Pre approved property
A pre approved property is one where the builder gets a prior approval for his property from some home finance companies. This means that the lender will examine all legal documents of the builder along with its ability and track record to complete the construction in time. If the lender is convinced, the builder gets a stamp of approval. All this enable a quicker home loan if a buyer chooses to buy a home under the pr-approved property. However if the builder fails to complete the construction in time, the finance company is not liable to waive off any charges such as interest payment or installment amount.
These above mentioned terms may help you to analyze your home loan closely.