During the home loan application and approval process, there are several important things to take into account as a borrower. These include the lender-specific eligibility and documentation requirements, application procedure, fees payable and much more. As you go through the processes, the lender will provide you with a crucial document known as the home loan sanction letter. To a borrower, this documentation is important because it contains all the information related to the home loan deal on offer.
To get a better understanding of what is a sanction letter for home loan and related
terms and concepts, refer to the information below.
The process for a home loan approval and disbursal includes application, assessment,
submission of documents and verification. Once you avail for the home loan and
submit basic documents, your lender will issue a home loan sanction letter after
approval of your online application. Check this document thoroughly for specified
loan amount as well as other terms and conditions. Remember, this is not the final
loan agreement and you can still negotiate terms with the lender. Simply put, the
sanction letter of home loan is an approval documentation offered by the lender in
favour of the borrower.
A home loan sanction letter includes information such as loan tenure, approved loan
amount, home loan interest rate as well as a lender’s terms and conditions, and is
valid for six months. You can always calculate your eligibility online before applying for a home loan using a home loan eligibility calculator in order to get an idea of the amount which you can get from the lender. Some procedures and protocols to be followed for a loan process are given below.
A housing loan sanction letter is not the final loan agreement and a borrower needs
to fulfil other formalities in order to receive the disbursal.
A digital sanction letter refers to an initial approval document offered under e-home loan applications. It is issued prior to the final home loan contract and entails important information like rate of interest on home loan, loan amount and tenor.
With the Bajaj Housing Finance e-home loan, you can instantly download your digital
sanction letter, which is valid for 180 days. A digital home loan sanction letter is
system-generated and does not require signature for authentication.
Necessary documents for availing a sanction letter are listed below. However, you may be asked to provide additional details upon request.
A home loan sanction letter mainly comprises the following:
A loan sanction letter is an important document, giving you all the important
information you need to plan your repayment, compare lenders to make your final
decision and figure out any loan terms that you need to negotiate or discuss with
the lender. One of the main reasons why a home loan sanction letter is crucial is
because this document can also help you prove your eligibility for the home loan,
which may be required in your home purchase process.
You can get the sanction letter in just a few minutes of approval when you apply for
a Bajaj Housing Finance Limited Home Loan. As the loan requires only basic
documentation and has minimal home loan eligibility criteria for you to meet, it is
easy to complete the paperwork and provide other important details at a quicker
For a hassle-free experience and quick loan approval, apply online by sharing your
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Last update on 11-Mar-2021
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