![]() Indicates the channel on which the verification code is to be sent. ![]() This field appears, if you select Yes, in the Is Co-Applicant an existing user ? field. This field appears, if you select Yes, in the Is there a Co- Applicant An applicant refers to an individual or a non-individual (organization or trust) who has applied for one or more main lines. Indicates whether co-applicant is an existing user. Indicates if there is a co-applicant along with the primary applicant. Tenure of loan in years and months to repay the loan amount. The loan amount that the applicant would like to borrow. Help us understand your loan requirements Enter the loan requirement details like, loan amount that is amount to be borrowed, loan amount, loan tenure, and if there is a co-applicant. For more information on cancelling an application refer to Cancel Application section. For more information refer to Register User section.Ĭlick Cancel to abort the mortgage loan application process. Click Continue, if you are a new user or wish to continue as a guest user.Ĭlick Login if you are a registered user.The Mortgage Loans screen appear with orientation details, like steps to be performed while applying the loan, details needed for application and eligibility criteria. Once the appropriate product is selected, click Proceed.The applicant visits the bank portal page and selects ‘In Principle Approval’ as an option from the product showcase.Credit Decision Outcome: It displays the credit decision, once the loan application is submitted successfully.Review and Submit: It displays the summary of the loan application with details submitted in the above section and allows to edit the details.Offer Selection: It displays multiple loan offers with an option to select any offer of choice.Financial Information: This section consists the details such as, income, expense, asset, and liability details of the applicant.Applicant Information: The applicant information section consists details like, personal information, identity, contact, and occupation information of the applicant.Funding Information: This section displays the purchase price, requested loan amount, application fees, lenders mortgage insurance, (if applicable), and contribution amount by the applicant.Property Information: You can provide property information like, purchase price, ownership details, owners address of property.Loan Requirements: You can specify the amount to be borrowed, purpose of the loan, tenure, and co-applicant if there is any.The bank may not lend, if you have ever been declared bankrupt, have had county court judgements, property is seized, defaulted on mortgage, or had to organize a repayment plan with the creditors.įollowing are the steps involved as part of application submission:.Requesting an Approval in Principle does not mean that you are committing to apply for a mortgage with the bank.An Approval in Principle letter is not an offer of a loan.If you are ready to apply for a mortgageįollowing is other important information pertaining to in principal approval:.If you have found a property and need an indication that we may be able to lend you the amount you need.In principal approval is availed in the following scenarios: An in principal approval loan is a loan which indicates whether bank can potentially lend the amount to the borrower.
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