Things You Need To Remember While Writing Gift Letter Template
A gift letter is nothing but a proof that the house buyer has got a gift from his or her family to cover the down payment of the new property. It may so happen that a house buyer doesn’t have required amount of money for the time being to cover the down payment completely. In that case, he may get gifts from their family to support their wish. Now, when the buyer will go to apply for a loan for the new house, then the bank can ask for a gift letter template to check the credential of your source of fund.
Things to Include In the Gift Letter
A gift letter includes some key elements which are as follows.
- Full name of the person who is gifting
- Relationship with the buyer
- Amount of the gift
- Address of the property for which gift is given
Without these details, the letter for the gift will remain incomplete. A plethora of gift letter sample is available online, which you can try out for some suggestion.
Steps To Write the Gift Letter
A gift letter must not be complicated. A simple and precise form of the formal letter is required to try out here. Essential details, mentioned above are needed to be written in the letter completely without any errors. In addition to these, it is important to mention in the letter that the transfer of money is not a loan and it doesn’t need to be repaid.
Well, after getting gift letter from it need to be submitted to the bank for further scrutiny.