Скачать или смотреть Home Loan Sanction Letter - An important document in the home-buying process

🔹With more than 30 years of Experience in the field of Real Estate, Mr. Suhas Mistry identifies the pain area of his clients and provides solutions for the same.

✅ Today’s Video is about the Home Loan Sanction Letter which is an important document in the home-buying process

▶ In this Video there are 2 cases regarding the Home Loan Sanction Letter. In the first case, the buyer was searching for a flat & after liking one flat he gave a token to the flat owner & told that we will get 75 lacs loan. However, after submitting all the required documents to the bank it was observed that he is only eligible for 50 lacs to 55 lacs Loan. He tried applying for a Loan with around 4 to 5 Banks but was getting a Loan only for 50 to 55 Lacs rupees.

▶ So there are many things to be considered while applying for a Home Loan like

Thorough scrutinization of papers,
Tallying Bank statement with the Salary slip
Tallying Form No. 16
Various rules & regulations to be followed

And after that Home Loan sanction letter comes to you

➡ So after finalizing a property the buyer is in shock that there is no chance for the seller to return the token amount and as a result buyer is in Loss.

▶Now about the second case. In this case, one of the clients sold the property for 80 Lacs rupees as he wanted to buy a 2 BHK Flat which costs approximately 1 Cr 40 Lacs. After a few months search the client liked one property & gave 2 lacs token to the seller & they told that they were eligible for an 80 to 90 Lacs loan. However, after putting their papers in the Bank it was found that the co-applicant CIBIL was so bad that he was not eligible for any loan. Now the client was staying in a Rented house as he had sold his flat & the seller after waiting for 2 months forfeited 1 Lac token resulting in a loss of 1 Lac for the client. This happened only because of not getting the Home Loan sanction letter.

❇ There are many more examples like this. So it is important to have a Home Loan Sanction Letter as it will give you strength & confidence at the time of negotiation which will help you to get the best deal. Therefore, while searching for a Home Loan go to a trusted bank, have a sanction letter & then search for a property and finalize the property

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