Understanding sanction terms and application of interest rates
998399
*The price is exclusive of any amount payable to Government/Regulatory Authorities and GST.
Ajva E-expert will guide you in understanding the terms of the sanction letter, i.e. what are the terms and conditions attached, how the interest rate will be reset, any other facility that can be availed etc.
Price
499
Services Covered
- Interpreting terms and conditions
- Interpreting application of interest rates
- Summarizing the whole sanctioning process
- Suggestion of any other facility which is more beneficial
Documents required
- Sanction Letter
- Loan Agreement
FAQ ()
Question :
What is a sanction letter?
Answer :
When you apply for loan/credit, your lender will need you to complete some paperwork, since home loan/credit is usually of substantial amount it is necessary for both you and lender that everything is in order, hence lender will hand you a sanction letter confirming that the loan/credit is approved.
Question :
What is our role?
Answer :
We will do the following :
1. Examine that the terms which are agreed with are exactly mentioned in the letter and there is not any adjustments.
2. Consult on how interest rates can be lowered.
3. Consult on potential EMIs.
Question :
What does sanction letter contain?
Answer :
It contains the following details:
1. Loan/credit amount.
2. Flat rate of interest.
3. Interest amount.
4. Due date.
5. Processing fee.
6. Down payment.
7. Monthly instalment amount.
8. Number of monthly instalments.
9. All the terms and conditions relating to loan/credit.
Question :
What is the importance of sanction letter?
Answer :
It is essential to get a sanction letter to avail a loan/credit. Sanction letter can be used to negotiate the lower interest on loan/credit.
Question :
What is the validity of the sanction letter?
Answer :
An applicant should remember that a sanction letter is not a legal approval of the loan/credit. They may have to submit further documents and sign the loan/credit agreement before the disbursement of the loan/credit. The general validity of a sanction letter is about six months and if the loan/credit is not availed during this period, the sanction shall lapse.
