Thursday 23 March 2017

Importance of Bank Home Loan Pre-approval for a Residential Project

If you want to purchase a luxury apartment in a fast growing real estate destination like Mohali, it is essential that you ensure that the apartment is a part of a bigger housing project. Real estate developers procure bank pre-approvals for home loans, to help homeowners purchase houses with ease. Additionally, home loan pre-approvals also assure homeowners about the authenticity and legality of the project. The reasons for purchasing houses and apartments from residential projects pre-approved by banks have been discussed below.
House in Mohali

Purchasing a Luxury Apartment from a Bank Approved Residential Project
If you want to buy house in Mohali then ensure that the residential project is being developed by a renowned realtor. This will ensure that the project is pre-approved by banks and financial institutions. Some of the advantages of purchasing apartments from residential projects that have been pre-approved by banks and financial institutions are as follows:
  • In order to purchase a luxury apartment or a house, you may need to apply for a home loan. And, if the loan passes the scrutiny it guarantees the authenticity and legality of the transaction.
  • If you purchase a house at a residential project that has procured bank loan pre-approval, then the application for the home loan and disbursal of the loan amount will be faster.
  • If you consider bank loan pre-approval to be a prerequisite in your search for a house, you will not have to do extensive research. This will help narrow down your search for a house to exclusive residential projects.
  • Bank loan pre-approvals are granted only to recognised real estate developers. Hence, you can be assured of the quality of the construction project as well as the legality of the project itself.
  • Thus, purchasing a house from a residential project that has procured home loan pre-approval from banks and financial institutions will help you gain confidence about the authenticity of the real estate developer.

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