What to do to avoid home loan rejection by Repco Home Finance Ltd

   2020-09-13       34        Finance
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Buying a home is a dream for everyone. The ache of owning a home, lives with every one of us.

Buying a home is a dream for everyone. The ache of owning a home, lives with every one of us. The sooner you buy, the pressure on other commitments eases. Go for a home loan when you are young before other commitments squeezes your cash in hand or impact your credit scores. While they do put in a small margin of investment as downpayment and eighty to eighty five percent of the cost of a home or apartment is financed by loan providers.

With less down payment and a major part being financed, a home loan application rejection means doom to your dreams. There are two aspects of this whole process:

a). The said house or apartment is mortgaged with the loan provider until the EMIs are paid

b). The bank has to be convinced that the borrower has sufficient income level to repay all the EMIs

Now let us look at what are the major reasons why the home loan application gets rejected.

Low credit score:

Most of the home loan borrowers are unaware about the fact that a lower credit score means rejection of their home loan application. Generally, a decent credit score of 750 is a must for home loan approvals. There are various sites where a loan borrower can check the CREDIT score online. There are multiple reasons for a low CREDIT score: too many loans, EMI defaults or delayed credit card payments.

Plan to improve your credit score. Many times, it happens so that you have repaid the loans and the bank has not updated. So, check the complete transaction details and look for any details that are not updated. Try to ensure that the CREDIT score is between 750 to 800, so that the chances of the home loan application being rejected is reduced.

Low income:

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Repco Home Finance Ltd

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Repco Home Finance Ltd

Repco Home Finance Ltd (RHFL) is a professionally managed housing finance company head quartered in Chennai, Tamil Nadu. We were incorporated in April 2000. We are registered as a housing finance co..


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