Get Instant Digital Home Loan Sanction Letter with Bajaj Finserv
The popularity of online banking and transactions has paved the way for accelerated growth of fintech companies. The fast-paced lifestyle of most individuals is a major proponent for such online service providers. Among the services offered by fintech organisations, alongside online credit disbursal facilities, digital home loan sanction letter issuance has also gained ground in recent years. Bajaj Finserv is one such HFC, which has incorporated such digitisation seamlessly into its financial products.
A large chunk of the home loan market in India comprises millennials. As per a September 2020 report, the number of millennial housing loan borrowers increased by an impressive 10%, forcing financing companies to specifically cater to this section of consumers.
Still, with the market being dominated by such young borrowers, lack of awareness regarding the home loan process can often complicate property ownership. For instance, the inability to comprehend the importance of a sanction letter when availing such credit can stall one’s plans to own a house.
Home loan sanction letter – Acquire it without fail
Post application, borrowers should collect their home loan sanction letter. A financial institution extends this letter once application and documentation formalities are complete. A sanction letter arrives before the final housing loan contract reaches a borrower’s hands. The format of such letters is reliant on one’s eligibility.
To acquire a digital sanction letter, an individual is required to service a nominal fee. After making the requisite fee payment, individuals can download it and use the digital letter for up to 6 months or 180 days.
Borrowers looking for instant home loan approval would need to present this sanction letter to the lending institution within the stipulated period.
Collection of digital sanction letter can help you down the road
Merely gathering information about the home loan sanction and disbursement process can fall short to enable borrowers to optimise their experience.
Potential borrowers must also assess why digitally availing this document can be highly beneficial –
● Quick access to home loan terms and conditions
After processing an online home loan application, financial lenders issue this letter in a matter of minutes. Borrowers can learn about their housing loan’s essential details, including interest rate, the principal amount sanctioned and more.
● Increased validity offering greater flexibility
Bajaj Finserv is one of the few institutions that enable customers to acquire their home loan proceeds at any time in the six months following the issuance of an online sanction letter. Collection of this letter through offline means can be challenging and time-consuming.
● In-depth comparison of offered terms
An instant sanction letter lists all the terms and conditions pertaining to availing housing credits. Acquiring it minutes after home loan application allows borrowers to conduct a thorough analysis, comparing it with other offers in the market. Consequently, such informed decision-making can help restrict total interest outgo on loan and its resulting EMIs.
● Enhanced negotiations with realty developers
A home loan sanction document is proof of one’s eligibility to avail such credit. With this piece of paper in possession, individuals can enter into negotiations with property developers. A developer is more likely to offer discounts and rebates to such a potential homeowner, enabling him/her to limit expenses when purchasing the concerned property.
Besides its utilities, a borrower needs to know more about a home loan sanction letter, including its difference from a final loan contract.
How does a sanction letter differ from a final agreement?
Whether availed online or offline, a sanction letter indicates that a financial institution is ready to disburse a certain amount to the addressed individual. However, it does not guarantee credit availability. Borrowers must undertake additional steps to acquire the home loan proceeds.
At the outset, financial companies may urge such an individual to submit additional documents. These HFCs are also free to conduct background checks at such a time. In the event of any irregularities, lenders still hold the authority to reject applications. Lastly, sanction letter holders must present a copy of this document when acquiring the final contract.
Thus, the availability of sanction letters online can streamline the next steps involved in processing a home loan application. The seamless procedure has also resonated well with millennial borrowers, saving their time.
Besides such facilities, lenders like Bajaj Finserv also extend other benefits to their existing customers in the form of pre-approved offers. These offers are applicable to housing credits and other secured loan products. A borrower can check his/her pre-approved offer by submitting just a few essential details, such as full name and phone number.
While availing home loan on low interest rate is a major concern for many, the newer generation of borrowers also seeks a streamlined application procedure. With little or no time to spare, today’s potential homeowners need access to housing loan details within minutes. Online sanction letters act as one way to limit time consumption.