Often people are aware of their salary and loan ratio, but there are many other factors from which your home loan application can be rejected.
Home Loan: Those applying for a home loan are generally aware that if their salary is low or the property to be purchased is disputed, then their loan application may get rejected. However, there are many other reasons as well which may cause problems in getting a home loan. Here we are going to tell you about some such important factories.
Insufficient work experience
Many times people start thinking about buying a house soon after getting their first job. However, most banks ask for a work experience of at least three years to take a home loan. Even if you have been working in any one company for two years, banks can also give you a loan. Even if you have a professional degree and you have at least two years of work experience, some banks can give you a loan. In such a situation, do not give a token amount to buy a house in a hurry. Banks see if you are stable in your job or not.
Poor educational qualification
This is especially important when you are a salaried individual. Although, no professional degree or graduation gives you a guarantee of employment, but most banks avoid giving loans at less than a graduate degree. Banks consider graduation or professional degree as a good reason to get a job. Even if someone leaves a job, even if he has a good degree, he is expected to get a job soon.
Number of Dependants
If more than three people in your house are financially dependent on you, then banks do not see you as a good customer. More responsibilities, because you have to spend more money.
More Co-Applicants
Many times people want to take a bigger house and want to live in it with their family. But, even though banks want you to live happily as a family, it is not good for banks to apply many co-bourors for the home. If you are applying for a home loan with your parents, siblings etc. then it becomes a bit difficult according to the bank. Banks feel that there may be disputes later due to being more co-applicant.
Failing to repay other loans
When you apply for a home loan, make sure that you are repaying all your other loans on time. Do not let such situations arise in which your EMI has bounced or you have not been able to pay the installment. If you have a credit card, then pay your entire outstanding balance before the scheduled time. If you pay by check, then make sure that your checks are not bounced.
