Applying for a home loan has long been tedious, but FinTech advancements are rapidly transforming how we apply and avail of these loans. Of all the steps in the loan application process, getting the sanction letter is the most crucial as it finalizes the maximum loan amount and other key details. Technology has shortened this step quite a bit; for instance, Bajaj Housing Finance Limited accelerates the first few steps of the e-home loan acquisition process, allowing you to get an instant digital home loan sanction letter.
What is a digital sanction letter for a home loan?
As the name suggests, a digital sanction letter is the initial approval document provided in e-home loan applications. It is issued before the final home loan agreement and carries essential home loan terms, such as the loan amount, interest rate, and tenor, which are decided on the basis of your home loan eligibility. The letter shortens the loan application process; for instance, with the Bajaj Housing Finance E-Home Loan, you can download your digital sanction letter instantly. Moreover, the letter is valid for 180 days.
What does the digital sanction letter contain?
The digital sanction letter contains key home loan parameters and terms, which help fast track the home buying process. The digital sanction letter from Bajaj Housing Finance Limited contains basic details, such as the application number, sanction date, applicant name, and applicant mobile number.
Important home loan details are also listed there in.
Home loan interest rateLoan tenor
Sanction letter validity
Other standout features and benefits are also available in the letter.
Online prepayment facility
Payment of top-up loan and home loan with 1 EMI
You also have a list of the documents required for loan processing.
Finally, the digital sanction letter enumerates the Terms and Conditions.
The digital sanction letter is system-generated and no signature is required for authentication.
Why a digital sanction letter?
It’s quicker and more hassle-free to obtain a digital sanction letter compared to a regular sanction letter. You also have an array of other benefits; for instance, you can:
View essential parameters without delay: Get quick access to key home loan terms, such as the loan amount, interest rate, and tenor
Decide whether you want a joint home loan: Get a co-applicant on board in case you are unhappy with the home loan parameters, for instance, if you think the amount is insufficient
Compare home loans: Check how your loan compares against other offerings in the market in terms of the cost and conditions of borrowing
Start negotiations with your realtor: Begin property discussions with the digital home loan sanction letter as proof of your eligibility
Bag early-bird real estate deals: Secure an attractive deal with developers looking for early investments much before the project has begun
Draft a repayment strategy: Chalk out a repayment plan with all important home loan terms available to you well in advance
Focus on other home arrangements: Devote your time and energy to further plans, such as interiors, since you have some assurance with respect to financing
Is the digital home loan sanction letter the final loan agreement?
Having a digital sanction letter is not the same as having the final loan agreement. The sanction letter indicates that your lender is ready to finance your needs, but it is not a 100% guarantee. You need to approach your lender with your digital sanction letter, provide documents, and undertake a few steps before you enjoy the guarantee of credit.
How to get a digital home loan sanction letter?
Follow the below steps to get a digital home loan sanction letter from Bajaj Housing Finance Limited.
Fill the e-home loan online application form by providing personal, financial, and property details
Review the loan offer generated after the validation of your application
Pay a nominal fee and download your digital home loan sanction letter
Once you have your digital sanction letter, you can use it to avail a home loan from Bajaj Housing Finance Limited within the next six months. Get Home loan financing at an attractive interest rate and benefit from a range of features, such as a flexible, 30-year repayment tenor, PMAY subsidies (subject to eligibility norms are met), a quick disbursal. So go ahead and apply online to take the first step to make your housing dreams a reality.
Disclaimer: This content is distributed by Bajaj Finance Ltd. No TNIE Group journalist is involved in the creation of this content.