When a person approaches a lender for borrowing a home loan, it is necessary for him to make sure if he is eligible for borrowing or not, this precaution must be observed by the applicant in order to ensure that his loan application does not get rejected, there are several factors that the lender would consider before sanctioning the loan and the applicant does not satisfies any of the guidelines then this could lead to the rejection of the home loan scheme.
At the time of application, an applicant is required to pay processing charge and which is non-refundable, so in case the loan application gets rejected then he will have to face double blow; along with the rejection of his loan application he will also end up loosing a handful amount of money that he had paid as processing charges, which is generally around 1% of the loan amount applied for.
So, a borrower must evaluate himself if he does not want his loan application to get rejected, there are several factors that can lead to the rejection. A person can start by checking his credit record as it is the most important factor that the lenders consider when a person applies for a loan, they do it in order to get an insight of his financial status basically through the credit record they try to get an idea whether the applicant would be able to repay the loan on time or not.
Apart from credit score there is a thing known as ‘Loan Eligibility’, it is the maximum amount of loan that a person can borrow, and it is determined by subtracting the total expenses form the total fund inflow for the borrower. A lender generally considers around 40-45% of the amount that the applicant can use to repay his loan and accordingly the lenders calculate the maximum amount that can be lent.
There are several other factors like the number of dependent on the applicant, the more the number of dependents the lower the loan amount that can be sanctioned to the applicant as with each dependent his repayment capacity falls.
1 comment:
From past years i had problems regarding paying off debts and taxes and also regarding credit cards so through my network i came across this company called Credit Sudhaar which deals with credit health improvement for the customers, so there by i contact them and shared what problem did i have and discussed with them, they helped me out respectfully and solved all my problems that i was facing. I was completely impressed with their feedback.
You can contact them on : 02267886788 or on their website www.creditsudhaar.com
Post a Comment