how to ensure that your home loan application does not get rejected
TRANSCRIPT
How to Ensure that your Home LoanApplication does not get rejected
A home is a vital part of anindividual’s life.
Nowadays it becomes difficultfor a person to buy or build agood, well-furnished house.
Sometimes, a home is a dreamin the shell forever.
To overcome this difficulty,people turn to banks forloans.
Applying for a home loan is noteasy, because a home loanapplication includes a lot offactors.
Maintaining a good CIBIL score(Credit Information Bureau ofIndia Ltd) is one of them.
There can be several reasonsfor a bad CIBIL score like Duesare not paid, No payment ofEMI’s etc.
Discussed below are few homeloan rejection .
Verification ofPersonal Profile
For a Person who is applyingfor home loan, it is importantto verify his personal details.
Age Limit
The age limit is a minimum of 22-23 years, and themaximum is around of 60 years for applying Home Loans.
Job Hopper
If the applicant is keep on locating himself to different placesevery month(Job Hopper), then this can be a reason for loanrejection.
Loan Application hasbeen Rejected before
If an applicant has received aloan rejection leer from bankpreviously, then it will be areason for loan rejection.
A Good TaxPaying History
Tax paying history of a fewyears will be checked to provideloans.
Personal Loan
Personal loan rejection reasons such as not paying dues onme, bad Credit score, insufficient income, incorrect detailsetc can be a reason for not getting Home Loans.
Filling Income Tax Regularly
Income tax returns should be filed regularly. It is veryimportant to have a clear record of income tax.
Contacting with the lender
If the loan application is rejected, try to contact with thelender and find the reason.
Lower the Home Loan Amount
If the bank doesnot find the required income of an applicantthat he demanded, application can be rejected
Checking and paying offexisting loans
If an individual has existing loans, it is liable for the bank toreject the loan application.
Checking Credit ReportIf the CIBIL Score of applicant is less than 700, thenapplicant might land in getting the application rejected.
If any Important Paper is missing
If any of important papers found missing while applying, itcan lead to the rejection of loan.
Market Value ofProperty
Market value of the property isalso an important factor for therejection of loan application.
Getting Deepinto Problems
An application is rejected by thelender is a generic one,theapplicant can dig into the detailsand try to solve it.
