Applying for the home loan is a lengthy process but if you will follow some simple steps then you will find it easy to get the home loans india without much problem. Lets’ have a look on some of the vital problems which can be faced by borrower while applying for the home loan-
Rejection of the loan at the first stage
Rejection of the loan at the first stage
It is true that many times, home loan applications fail to pass even the first test as they are rejected by lenders. The reason of rejection could be age, income, submission of incomplete documents, etc. If you want to avoid such situation then it is necessary to carefully check the eligibility requirements of various lending banks and apply only to those lenders which can match with your profile. You should keep all documents ready and should be verified in order to ensure that they can sail through the initial verification stage.
Processing fee is not refunded by lenders
Processing fee is not refunded by lenders
When you will apply for the loan then lenders will charge processing fee which will not be refunded. It means, if the bank will reject your loan application then also it will not refund your processing fees. However, if the lender has stated that it will refund the processing fee in case it will not sanction the loan amount then it is recommended to get it in writing.
Desired home loan amount is not sanctioned
Desired home loan amount is not sanctioned
The home loan amount which will be sanctioned by the lender will depend on various factors. The bank will check the repayment capacity of the borrower by seeing its financial history. income, nature of employment, etc. All these factors when club together help in deciding that whether the desired loan amount will be sanctioned or nor.
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