Posted by Mahagun India on May 14, 2015
A pre-approved loan option is ideal only if you have short-listed a property of your choice. The very first advantage of a pre-approved loan is that it asserts your credibility thereby giving you a clear picture of the amount you can borrow and the funds you need to arrange. It is essentially helpful in cases where your application gets rejected later, after choosing a property. It involves minimum documentation & faster processing time.
The pre-approved loan sanction letter acts like an assurance of finances so you have more time to focus on searching the right property. Also, the actual loan processing takes less time as the basic documentation, verification & validation has been already done during the pre-approved loan processing phase.