How To Make Sure Your Home Loan Won't Be Rejected
by Finway FSC Empowering People FinanciallyIn today's growing world, a home is
a vital part of an individual's life, and as the world is improving and the
stakes are increasing too, it is becoming difficult for an individual to buy or
build a right, well-furnished house. Sometimes, it stays as a dream in the
shell forever. And to overcome this particular difficulty, people turn to banks
for loans. Banks play a crucial role in providing a home loan in Delhi and
everywhere at reasonable interest rates. Various banks offer various housing
loan interest rates from which an individual can choose a bank, which suits him
best.
CIBIL
Score
Credit Information Bureau of India
Ltd. (CIBIL) is a score (a good score for a home loan is 700) that maintains
records of a person who has previously taken a loan or used a credit card. To
check for housing loan eligibility, this is a crucial deciding factor. There
can be several reasons for a bad CIBIL score. Some of these include dues not
paid on time and no payment in EMI. To maintain a good CIBIL score, one should
ensure timely payment of dues and avoid taking unsecured loans.
If an applicant has received a loan
rejection letter from the bank previously, then he/she might not be able to
fulfill the eligibility the loan applicant requires. CIBIL keeps records of
every loan application. When the applicant applies for the loan, previous
papers from the database will be checked, and the rejection will show up in the
credit profile. It is highly advisable one should not keep applying for loans
without any reason. Even if you are taking a loan against property, the profile perfection is
applicable.
Eligibility
And Verification
For a particular applicant who is
applying for a home loan in Delhi, it is essential to verify his details. Do
the verification with the bank without any inconsistency. To be eligible, all
his given identities have to match with the credit report. In case of the
applicant changes there any detail, it has to be immediately informed to the
lender.
The eligibility criteria for a
housing loan in terms of age limit is a minimum of 22-23 years, and the maximum
is around 60 years for applicants. If an applicant is near retirement age, the
bank would be hesitant to provide the loan as they will have no repayment
capacity after a few years.
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Created on Dec 12th 2019 22:54. Viewed 259 times.