Hey pal,
Getting a home loan is one of the critical steps in purchasing a property. Once, you collect your documents, research the interest rate and read the terms and conditions set by the lender. You want your loan application to be approved, sometimes that doesn't happen and you face loan rejection reasons.
Apply for home loan with NoBroker to get best deals and fast loan disbursal Why home loans are rejected?Banks and financial institutions have their eligibility criteria for availing of a home loan. There are many possible reasons for rejection of home loan faced by an applicant. I will mention the most common ones.
If you are exploring home loan options and looking for best deals, check out NoBroker Home Loan services
BAD CREDIT SCORE Your CIBIL score shows your track record of repayment and total creditworthiness. If you have abad credit score, lenders will question your ability to pay back the loan amount.
ERROR IN CREDIT REPORT
If there are any errors found in your credit report, despite having a decent credit score. Your application will be rejected. You should get all the roots rectified as soon as you spot them.
LOANS GUARANTEED BY YOU If you are a guarantor in a loan taken by your friends or family, it will impact your credit score if they don't pay on time.DEBT
Another home credit loan rejection criteria is prevailing debt. If you have high debt due to numerous loans and high-interest loans.
DOCUMENTATION If the documents that you are submitting for the loan are incomplete or lack originality. The lender will not accept your application. AGE: Most banks have a minimum and maximum age that the applicant must fall between. I think this is one of HDFC home loan rejection criteria and ICICI home loan criteria amongst other banks.This is all from my end on Loan rejection reasons.
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Authors Of The Question
What are reasons for rejection of home loan ?
Urvashi
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2 Year
2022-06-20T20:13:20+00:00 2022-06-20T20:13:22+00:00Comment
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