Home Loan In Jaipur | BankGurus.in

1. WHAT ARE REASONS FOR YOUR HOME LOAN REJECTION? Posted Date : 2021-12-23 12:19:48 Buying a new home or building a new one needs a lot of funds and taking a Home Loan is another crucial decision. A lot of research, decision-making, documents is needed for a home loan. There were times when you need to do a lot of formalities and paperwork. Being ready with all papers and documents is not enough there might be several other factors that your loan application is being rejected that might be: Unpaid Dues: The foremost thing that is involved for approval is credit history and record. Your timely payment, dues, and EMIs of other loans are assessed in credit history. The

2. supreme way to get is to make sure you pay all your payments timely and are not missing any deadlines for EMIs and credit card dues. Credit score: If you have a high credit score then it will work positively for you, and if your negative credit score then it works against your favor. You must ensure you have a good credit score as it is recorded by CIBIL (Credit Reports Risk Management Solutions). Age Factor Your home loan application is rejected if you are near to retirement. Usually, lender hesitates to offer loans to such borrowers as it shows your repayment ability will become poor to zero after retirement. However, in such cases, you can go for short-term loans but ensure you are not taking a high amount loan because it will make you pay high EMIs. Job Stability Banks consider applicants stability in a particular job, if you are switching your job every then and now then banks can reject your application for a home loan. Banks insist that the applicant must be employed in a particular firm or company for at least 3 years. Job Stability is one of the main criteria considered by banks while processing applications for a home loan. Related Posts:- Car Loan Related Myths Suitable property as Security

3. Sometimes lenders do not accept all types of residential properties as security against loans. Properties that have demand in the market, resale value, condition, and are easy to sell are preferred by lenders. Also, ensure that your property is not too old and built by a trusted builder. Income Tax return filing Make sure you are filing tax returns every financial year. Lenders and banks must check your clear track record of filing income tax returns for the last two years, before approving your home loan in jaipur. No NOC on the previous loan You must be very sure that your records are clear, it is imperative to get a No Objection certificate on your old closed loan. Banks or Lenders generally reject your loan if you don’t provide a NOC of your previous loan that has been closed. In Case you are a Fresher Generally, lenders or banks prefer applicants with a stable job with at least a year in the same company. As banks assess the capacity of the borrower before lending in the money. Also, if you have a history of switching jobs frequently then it could also be the reason for your application rejection. Previously Rejected Loan Applications Your previous application if rejected is in records of CIBIL, these incidents become a part of your credit record. Therefore, know your previous mistakes and ensure before applying everything, make sure to not repeat any errors again.

4. If you are searching for a hassle-free home loan then bankgurus are experts at providing different types of loans without any hassle. Avail of the loan with negligible documentation and almost no processing fee. Contact us Today! For more information follow us on Instagram and Facebook. Read Full Post Here:- https://bankgurus.in/blogs/what-are-reasons-for-your-home-loan-rejection