It can be quite irritating if things don’t go the way you want them to, when you finally work towards buying an apartment. The sessions spent trying to decide on the perfect location for your apartment, the countless options that you filtered through and the many sleepless nights can all come crashing down when your application for a home loan gets rejected.
The Latest Banking Scene
All leading banks have now starting rejecting home loan applications, mainly because the situation has recently changed. Earlier, the competition among banks was high and in a spree to dish out the maximum number of loans, all banks used to sell teaser loans in an aggressive manner. But the guidelines have been made stricter and the screws have tightened in the process, and if your application doesn’t satisfy all the necessary criteria, it may get rejected.
Keep Your Credit Cards In Check!
The Reason Behind Loan Rejection
To make sure that your application doesn’t get rejected, you should know all the norms involved in the process that can stop the scales from tilting in your favor. There are three phases of approval involved when it comes to home loans, and these are:
- Personal Profile Verification – You should take care when you fill up your personal profile, because any incorrect information entered in this section can bring down your chances of getting a bank loan for buying your apartment in Hyderabad. Banks will generally verify every detail mentioned, so ensure that you fill in the correct details when it comes to your age, the total number of dependents and your financial stability. You may have to show around five or six of your pay slips to get approved and clear this particular section.
- Credit History Verification – Your credit history will also be verified when you apply for a home loan for buying an apartment in Hyderabad. Ensure that you pay all your bills in a correct manner, without lagging behind in any payments. A credit card balance that is huge doesn’t help either. Make sure that you don’t have other outstanding debts like vehicle loans or other personal loans, as these may be cited as reasons for your application’s rejection.
- Property Verification – Choose the right builder so that you don’t face any problems when it comes to verifying your property. The builder should have all the necessary documents and the required number of approvals for this phase to clear smoothly. If the documents are not in order or if there’s a problem with the title or layout, your home loan application will be rejected.
When you apply for a home loan for buying an apartment in Hyderabad, ensure that your salary meets the minimum requirements. Clear all your other loans on time without any delay, and do not have any records of outstanding debts when you submit your application. You can also take some time off and step in and out of many banks to get an idea on the many types of loans provided, and you can go with the bank that best fulfills your essential preferences.
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This article aims at collating and providing information for benefit of ApnaComplex customers and blog readers. While ApnaComplex has taken every care to ensure the information is accurate, we suggest to please use it only as a guidance for further discussion and action with help of relevant professionals. If you need professional advise on this topic and any other property related matters, please send your request through our contact us form. You may post your questions/inputs in the Comments section below and we will try and get them answered through relevant subject matter experts.