Home loans are the perfect aid to buy a house or any property for that matter. But as more and more people are getting interested in owning a land under their name, banks are getting stricter with the loan approval process.\u00a0 Some crucial factors may lead to rejection of your application altogether and if not a complete no-no it may get approved for a lesser amount.<\/p>\n
So, before applying for a loan go through these factors and get your home loan approved smoothly.<\/p>\n
1. Physical condition and age of the property<\/strong><\/p>\n If the property you are eyeing to get a loan is not in good shape, there are chances of your loan application getting rejected. Also, if the bank valuer finds the property\u2019s physical structure weak, then no grants will be issued on the same by the bank. Note that here age of the building is not a factor it all depends on its physical condition.<\/p>\n \u00a02. Age of the applicant<\/strong><\/p>\n Banks are always more interested in approving those applications that come with a continuous surety of income flow. So, if you are nearing your retirement age getting an approval would be difficult, or you even have to settle for a little less amount then you applied.<\/p>\n \u00a03. Credit History<\/strong><\/p>\n Before approving a loan to any applicant banks always does thorough credit history check. So, if you are not regular in depositing EMI\u2019s or payment of your credit card dues your credit history is surely getting spoiled.<\/p>\n 4. Nature of source of income<\/strong><\/p>\n Banks are always interested in applications that are backed up with a strong and promising job that ensures a continuous flow of salary.\u00a0 So, if your salary is volatile and is sourced from jobs like cooking, tuition, etc lender may not show that much confidence in your application. On the other hand, presence of concrete investments like fixed deposits, share or mutual funds will prove favourable.<\/p>\n \u00a05. Income Tax Return<\/strong><\/p>\n There is a difference between fake and genuine income tax return and believe us the fake ones get detected by bank personnel easily. So, if you have filed income tax returns within a short period or more than once in a year it may give an impression of you trying to make up things to avail a loan. On the other hand, tax deductions and advance tax payments are better representers of your genuine.<\/p>\n \u00a06. Previous Loans<\/strong><\/p>\n If you already have a loan under your name for which you are still paying EMIs, then there is a strong chance of your application getting rejected or reduction in the eligible loan amount.<\/p>\n <\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":"Home loans are the perfect aid to buy a house or any property for that matter. But as…","protected":false},"author":1,"featured_media":787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_display_header_overlay":false,"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"csco_post_video_bg_volume":false,"footnotes":""},"categories":[14,1,3,65],"tags":[],"class_list":{"0":"post-786","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-apartment-living","8":"category-property-investment","9":"category-real-estate","10":"category-tips-and-tricks","11":"cs-entry","12":"cs-video-wrap"},"yoast_head":"\n