How Long Does It Take To Get A Home Loan Sanctioned?
Housing loans are taken out to purchase property and plots of land. These loans are end-specific, used to purchase any real estate investment. It is important to compare various home loan options before you finally choose the right loan provider. When you plan to take a home loan, you need to understand various aspects, like housing loan sanctioning. Housing loan sanction is the process by which the approval of the loan is done by the loan provider. It is important to understand the home loan sanctioning time provided by various loan providers.
The sanctioning amount is not the same for every loan provider. However, it is a long process to approve a housing loan due to various background checks and the validation of all the home loan documents required. In housing loans, it is not only about individual verification but the validation of the property as well. Therefore, for banks and non-banking companies, house loan sanctioning amounts differ as per the home loan eligibility criteria.
What is the time taken to sanction housing loans?
Home loan sanctioning is time-consuming. You cannot expect your home loan to be approved on the same day. The entire process takes around three to four weeks. After successfully applying for a housing loan, you need to wait for at least three weeks to get approval from the loan provider. During this time, the housing loan documents and application will be verified. The sanctioning will be sent to the registered email address through an email ID. The time taken to sanction a housing loan will actually depend upon two factors: credit eligibility and the processing of the loan provider. If you find any delay in sanctioning after three to four weeks, there could be some reasons stated below.
Reasons for the delay in a home loan approval
Banks usually delay the housing loan sanction process. If you are taking out a home loan from a bank, the process will take a lot of time since banks usually do not use a lot of technology or digital processes. Non-Banking companies are faster than this will stop. Therefore, if you want a smooth sanctioning process, non-banking companies are ideal.
There can be problems with the verification of documents. If the loan provider is unable to validate the further process after sanctioning, it will take a lot of time.
Finishing up
If you need a home loan for salaried individuals, make sure you have all the home loan documents required for verification. Successful verification will help you in getting an affordable home loan interest rate.