I got a home loan sanction letter from my bank. Does this mean I will get home loan? How long is it valid?
You must remember that the sanction letter in itself is not a legal approval of the loan and you still have to submit further documents and sign the loan agreement before the loan disbursal.
To ensure faster processing of the loan application, you must keep all the required documents ready for further processing. This way, the process can be completed at the earliest. At times the applicant may also have to give a copy of the sanction letter to the developer of the project where they intend to purchase a house.
The typical validity of a sanction letter is about six months and if the loan is not availed during this time, the sanction shall lapse and the whole process will have to be redone.
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