Monday, June 21, 2021

Home Loan Rejection

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Property investment is one of the good investment anyone can make. Buying a home can act as an investment this might take time even years to build. Recent prices are being very high, houses are not something that can be bought lumpsum amount so customers can go for a loan from NBFCs or banks.

Digital technology and online platform make applying for a home loan have become easy. But getting your home loan approved is not an easy task. Home loans are an investment that happens for the long term and a huge amount is invested in an individual.

Due to the penalties issues, the banks have strict rules for screening policies to make sure they are providing loans to the right person.

Reasons behind Home Loan Rejection

  • Your Home loan can be rejected due to the following reasons.
  • Low credit score.
  • Unstable employment.
  • Insufficient income.
  • Working in a delisted private company.
  • Not falling into the age limit.
  • Living in an address that is already mentioned in the defaulter list.

Late payment on your credit report

A credit report contains the complete history of your loans or credit cards used by you, how regular you were in paying your credit dues, late payments, etc. If any user has the terms “settled” or “written off” for any credit account, your loan application will be rejected.

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