Importance of Sanction Letter for your home loan
In order to have a seamless final disbursement of your home loan, one of the most important document is your sanction letter. What makes it important?
What makes the sanction letter important?
On their part, lenders undertake thorough steps of going through all your documents in order to ensure that all criteria of loan application have been met and that all the documents are valid. Once these have been checked a ‘Letter of Sanction’ is sent to the applicant.
If you are a first time home borrower, there are various aspects and features which you need to understand and here we are going to help you do exactly this.
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It is not a legal approval?
As a borrower, you need to know that because you get the sanction letter, it doesn’t mean that it is a legal approval of the loan. You still have to submit further documents and sign the loan agreement before the loan is disbursed.