When writing a letter to the bank to request an increase in the loan amount, it's essential to be clear and polite while providing all necessary details. Clearly state your current loan details, including the account number and the reason for wanting to increase the loan amount. Mention your willingness to comply with any additional requirements set forth by the bank, such as property surveys. Attach any required documents, such as an application form, to expedite the process.
Sample Application to Bank for Increasing Home Loan Amount
To,
The Branch Manager,
_____________ (Bank Name),
_____________ (Address)
Date: __/__/____ (Date)
Subject: Request for increasing loan amount
Respected Sir/Madam,
I am a loan account holder in your branch for last __________ (Months/Years). I do carry a home loan in your branch. My account number is ___________ (Loan Account Number).
I would state that my name is __________ (Name) having a home loan of ________ (Amount) in your branch for which I am already paying installments timely. As per eligibility and scheme offered by you Bank I want to increase my sanctioned loan amount from __________ (Current Amount) to Rs. __________ (New Amount) for _____________(Construction/ Renovation/ Mention Reason). As per bank norms, I have no objections to get the property survey done once again.
I request you to kindly do the needful at the earliest. I am enclosing ______________ (Application Form – Mention) pertaining to above-said loan account.
Thanking You,
____________ (Signature)
____________ (Name),
____________ (Address)
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Sandeep Bhandari