Tips to Avoid Rejection on your Home Loan Application - Loan Trivia


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Monday 16 August 2021

Tips to Avoid Rejection on your Home Loan Application

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Many people apply for a housing loan, but applications of only a few of them are approved. It is why they fail to consider a few aspects that enhance their approval chances. 

On that note, let’s check out quick tips to help you avoid housing loan rejections. Read on!

  1. Maintain a healthy CIBIL score 

One of the key things that many people do not check and apply for a home loan is their credit score. A higher CIBIL score shows that you can make timely repayments. In turn, lenders consider such applicants safe. Hence, you should maintain a credit score of 750 or more for a swift home loan in India approval. It boosts your home loan eligibility greatly. 

  1. Know an amount that your income can support 

Many people apply for a housing loan amount that their income can’t support and face rejections. Thus, it becomes a must to know about your exact home loan eligible amount. You can do that using the online home loan eligibility calculator. This way, you can know an amount you will get and apply for a similar figure. It will help you avoid loan rejection. 

  1. Do not hop jobs 

When you are applying for a home loan, you should avoid switching jobs often. It means that you may not have a consistent income source to repay your home loan EMI. Hence, your home loan application may stand rejected. You should aim to maintain a stable job history of at least 3 years to improve your loan approval chances. 

  1. Do not apply for multiple loans at a time 

When you apply for a home loan with multiple lenders at a time, you will not be considered a safe bet. You should do that once with a lender at a time. If your application gets rejected, you should wait for 6 months before applying again. 

Considering these aspects can help you avoid home loan rejections easily.

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