Lots of people in India avail home loans as they can’t
arrange the money required for making a house of their own. They are forced to
turn to home loans. There are lots of obstacles that you have to face while
availing a home loan. Sometimes, your application for the home loan gets
rejected. It could be for any of the reasons listed below.
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9 Reasons Why Your
Home Loan Gets Rejected
1. Unpaid Dues
The bank checks your Credit
Information Report (CIR), when you apply for a home loan. Banks look
at timely payments of dues and EMIs on any other loan availed. Timely payments
of past loan dues may help you get the home loan sanctioned.
2. You have other loans to repay
If you have availed other loans like a car loan or a
personal loan, banks believe this will affect your repayment ability. Chances
are you could default on the home loan. Banks prefer
to err on the side of caution and will not sanction your home loan.
3. Your Address is on the Defaulter List
If you have moved to an address which was previously
rented out to a person who had not paid his loan dues on time, you could be in
some trouble. If the previous tenant or owner had given the same address
in the bank records, the address could be listed in the database of defaulters.
Banks might refuse to sanction your home loan.
SEE ALSO: Tips
to apply for a home loan after 45
Read More | 9 Reasons Why Your Home Loan Gets Rejected
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Really!! Nice explanation. Financial advisory company
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