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Query: What is the difference between Home Loan Sanctioning & Home Loan Disbursement

Category: Finance

Answer: Home Loan Sanctioning is a process in which bank initially judge our eligibility based on our income proof and securities value. Then bank issues a sanction letter which contains eligible loan amount, rate of interest, period of loan and other terms & conditions related to loan. Sanction Letter is valid for the period mentioned in it, generally it is valid for 3 or 6 months depending on bank to bank. Home Loan Disbursement is a process in which bank actually disburse the loan amount to the borrower. Disbursement is done after sanction when borrower applies to the bank for payment to seller along with supporting document of purchase of property. Generally, in case of home loan borrowed, the amount is directly paid to the account of seller. Bank makes disbursement of Home Loan only after technical verification of all legal documents & deeds of purchase or payments.

Date Posted 26-Jan-2020
Posted By Kumar Prakash
Views: 319



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