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How To Avoid A Home Loan Rejection Letter?

By Author: Aishwarya Mahurkar
Total Articles: 291

Real estate has become a huge source of investment over that past several years. The constant increasing prices make it difficult for a potential homeowner to afford to purchase a dream home. In such cases, they turn to housing finance companies for home loans. Over the years, the process of obtaining a home loan has been simplified but one still does stand a chance of receiving a rejection letter. This article provides you with tips. Use them to your advantage to avoid rejection and get the best home loan in India.

• Creditscore: Credit score is a most important factor for a lender while going through a housing loan application. It reflects the applicant’s behavior towards financial transactions. It also showcases the extent of loans, credit card expenditure and the ongoing liabilities. These factors dictate the assessment. One must strive to maintain a healthy credit score. Avoid taking on too many unsecured loans. Pay all your dues on time.

• Personal details: A housing loan application contains all their personal details as well. Any differences in the application and credit information may make lead to rejection. Any changes in information must be reported to the lender immediately. Then, your financial information will remain up-to-date. For example; employment details

• Multiple housing loan applications: Some applicants apply for a home loan in multiple lenders in hope that one of them might sanction it. The risk in this is that if a single housing finance company rejects it, it is reflected in your credit report. It may lead to other HFCs rejecting your application too. Therefore, you must apply for a house loan, where you can meet the eligibility criteria and receive an offer letter. In these cases, you can accept the standing offer or decline if the rate of interest or EMI is too high. Then, apply to another lender, if required.

• New or unstable job: The repayment of the sanctioned house loan is of the utmost priority for any lender. So, new or unstable employees make a lender question their ability to repay house loan EMI regularly. So if you are considering applying for a housing finance in the near future, it is a good idea to avoid switching jobs anytime soon. Stability is one of the number one things a bank looks for in a housing finance applicant.

Housing finance in India operates to support responsible borrowers. Each of the above factors can be altered or repaired to meet the eligibility criteria successfully. You can undertake necessary changes and receive the decent home loan offer in India. Follow-up your dream to own a home with a responsible borrower behavior and the rest will fall in place soon enough.

Author Bio :

Aishwarya Mahurkar is an experienced writer concerning the finance industry. Her articles help in informing her readers of the best Home loan in India and the Housing Finance in India.

Total Views: 96Word Count: 480See All articles From Author

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