The home loan market is on a high, there are a lot of lenders available in the market to cater to the financial requirements of people. There is a lot of competition and that’s why to lure more and more customers they introduce new and attractive schemes. One out of them is preapproved home loans.
Now a person can get a home loan even before he has finalized the property that he wants to buy it. The application procedure is more or less the same as for a normal loan; but the loan is disbursed only when the property has been finalized.
Here also the repayment capacity, monthly income and the credit background of the borrower holds the key to the loan. With this loan some terms and conditions are also applicable. This type of loan has a validity period that can differ from one lender to another in which the borrower needs to finalize the property that he wants to purchase.
A spokesman from HDFC bank said "There is no typical period within which the loan seeker is required to avail of the disbursement. However, we keep the file open for six months and if the applicant does not act within this period, we send reminders to the individual."
The borrower will be charged with the interest rate applicable at the time sanctioning of loan. Such loan can definitely give mental peace to the borrower as home loan can be really tricky some times. The other good thing with such loans is that the processing time is less than normal loans.
The Executive Vice President, retail assets, Kotak Mahindra Bank, Mr. Kamlesh Rao said "In the event of the borrower (with a pre approved home loan) finding it difficult to take a decision, the bank may direct him to the right kind of project. Thus, if both the loan as well as the project is pre-approved, the processing will be much shorter."
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