Once your application is processed and depending upon the Loan amount requested and your repayment capacity, the final loan amount that you are eligible for, will be communicated to you. You will then be issued a sanction letter stating the terms and conditions under which the sanction is given. These terms and conditions have to be fulfilled before the loan amount will be disbursed.
The Offer Letter will state the loan amount, rate of interest, tenure, mode of repayment and other details and special conditions.
Next, an Acceptance letter will have to be given by you in the given standard format provided by us, along with any documents as given in the terms and conditions of the sanction letter. Upto this stage it is only a financial approval of your loan proposal. The Loan Disbursement would be done after you have accepted the offer and the mortgage is legally enforceable and technically clear.
Submission of Legal Documents
Once you have accepted the offer, you will be required to handover the original documents for the property so that it can be kept as collateral security with us till the loan is fully repaid.
Signing of Agreement
The agreement needs to be signed according to due procedure.