During the complete loan process the Home Loan sanction letter plays a vital role from the time you apply for the Home Loan till it is disbursed to your account. This letter is provided by the lender to the borrower as a confirmation that their profile has been found suitable for the Housing Loan.
This letter is issued to the borrower when the lender has examined the following -
Now, let’s take a look what the letter actually contains that makes it such an imperative part of the process.
It must be noted that the format of the Home Loan Sanction letter might differ from lender to lender and to address these concerns one can discuss it in detail with their Relationship Manager.
In addition, borrowers must acknowledge the letter and send a copy of it back to the lender with additional documents, if need be. Typically, the letter stays valid for not more than six months. Hence, it is advised to acknowledge it within this period to avail instant loan and quick disbursement from leading lenders.
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.