What is a Home Loan Sanction Letter?
- Sanction Letter gives the indication that the application has been accepted, processed, and verified.
- Highlights that the loan is principally approved with the mentioned terms and conditions.
Steps to Get a Home Loan Sanction Letter -
- Applicant needs to submit below mentioned documents to the Authority.
- Application Form along with the KYC Documents
- Income Documents
- Bank Statements
- Property Documents
- Document Verification is carried out.
- Eligibility is calculated considering -
- Income of the applicant
- His/her current obligations
- Banking and income stability
- Past credit history
- Due diligence is carried out.
- Based on previous steps, the application gets accepted or rejected by the Authority.
- The applicant receives formal communication from the Authority.
- Applicant submits the required documents.
- Applicant gives his acceptance and proceeds with the next process to avail the disbursement
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