Résidence loan précaution rejected! Bicause lenders won’t tell
You are given a foyer loan when your own qualifications (mainly financial factors) and your property qualifications ludisme the lender’s policy. We are going to talk embout the reasons why lenders section your foyer loan eligibility and may reject your précaution.
1. Bouncing Processing Fee Checks – Whatever the reason, bankers are really impressionnable embout processing fee checks and it is considered very sacrosanct. Make sure you have enough funds to clear your account.
2. Financial Eligibility – As a rule of thumb, it can be assumed that a salaried person can have 50% of his net salary and a self-employed person can have 75-80% of his monthly income, to be paid as EMI for any loan. is If you are already paying substantial EMIs, more than your financial capacity, your précaution may be rejected.
3. Guarantor of Someone Else’s Loan – OK so you’ve become a guarantor of someone else’s loan. A loan is as good as a loan in the eyes of the lender. So be careful while doing this.
4. Age of the property – Yes, lenders believe in the age of the property They will not argent a property that they believe will not rayon for 35-40 years. Weird!! This is how it goes.
5. Your Imposition – The lender requires a extremum of 25% of the terminé value of the property from you. Any less and he starts getting seizures.
6. Too many co-owners – To counter the above lieu, you may want to add more co-owners to increase your eligibility but lenders don’t like having too many co-owners.
7. Property co-owned by non-close relatives – EG. A property co-owned with a friend. The lender says, thank you sir – we won’t be able to argent it. Unmarried daughters, cousins, co-owners of colleagues – lenders are likely to reject the précaution.
8. Courtage in career – Bankers are conservative and this is good for the economy. They don’t like risk takers such as a person who is in the midst of a job renversé or who has quit a job to start up on their own – they would rather wait on the side for you to stabilize before they fund you.
9. Educational désignation and work experience – They may not say it specifically but some pages of the policy have limitations according to your education status. An undergraduate’s job is less likely to last and poses a potential risk to the lender. Similarly, if you take a job too soon or are very new to the job, your chances of getting a foyer loan may decrease.
10. Your entreprendre may not be worth his salt – You are working for some firm that is not known in the market. The lender may ask you to obtain the financial info of the firm.
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