Making a plan before any kind of borrowing is a great way to avoid rejection or any mistake. A home loan is one of a kind loan where parents make an investment for their children to live a better life but knowing the process is also important when you are applying. The home loan does not have much of a requirement to make you eligible for the loan but those are the key requirements which will decide your loan application is approved or rejected. One of the methods is to use the basic Home Loan EMI Calculator which will give an idea about your loan amount which you will mention in the loan.
Three mistakes to take care of that can reject your home loan application
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No approval
If the demanding house or property or both are not approved by the government official then you will get the rejection for your home loan application. The builder should be approved by the official first because he is the allotter of the property and even if the builder is approved but not the property then you can still get the rejection on your application.
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Not Enough Income Source
If you are lacking with your income sources and having not good employment then you may get rejection. If your employment status is not stable then it will be like a doubt for the lender that you may not be able to pay EMIs at regular intervals. The minimum requirement of income/salary is Rs.25000 and your income will decide how much amount you can apply for.
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Credit History
If your CIBIL score is not matching with the lender’s eligibility criteria then you will get rejection too. A credit score plays a trusting role for the lender, which represents that credit payment of the particular is good enough to receive more services from the bank.
Banks demand to have at least 650 CIBIL which can vary from lender to lender but having at least 750 or more will make you eligible and less debt to pay in EMI. If you want to avail of high quality and easy servicing loan then you can approach DHFL Home Loan.
There are many mistakes people make even after approval but the important part is rectifying them. The responsibility is not just to get approval, you can get the approval with the help of others in the form of co-applicant but debt payments are the only decider here whether the bank will take strict action or not. Choosing a well-reputed and well-spread branch of the bank is the clear direction to avail loan from them this the reason government sector employees the reputed lenders more than the new one.
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