Follow these Steps to Avoid Home Loan Application Rejection - Loan Trivia

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Tuesday, 27 April 2021

Follow these Steps to Avoid Home Loan Application Rejection

 A home is where the heart is! It is more than an address you can call your own. It is the wish of everyone to have their own home. But not all have the affordability to do that. 

But with home loans available, it has become a possibility to buy or build a new home. 

Many people apply for it and yet face rejections. 

Read on to avoid rejections when you go for a home loan online applying in this short post!

  1. Maintain a higher CIBIL score 

Your CIBIL score is the mirror of your creditworthiness. It showcases to your lender if you can repay your home loan EMIs on time or not. Hence, you should ensure having a higher credit score. You can do that by paying your loan and other EMIs on time. If your credit score is 750+, it can help you avoid home loan rejections.

It can also help you enjoy lower home loan rates leading to reduced EMIs. Do you want to know how much EMI you need to pay for home loans per month? You can do that using the home loan EMI calculator on a lender’s platform for free. 

  1. Know an amount that you are eligible for

Many people apply for an amount that their income can’t support and face rejections. Hence, it is vital to apply for an amount that your income can support. To do that, you should check out your eligibility for a precise loan amount. You can do that using the home loan eligibility calculator

  1. Don’t hop jobs

Salaried individuals should avoid switching jobs when they have a home loan to apply for. It is because lenders consider such applicants high risk. It is vital to maintain a job continuity of at least 3 years while applying for housing finance. You should also have a business vintage of 5 years if you are a self-employed applicant.  

If you are able to consider these factors, your home loan application may not be rejected. 

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