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Home Loan Pre-Approval Letter Query? Letter missing CRUCIAL details ...
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<blockquote data-quote="enthusiast29" data-source="post: 2471497" data-attributes="member: 86432"><p>They can be same. Pre-approval forms ask you for desired principal amount of loan you wish for.</p><p>It's upto the bank to allow that or not depending on your financial status. The pre-sanction approval letter has this amount which means you can disburse that much amount and you're already approved for it given that property documents are OK and inspection is done (which comes later).</p><p></p><p>Yes, the actual disbursement amount can be changed by the buyer later when property is finalized. This obviously cannot be more than what you're eligible and approved for.</p><p>So you can have eligibility and approval for say 1 Crore and after finalizing property if you wish to disburse only 80 Lacs then you can.</p><p></p><p>Another scenario, eligibility for 1 Crore, buyer asked for approval for 80 Lac and pre-sanction letter contains 80 Lacs and when property is decided turns out buyer needs additional 10 Lac. This also can be done as buyer is eligible for 1 Crore but only wishes to disburse 90 Lacs. This may need additional processing time or reapplying depending from bank to bank.</p></blockquote><p></p>
[QUOTE="enthusiast29, post: 2471497, member: 86432"] They can be same. Pre-approval forms ask you for desired principal amount of loan you wish for. It's upto the bank to allow that or not depending on your financial status. The pre-sanction approval letter has this amount which means you can disburse that much amount and you're already approved for it given that property documents are OK and inspection is done (which comes later). Yes, the actual disbursement amount can be changed by the buyer later when property is finalized. This obviously cannot be more than what you're eligible and approved for. So you can have eligibility and approval for say 1 Crore and after finalizing property if you wish to disburse only 80 Lacs then you can. Another scenario, eligibility for 1 Crore, buyer asked for approval for 80 Lac and pre-sanction letter contains 80 Lacs and when property is decided turns out buyer needs additional 10 Lac. This also can be done as buyer is eligible for 1 Crore but only wishes to disburse 90 Lacs. This may need additional processing time or reapplying depending from bank to bank. [/QUOTE]
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Home Loan Pre-Approval Letter Query? Letter missing CRUCIAL details ...
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