Mortgage pre-approval is the first step in the mortgage process for buying a property.

When the bank reviews your application, it will issue a letter or email stating that they have pre-approved you and will lend you the amount you request. Usually, this approval is valid for 60 days. The knowledge that the mortgage approval has been secured on certain terms from the bank gives you the comfort to negotiate on properties with confidence that things can be settled quickly.

For every individual before taking a Pre-Approval mortgage, three questions will hit them, WHY? HOW? HOW LONG THE PROCESS IS? And we come up here!!

Explore the answer your all your questions below!!

WHY

As long as you have a preapproval, it will be much easier for you to search for a property that is within your budget, also preventing you from overstretching to buy unaffordable properties, so you stand out as a real buyer amongst the other shoppers.

HOW

Do reach out to the lenders or a consultant for the pre-approval process, It will take between 3-5 days for salaried for the pre-approval process, and between 7-10 days for business owners for the process to be completed. For non-residents, it may take between 10-14 days for the process to be completed.

HOW LONG DOES IT TAKE?

A pre-approval for a mortgage from the Bank is valid for 45-90 days. If you wish to continue with the application, you must provide the updated document within 45-90 days of the expiration date.