At times, the construction of a building is stalled because of a lack of requisite approvals. This, in turn, impacts the prospects of the buyer who might have put in their hard-earned money in the property. It is at such times that the relevance of Pre approved property comes in.
What is the meaning of Pre-Approved Property?
The literal meaning of pre-approved property is that the titles and any documents related to the property have been examined critically by the bank or the financial institution when requested by the builder. The technical know-how of the banks plays the key detrimental role in this regard and eventually helps the buyer when they go in for the hassle-free purchase of the property.
When the property has been pre-approved by the bank or the financial institution, it can be safely assumed that the documents of the builder are in place and the construction has been authorized legally.
The banks also provide loans to the builder of the property readily when these have been pre-approved. In a nutshell, it can be safely said that a pre-approved property is authorized legally and trust can be put in the builder who has been offering the property to the buyer.
Benefits of Pre-Approved Property to the Buyer
A pre-approved property has many imminent benefits to the buyer. Some of the most important ones have been listed as under:
- The buyer of the property need not worry if the property complies will requisite legal and technical aspects. Also, the chances of delay in construction of such property are very less.
- Loan sanction process for buyers of pre-approved properties is quick and hassle-free. As the bank has already done the verification of the property, they are in a position to offer a loan to the buyer in less time.
- The pre-approved property indicates the good quality of the project as the bank or financial institution has considered the track record of the builder before approval.
Going in for pre-approved property is an intelligent decision and is likely to keep you free from unforeseen setbacks that you might experience in cases where you don’t check the approval status beforehand.
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