What is the validity period of an approved AIP application?
An approved AIP has a validity period of up to 30 days. During this validity period, if your Option To Purchase is submitted to the bank, it will provide an official letter of offer for your home loan assuming there are no changes to your income or debt obligations (best not to apply for any credit cards, car loans or any type of loans during this 30 days). After the validity period expires, a new AIP application will need to be submitted.