15/05/2025
๐ง๐ฟ๐๐ฒ ๐ผ๐ฟ ๐๐ฎ๐น๐๐ฒ: A Facility Letter, once issued by a bank, is a final unconditional commitment to grant a loan.
๐๐ป๐๐๐ฒ๐ฟ: False.
A Facility Letter outlines the terms under which a bank is preliminarily willing to lend money, but it is often conditional and subject to further verification of the borrowerโs financial condition and property appraisal.
Final approval is contingent on fulfilling these conditions, ensuring all parties are protected before moving forward.
A useful tool in establishing one's initial affordability can be found here on our website: https://homeloanjunction.co.za/affordability-calculator/