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What is In-Principle approval in relevance to a home loan?
When you apply for In-Principle approval, the Bank will decide whether to approve the home loan based on your financial health. There is no remittance of the actual loan that takes place when the borrower gets the In-Principle approval. In-Principle approval is a guarantee that the Bank will give you the loan provided information and documents are verified successfully.
Here are some benefits of In-Principle approval of home loan;
Kotak Mahindra Bank gives In-Principle approval of home loan within 24 hours of the application based on certain easy terms and conditions. This can speed up the process of home buying.
No personal visits to the lender’s office
You can get In-Principle approval of your home loan by applying online from the comfort of your home or your workplace. The documents that are needed to support your application are enlisted on the websites of Banks along with the application form for your convenience.
Safe and secure
The process being digital, you can be rest assured of the safety of the information and your documents that you share with the Bank. All the information will be kept confidential and preserved by the Bank.
Clarity of approval
The online method employed to get In-Principle approval of the home loan provides clarity on the housing loan approval. This will enable you to plan your finances subject to the approval of the loan.
Read More:4 steps towards In-Principle approval of home loan
Clarity of the home amount
Once you get the In-Principle approval, you get to know the loan amount sanctioned. This gives clarity on the budget which you can afford to buy your home. Based on this, you can decide your area and choose the builder which suit you the best.
When you apply for In-Principle approval of home loan online, the process becomes paperless, hassle free and saves your valuable time.
These are some of the benefits of In-Principle approval of home loan. Take advantage of this unique facility provided by Kotak Mahindra Bank to go ahead with your plan of owning your dream home.