Home Loans: Why Your Application Might Be Rejected

By BankBazaar | October 14, 2015

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A roof over one’s head is a basic necessity and the biggest priority in anyone’s life. Also buying a house is usually a one-time affair for most. So, what do we do? We try to ensure that the very process of acquiring the house is done with patience. The journey between deciding to buy a house and actually moving in is a long and tedious one. Planning and research is key. Sometimes we look at the big picture and lose track of the trivial details. A rejection by the bank is probably one’s biggest fear. While you may factor in the ‘biggies’ like Credit Score and Monthly Income before you apply, here are some ‘unusual’ reasons for your Home Loan application getting rejected:

Hello? Are You There?
So you’ve submitted your application and very carefully filled out that blank where it asks for your contact number. You write it very carefully and check twice or thrice to make sure it’s correct. You feel you’ve done the needful and breathe easy. The deal is that you haven’t quite seen it through. After providing the number, you also need to be available at the end of the line to take the call. You’ve provided your landline number but not available when the verification team calls. They call a few times and still don’t get an answer. This could spell trouble for you. The solution – give your mobile number as well. Simple enough, no?

New Job? Congratulations! Whoa, wait.
You go for that interview. Round after round, you answer questions and make sure not to lose your cool. After all, you’ve only wanted to work for that company forever. Then, that fateful call comes through, “Congratulations and welcome to the company”. You’re elated and grinning from ear to ear. However, the big pay-check and the fancy new designation that comes with your new job might not quite appear attractive to your bank. One year minimum at your current job makes your lender a little more comfortable about loaning you such a huge amount of money.

Hello Sir, Your Phone Bill Payment Is Pending.
Something as ‘minor’ as an unpaid telephone bill might hamper your chances of getting your dream-home. It’s not even a big amount so how could it possibly affect your Home Loan application? The fact of the matter is that it does. Think of your Credit Score as an egg balanced on a spoon which you’re holding between your teeth while walking. Easy to falter, no?

Signature Move?
While applying for a Home Loan, you would have to fill out lengthy forms which require a lot of signatures. You should sign in the same manner and also attach the documents which carry your identical signature.The signature on the form and copies of documents should also match with your signature registered with your banks. Any abnormality could work against your application.

Good to know information, right? We’re certain this will help you. If you’re prepared, do check out our Offers on Home Loans.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.

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