4 Reasons Why Your Home Loan Application Gets RejectedJanuary 27, 2018
Home loans have become the most favourable financing option for buying a house or constructing one. Applying for a home loan includes many formalities at each step till the disbursement of the loan amount. Applicants unaware of these formalities might face complications in getting their loans sanctioned and ultimately their applications get rejected.
Below listed are the top 4 reasons why home loan application gets rejected.
1. Unpaid dues
Accumulated credit card dues or missed deadlines of EMI payments can do serious harm to your loan application to the extent to get it rejected. So, it is always advised to keep track of your bills and repayments.
Pre-existing debts also play a part while considering your loan application. You real income will be calculated as the income minus the ongoing credit repayments and so if the bank finds that it will be difficult for you to repay for a new loan, your application will get rejected.
3. Being loan guarantor to a defaulter
If you have been a loan guarantor to a defaulter, there are high chances for your loan application to get rejected. Therefore, always think twice before agreeing to be the loan guarantor for someone who you think might not be able to repay the loan as you will be responsible to repay the loan on their behalf.
4. Unstable job
If you have been a frequent job hopper, it many reflect poorly on your loan application as banks insist on job stability to ensure timely repayments. Banks can also reserve their rights to provide loan to an employee of a reputed company whose future appears unstable.
Ladder Mankav Greens is the flagship offering of Ladder Kerala, one of the key players in contributing to Kozhikode’s real estate sector of premium flats and apartments in calicut. The project is designed to accommodate an impeccable urban lifestyle in the lap of luxury complemented with world class amenities and international standards.