Your home loan may get rejected due to these small reasons
If you also want to buy a new home, then home loan can prove to be very helpful for you.
You need to do a lot of research before applying for a home loan.
Even a slight difference in interest rates can cost lakhs of rupees in a long-term home loan.
Many a times your home loan gets rejected due to some reasons.
Before getting ready to take a home loan, you also need to know the reasons why your home loan may get rejected.
When you apply for a home loan, the lending bank or NBFC first checks your credit history.
If you have delayed / defaulted in paying monthly installments or bills of credit card, car loan or personal loan etc. then your credit history may get spoiled.
Because of this, banks can refuse to give you a home loan.
In some cases, if the person residing at your address has defaulted on a loan, the bank puts that house number in the defaulter list.
Even if the person who did not pay the bank loan is not related to you, your home loan can be rejected because of your stay at that address.
Changing jobs too frequently can also become the reason for rejection of home loan application.
In such a situation, the bank giving the loan believes that you can stand on the verge of unemployment due to this habit of yours.
If you are nearing retirement age, your home loan application may be rejected by the bank.
Home loan can be rejected even if you have a bad credit score. Generally a credit score above 700 is considered good.
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