Tips to make sure that
your home loan is not rejected :
Buying your own home is a dream you could soon realize.
Availing a home loan is quite simple these days if you have a good salary and
all documents are in order.However you cannot take the sanctioning of your home loan for
granted and being aware of what could go wrong when availing your home loan is
a step in the right direction.
Remember a recent advertisement on TV where a big businessman
applies for a loan at a bank and an ordinary working class person also applies
for a loan at the same bank.
The businessman is made to wait by the bank officers while
the working class person is called by the bank officers, treated well and the
loan sanctioned.
The trick is
CIBIL
If you have availed of a loan/credit card in the past from your
bank or any bank a CIR (Credit Information Report) is created by the bank. This
shows your repayment record on the loan. (Whether you have made your repayments
in time)
Your credit information report is sent by the bank to CIBIL each
month and you are assigned a score (300-900).If your repayments are made on
time your score is over 700 and if not they are below this score.
Your credit
information report (CIR) is shared with all banks and they decide whether you
are eligible for a home loan.If you have delayed/defaulted your loan repayments in the
past with any bank your CIBIL score is much below 700 and your home loan
application is rejected.
Tip: Make all your
loan/credit card repayments in time with any bank so that your home loan
application is not rejected by banks in the future.This keeps your CIBIL
score over 700 and your home loan might be sanctioned easily by banks.
Your salary matters… :
Banks gauge your repayment ability based on your salary. How
much of your salary is left behind after making the repayments on the home
loan.The money left behind from your salary after paying for all
expenses savings and loan EMI’s is called the disposable income.
You need to have a high disposable income so that banks are
confident in your ability to repay your home loan.
Do you have any
existing loans….
If you have already availed a personal loan (or any other
loan) or borrow on your credit card then repay these loans (borrowed amounts)
before availing a home loan.
Banks believe that you cannot simultaneously pay back so many
loans and you would fall back/default on your home loan repayments.
Do you file your income
tax returns….
You need to file your income taxes regularly so that your
home loan is easily sanctioned by the bank. You need to file your income tax
returns for at least 2 years before applying to banks for the home loan.
Standing a guarantor
for your relatives…
If your relatives have availed a loan and you are their guarantor
then banks would hesitate to sanction your home loan.Banks believe that you are already burdened with the
debt/loans of your relatives.
How would you make the repayment of your home loans in time?
Follow these tips and rest assured your home loan sanctioning
would be much easier.
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