Pre Approved Home Loan benefits for Home Buying
Pre Approved Home Loan benefits for Home Buying: Whenever we speak to a home buyer for a home loan, the answer is let me finalize the property first and then we will apply for the home loan.Which ideally is not always correct. There are a lot of benefits once we get Pre-Approved.
A Pre-Approval is a statement given by the bank verifying the total amount that you may borrow for a Home Loan, which also completely depends on the necessary documents you provide to the bank based on your current financial situations. Another added advantage is it proves the seriousness of the buyer and gives you a realistic idea of what you can afford and buy. This drastically narrows your search criteria and helps you take a quicker decision.
In an ideal scenario, you should get this homework done first as this gives you the added confidence about buying a property well knowing in advance that you are entitled to an X amount as a Home Loan and you will have a Y amount as an EMI to pay every month or year. With a lot of paperwork, CIBIL checks etc. you should not be under double pressure when you are buying a property. A proper knowledge of home loan and a little homework done from your end makes property buying, even more, simpler. And a very important question is answered: What’s your budget ??
A few developers even give a benefit in price if you go with a pre-approved sanction letter. For example, imagine you are paying around 11236 for a sanction and you walk away with up to 10 times as a benefit up to Rs.1,12,360 as a discount from our New Property Buying – Get it Right – Series offers by select developers.
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