Branch Vice President → 5. Branch President
If the loan amount is more than the brach president authority, it goes to the head quarter.
6. Loan representative → 7. Vice President of Loan Department → 8. President of Loan Department → 9. Board of Director
Your application travels such a long path.
Depending on a bank but it takes about a week at the earliest, if not, it takes about a couple of weeks.
A branch that is willing and enthusiastic about loaning has high possibility to give you a go.