The most important factor that comes into play while investing is the financial aspect. This is even more so for first time buyers. Getting your home loan pre-approved makes the process faster and easier. It lets you make your decision without having to worry about financing. It makes it easier for you to pick a home and make a deal with your pre-approved home loan. The whole affair is less worrisome and it makes things just a little easier. When it comes to the process of getting a home loan, any little factor that makes your life easier should be grabbed with both hands.
When a buyer applies for pre-approval of a home loan, the housing finance company/bank/developer will go through various stats, readings and general information of the applicant. After getting your CIBIL TransUnion number and confirming that your credit and financial health is good, then you will be given a certificate of pre-approval. This certificate is more useful than you realize. It gives you an accurate estimate of your budget. This estimation makes it easy for you to pick a developer and a home.
This letter is a statement from a financial institution that you are capable of providing financial backing for your promises. It gives you backing and is a certificate proving that you are financially capable of finishing the deal. With this letter, your journey to purchasing the house of your dreams is that much easier.