MAY 2016

How to Get Home Loan Even After First Rejection?

Buying a home involves a lot of meticulous planning. As we will definitely not be in a position to buy a home with ready cash, home loan is our obvious choice. In most of the cases, the banks do sanction the amount that one has applied for. But there are numerous cases wherein the bank may reject the home loan application. The reasons for rejection could be umpteen. However, as the need for lump sum amount is grave, the applicant would look into ways and means that could get him the loan after first rejection from the bank.

Here are ways in which one could overcome the first rejection of a home loan:

  • If bad credit score is one of the reasons, one could try to upgrade the credit score. This could be accomplished by settling any dues that are long pending or ongoing.
  • Sometimes you may end up having a bad credit history owing to some reasons. As an applicant, you can work on settling any bad credit history and reapply for the loan.
  • In a few cases, adding a co-applicant would definitely improve the scope of loan approval. The financial eligibility can be improved by closing an ongoing loan too.

 

Financial lending institutions generally look in for parties that are able to make a consistent repayment of the loan amount without any cheque bounces. It would therefore be helpful to get a CIBIL report which is an indicator of credit-worthiness of the loan applicant. This would help the lending institutions assess the ability of the applicant to repay the amount that he is seeking.

Additionally, it also pays off to apply the loan for a property that is pre-approved by the financial lending institution. Avoiding cheque bounces during any kind of financial transactions and maintaining healthy CIBIL rating makes the candidate more eligible for easy approval of the loan.

Let 19Paisa help you out for any query you might have for home loan. 

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