What is APF Full Form in Banking?
APF in banking stands for Approved Project Financial Number. This is a unique digital number issued by the bank to real estate developers or builders. Most of the builders will display the APF number on their official website. The number also helps the buyer in getting a loan faster. If the bank has a tie-up with the builder or if it has the APF number, then it becomes easy for the bank to verify the property details. APF also denotes that the bank has approved the project, proposal, paperwork, documentation, clearances and loan sanctions for the property.
What Else Should We Know About APF?
If you are a home buyer, you must always check the APF number of the property before you buy it. The code is often associated with the builder’s credibility and financial history. You must always avoid investing in properties which do not have a valid APF number. If an APF number is available, that means that the bank has scrutinized the project along with the other local bodies. In addition, the bank only generates the APF number if all the documents are right. So, checking the APF will always reduce the risk associated with property purchases.
Other Full Forms of APF
- Acquirer Processing Fee
- Affiliated Political Fund
- Asset Purchase Facility