A home loan sanction letter is a letter issued after the home loan sanction process by the lender prior to you getting the final home loan agreement. You will naturally have to get through the paperwork required before this and provide your identity and address proof along with property documents and financial details. A home loan sanction letter format is usually based on your eligibility. 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.
Once your application has been processed, the lender offers you the terms you may have asked for in your home loan or something slightly different based on your credit history, income, outstanding debts and age among other factors. The current property value will also be considered by the lender along with value appreciation potential. While you should definitely use a home loan EMI calculator after this to understand the amount to be repaid every month, you should make sure that the sanction letter has been read and understood very carefully by you. Sanction letters will have information about the loan agreement, i.e. the total amount to be sanctioned, the interest rate and base rate on which it has been calculated, whether the rate is fixed/floating and the tenor of the loan.
These are the details that you can use to work out the EMI to be paid every month using an online calculator. You can then decide whether to go ahead with the loan on the terms proposed by the lender or compare with other lenders in order to land a better deal. The sanction letter is not the final home loan agreement and does not legally approve the loan. You will undergo other background checks and additional documents will be needed prior to the making of the final agreement. These letters also have a particular validity which is usually 6 months. Once this period lapses, you will be unable to accept the terms of the loan offer in the sanction letter and will have to apply afresh. Also, some real estate developers may require a copy of this letter before your purchase has been finalized.
Once you have read the letter carefully and agree to all the terms and conditions, prepare to submit all the documents that will be required for the next stage of the process. Bajaj Finserv offers home loan along with pre-approved offers for other loan types as well. This helps you save time and you only have to check the offer and share some basic information. Get quick financing on your dream home with Bajaj Finserv.
Also Read: Step by Step Home Loan Process
A digital home loan sanction letter comes with the following benefits -
Once the application for a Bajaj Housing Finance Limited E-Home Loan is complete, the digital sanction letter is issued within 10 minutes. With immediate availability, take a quick glance at the document to check the loan amount sanctioned along with the terms and conditions applicable.
A digital sanction letter is only an indicative document with all the terms of the home loan a lender agrees to provide based on an applicant’s eligibility. Once issued, applicants can proceed to compare these terms against offers from other lenders to make an informed decision.
Bajaj Housing Finance Limited provides validity of up to 6 months for the sanction letter. Applicants can submit it at any time within this validity to avail the loan amount they are eligible for.
A digital sanction letter serves as a proof of one’s eligibility to avail the required loan amount for house purchase. One can avail the best deal on house property from their real estate developer with a digital sanction letter in place.
The eligibility criteria for a digital sanction letter are the same as that for a home loan. Fulfil the following E-Home Loan requirements to receive the digital letter from Bajaj Housing Finance Limited.
Applicants must also meet the minimum property and net monthly income requirements based on their city of residence.
Alongside, both applicants must also qualify as residing Indian citizens.
Similar to the eligibility criteria, the document requirements to avail a sanction letter are the same as the home loan preconditions. They include –
Applicants may also be asked to submit additional documents before the final loan agreement is provided.
The sanctioned limit available with a home loan sanction letter varies from one applicant to another. It depends on factors like -
Bajaj Housing Finance Limited can sanction a maximum amount of up to Rs.3.5 crore as E-Home Loan based on these factors.
A digital sanction letter is a confirmation document issued to an E-home loan applicant before he/she signs the final loan agreement. It indicates the E-home loan amount that the lender has approved as per the applicant’s eligibility. It also carries essential loan terms like the interest rates applicable. Once issued, you can download the letter from your lender’s website.
Once your home loan application is processed, a sanction letter is issued containing terms of the loan. The terms may be the same or different from the terms you sought. It is issued within 10 minutes of a home loan application with Bajaj Housing Finance Limited. You can download its digital copy from our website against a nominal fee payment.
You can download your Bajaj Housing Finance Limited Home Loan sanction letter from our official website within a few minutes of applying.
Once you apply for your E-home loan with us, the application is processed in no time, and a sanction letter is issued shortly.
An E-home loan sanction letter from Bajaj Housing Finance Limited is valid for 6 months from the date it is issued. Opt to submit the sanction letter at any time within its validity to avail the funds.
The fees payable to avail a digital sanction letter with Bajaj Housing Finance Limited are nominal. Pay the charges to download the letter within a few minutes. Other fees and charges on a Bajaj Housing Finance Limited E-Home Loan like processing fees are also minimal and affordable.
A pre-sanction letter is a document confirming the borrower’s eligibility to avail a pre-approved home loan. Bajaj Housing Finance Limited customers can apply for an E-Home Loan with a pre-approved offer to receive the letter that specifies the loan amount they can avail at terms and conditions stated by the lender.