Loans may be applied for before or after selection of property. The loan amounts are sanctioned in principle to let buyers know what amounts they can avail of. This helps them decide their budgets and purchasing power. Actual disbursements are made after satisfactory verification of all necessary documents and completion of specific procedures.
Time required for loan application approval:
About 0-15 days.
Time required for disbursement:
On an average, loans are disbursed within 3-15 days after satisfactory and complete documentation and completion of all relevant procedures, including proof that 15% of the cost has been paid up front to the seller of the property.
Joint applications:
Most institutions are willing to consider the joint incomes of the applicants for deciding the loan amounts. Some institutions do not require the co-applicants to be co-owners of the property to be purchased.