Reasons Your Home Loan Get Rejected!

Although it is believed that getting a home loan nowadays has become easier but there are numerous times when your home loan application might get rejected when you make an application with the lender of your choice even when you have everything in place. The reasons are many that may lead to you a disappointment when you apply for a loan. 
Image result for Reasons Your Home Loan Get Rejected!
If the lender denies your loan application, the first thing you have to do is to find out the specific reason that why your loan application has been refused by them and try to fix it as soon as possible to meet your financial requirement at the earliest. In order to avoid such situation, it is advisable that you need to be very active while managing your financial profile while making a fresh home loan application. You should try to check your CIBIL score, your previous credit history and certain other important factors that might bring rejection to your home loan application. You may also face a loan rejection in the case when you frequently change your regular job due to certain personal reasons or when you are looking forward to some better career opportunity but that in turns create a bad impression in the eyes of the lender thereby decreasing the chances of your loan approval. 

So, apart from checking your credit report and credit score you also need t check some other factors which may reject your home loan application.  

Comments

Post a Comment

Popular posts from this blog

Blog Collection

Hi All, we have got the collection of some of the amazing blogs. You can have a look 1)  http://www.theranthole.com/important-things-to-consider-before-transferring-your-home-loan/ 2) https://www.thehickeyunderworld.com/how-to-apply-for-pradhan-mantri-awas-yojana/ 3)  https://dhowd.com/top-5-lenders-for-home-loan-balance-transfer/ 4) https://gingerkids.org/how-can-home-loans-help-you-save-big-on-your-tax/ 5) http://oneeyedmonstermovie.com/rbi-keeps-repo-rate-unchanged-heres-what-it-means-for-home-loan-borrowers/
Read more

Tips To Get Quick Home Loan Approval

Image
Home loan provides the necessary funds required to help you invest in a home to fulfill your dream of own house. By doing some basic homework, you can easily get your home loan application approved.  Let’s discuss some simple preparatory steps you can follow for the easy approval of your home loan application:  Having a good credit score (650 and above) is considered good. Check your credit score before applying for the home loan . In case of a bad credit score, it can be improved by paying your existing loans and credits on time without fail. The amount of loan you are eligible for is directly proportional to your disposable income and inversely related to your EMIs on existing debt. So try to get rid of your existing debts. Home loan is usually allowed 75% to 90% of the property’s value.  The rest is to be paid as down payment. So keep your down payment ready for the quick approval of your application. Prepare the list of the documents required and keep them rea
Read more

What is a work order in a home loan?

Image
A work order is an order placed by an individual claiming the purchase of specific goods or particular services. While dealing with property, a promoter or developer may make you sign a work order which would mean that you are going to bear the cost of furnishing and fittings. From the aspect of real estate, a work order signifies the purchase of goods such as floor tiles, windows, bathroom fittings as well as the service to fit them into the property. A property dealer makes an individual sign the work order ensuring that he bears all the cost. When one signs the work order, the stamp duty and the tax levied on the property increase and as a result the value of the property increases. When one opts for a home loan , he needs to borrow a greater amount as the property value rises. In the case of a home loan, one must be very particular about documentation. Thus, when one finalizes the deal of property with the dealer, one should be aware of the difference in the work order an
Read more