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Can I Get A Home Loan After A Bankruptcy?

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More often than not, the terms home loan and bankruptcy do not go well together. Many people think that once they go bankrupt, all doors of getting a home of their own are closed to them. There is a lot of misinformation regarding eligibility for home loan after bankruptcy. But if someone has gone through bankruptcy, they must know that while you may have to wait for a while to get your own home, it may still be possible for you to get a home loan.

One of the most important fact to be kept in mind here is that a person who has gone bankrupt has to wait for a minimum of two years from discharging of debts to apply for a home loan again. There are some lenders who go as high as four years for wait period. Buying a home loan is a great morale boosting activity for people who have gone through bankruptcy and hence they look out for home loan consultants in Delhi- ncr.

Unfortunately, there is no way but to slow down. Buying a home should be a goal that you work towards rather than concentrate soon after bankruptcy. The focus should rather be on getting your finances and credit score sorted. The remaining debts should be paid off and efforts should be made to improve the credit score.

It may not be easy to focus on other things when you are desperate to buy a home again. But getting your credit back on track and maintaining the same will only help you overcome the bankruptcy in a better way. it is also important that you ensure a discharge of all related accounts. The bankruptcy stays on your credit report for seven to ten years while it will stop having a significant effect after two years.

Another way to offset credit risks is to build a combination of cash reserves and a high income. The lesser is your debt to income ratio, the better will be your score with lender. The amount of loan procured also has a great influence. It is also important to remember that not all lender will treat people with bankruptcy the same way. INRCredit is one leading brand name when it comes to lending money post-bankruptcy. We also provide deals on home loan in Uttam Nagar.

For more information regarding loan after bankruptcy you can visit our website or personally get in touch with our team. We also offer a range of reliable home loan calculators like calculator for maximum loan for salaried people to make it easy for you to check your eligibility so that you can plan your dream home better.

Source: https://inrcredit.quora.com/Can-I-Get-a-Home-Loan-After-a-Bankruptcy

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