Asked by Andy Tan
Hi, prior to purchase a new property i had called up the bank to seek in principle approval for home loan. Upon submission of the documents, the banker gave me a call to approve my in principle loan. Therefore, with this i proceed to place my one percent downpayment for my new house. Subsequently, i submit more documents to the bank and later they revert that my loan is rejected. i want to ask two questions.First, it seems to be a norm to seek in principle approval prior to commit to a purchase.What exactly is in principle approval and why we need it. second question. how can i take back the 1% if the fault does not lies with me. pls advice. thanks
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