It is easy to get a personal loan sanctioned (because the margin for the bank there is high) but for home loan the documentation and due diligence may take longer, as this loan is also for a longer tenure. Disbursal takes barely two-three business days, once everything is in order.
Here are a few steps involved:
- Sanctioning of the loan
- Valuation and legal check
The sanction letter may either be an unconditional letter, or may mention certain terms and conditions that have to be fulfilled before the loan is disbursed.