{"id":2038,"date":"2023-08-28T15:45:35","date_gmt":"2023-08-28T15:45:35","guid":{"rendered":"\/blog\/?p=2038"},"modified":"2024-07-01T12:58:10","modified_gmt":"2024-07-01T07:28:10","slug":"importance-of-home-loan-sanction-letter","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/importance-of-home-loan-sanction-letter\/","title":{"rendered":"Importance of Home Loan Sanction Letter"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>If you are eligible to take out a home loan, you will receive a proof of it in the form of a home loan sanction letter. It does not mean that the loan has been disbursed to you yet \u2013 it only proves your eligibility for it. Until the loan has been disbursed, this document should be kept safely. <\/p>\n\n\n\n<p><strong>What Does Home Loan\nSanction Letter Look Like? <\/strong><\/p>\n\n\n\n<p>A <a href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">home loan <\/a>sanction letter lists out some key information about your loan. It includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The lender\nexpressing its willingness to disburse the loan<\/li>\n\n\n\n<li>The total amount of the loan<\/li>\n\n\n\n<li>The total\ntenure for repayment<\/li>\n\n\n\n<li>Interest\napplicable per annum<\/li>\n\n\n\n<li>The type of\ninterest applicable \u2013 fixed or floating<\/li>\n\n\n\n<li>The base\nrate for the calculation of interest<\/li>\n\n\n\n<li>Period of\nvalidity of the letter itself, usually about 6 months<\/li>\n\n\n\n<li>EMI and\npre-EMI amounts, if required<\/li>\n\n\n\n<li>Any\nadditional terms and conditions that you need to agree upon before the loan is\ndisbursed<\/li>\n<\/ul>\n\n\n\n<p><strong>What Documents are\nRequired For The Sanction Letter To Be Approved?<\/strong><\/p>\n\n\n\n<p>Before issuing the sanction letter, your lender will require the\nfollowing documents to be submitted:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Passport-size\nphotograph<\/li>\n\n\n\n<li>Identity\nproof, such as PAN card, passport, or Aadhar card<\/li>\n\n\n\n<li>Proof of\nresidence, such as Leave and License Agreement or a company letter<\/li>\n\n\n\n<li>3 months of\nsalary certificates<\/li>\n\n\n\n<li>6 months of\nbank statements (must be the latest 6 months) <\/li>\n\n\n\n<li>Latest\nincome tax return form<\/li>\n\n\n\n<li>Processing\nfees<\/li>\n\n\n\n<li>Other\nfinancial details like a fixed deposit, recurring deposits, shares, mutual\nfunds, etc.<\/li>\n\n\n\n<li>Property\ndocuments<\/li>\n<\/ul>\n\n\n\n<p>These documents help the bank to verify that the applicant is eligible for the loan.<\/p>\n\n\n\n<p style=\"color:#FF0000\"><strong>Additional Read:<\/strong> <a href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/how-can-you-increase-your-home-loan-eligibility\/\">Find Out   How to Increase Home Loan Eligibility Effectively<\/a><\/p>\n\n\n\n<p><strong>Why is a Sanction Letter\nImportant?<\/strong><\/p>\n\n\n\n<p>Before a loan is disbursed, a sanction letter is the only proof of\nyour eligibility for it. The information contained in a sanction letter, such\nas the total loan amount or the interest rate, also allows you to calculate the\napproximate EMI to be paid every month. You can then either reconsider or\nconfirm your decision based on your financial situation. <\/p>\n\n\n\n<p>After a sanction letter is issued, you will be issued a formal letter of offer cum acceptance to the applicant to the loan. Further documents will then need to be submitted and the loan agreement will have to be signed before the loan amount is disbursed. You need to submit these <a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/document-required.html\">required documents<\/a> before the validity of the sanction letter is over, otherwise, they will not be considered valid and you would have to apply for a sanction all over again.  <\/p>\n\n\n\n<p style=\"color:#FF0000\"><strong>Additional Read:<\/strong> <a rel=\"noreferrer noopener\" href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/want-to-own-a-home-find-out-how\/\" target=\"_blank\">Buying a House? Make Sure to Follow this Home Buying Guide!<\/a><\/p>\n\n\n\n<p>With Tata Capital, you do not need to worry about harsh eligibility criteria for your housing loan. Tata Capital housing finance has the most flexible <a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/home-loan-eligibility-calculator.html\">home loan eligibility<\/a> criteria and repayment methods. Our <a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/rates-and-charges.html\">home loan interest rates<\/a> start at an affordable 6.70%. With loan amounts up to Rs. 5 crores on a Tata Capital home loan, you no longer have to wait to buy the house of your dreams! <\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">Apply For Home Loan<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you are eligible to take out a home loan, you will receive a proof of it in the form of a home loan sanction letter.<\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/importance-of-home-loan-sanction-letter\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":2039,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-2038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-home"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Importance of Home Loan Sanction Letter - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Check out the things you need to know about Home Loan sanction letter. 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