April 5, 2018

Sreekanth B

Few Tips to Get a Home Loan Easily Without Rejection

A home loan is one of the best options, to arrange the funds needed for buying a home. Generally, it is easy to avail of a home loan, if the applicant has all the documents in place and has a good credit history. However, banks may still reject a home loan application.

Some important reasons for rejection are:
  • A bad credit score.
  • Bad credit history, which may include a loan settlement in the past that is reflected in the credit report.
  • The project is not approved by the bank.
  • The home loan application, is made for a project that falls in a restricted area.
Few Tips to get a Home Loan Easily:
  • Maintain a healthy CIBIL score for eligibility.
  • Reduce other obligations, to have enough money to repay a home loan.
  • Identify a pre-approved property by the lender.
  • Check your CIBIL report to clear any derogatory information, if any.
  • Avoid making too many inquiries for loans.
  • Maintain a clean banking record.

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