Are you one of those unlucky Home Loan borrowers whose Housing Loan request is rejected by your lender? You are not alone as there are many House Loan probable whose loan application gets rejected despite them feeling confident.
So, what if your Housing Loan for advocates or doctors or anyone else is rejected? There is still hope for it to be approved if you follow some tried and tested steps!
Yes, let’s provide you some easy-to-follow tips that you can implement once your Home Loan application is turned down by your lenders. Here we go!
- Try to Dig into the Details
Usually, the letter of Home Loan rejected sent by a lender citing the reasons is a generic one. Thus, you should not let disappointment blur your thinking! Instead, you should make efforts to get into the core and exact reason for the Home Loan rejection. If the letter sent to you has no specific rejection reason mentioned, you can approach the loan officials and try to know the exact reason for the rejection. Knowing the exact reason is pivotal to help you prepare better when reapplying after a while.
- Reduce the Desired Home Loan Amount
One of the prime reasons for a lender rejecting your Housing Loan request is that your monthly income is not sufficient to support a desired loan amount. Thus, the best thing would be to use a Home Loan eligibility calculator to determine an exact loan amount that you can easily acquire. Once you are aware of the loan amount that will be approved, apply for it so that there are no rejection issues.
- Pay off Existing Debts
When lenders see that you are already paying so many EMIs per month, it assumes that you won’t feel comfortable adding one more EMI. Thus, they reject the Home Loan request in your interest. Thus, when you have a Housing Loan for advocates or anyone else to apply, ensure that you have cleared your entire debts. Simply put, having higher obligations on your head may not see a housing loan approval. Thus, you should lessen your obligation and work accordingly.
- Work on your Credit Score
Lenders see your CIBIL Score or Credit Score as the benchmark to assess your creditworthiness and if it’s not healthy, they may reject the Home Loan application. A Credit Score that is more than 750+ or more out of 900 is what is considered ideal. You can work on your Credit Score to improve it by paying off all existing debts on time such as existing loan EMIs, credit card outstanding and more.
- Adjust your Home Loan application
The loan amount, Home Loan interest rates, and tenor are the major factors considered when it comes to the approval of the House Loans. Also, your EMI gets computed as per these factors. For the EMI to work as per your income, you can either reduce the loan amount or increase the tenor of the loan. Thus, try out these alternatives to make your Home Loan application to work for you.
The Bottom Line
Be it a House Loan for advocates or anyone else; one needs to be careful while applying for a Housing Loan else it can be rejected. Now that the easy steps to take when your House Loan is denied is revealed – follow them and make it work for you. If you are looking for a Home Loan, you can apply it online and get quick approval! All the best!