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Things To Remember Before You Forward Home Loan Application

Things To Remember Before You Forward Home Loan Application

The sum of your loan amount decides the size of your house; similarly, loan application rejection can shatter your dream of buying a new home. Approval is the most important part while processing the home loan application; a simple mistake can ruin your future if you were not vigilant in your past.

So it’s better if you read the loan instructions first and later process the application. If your credit score is damaged due to missing EMI’s of a credit card, you still have time to recover and build a good credit score. Read below list carefully for more information:

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Have you paid your all dues?

Your past is going to haunt you in future if you have unpaid dues on the credit card or any other financial liabilities are yet to be paid. Before you process the home loan application, check your CIBIL score, if it is too low, your home loan application may get rejected. Take some time to improve your score.

Is your area is in defaulter list?

Sometimes bank or other financial institution circled the grey area which is considered as default place. Usually, it happens due to multiple home loan rejections from that area where residents have not paid the due amount. Even if you are living in a rent and earlier someone has defaulted the home loan application, you might miss the chance of getting a home loan.

Are you regular income tax payer?

You must have clear past records of filling tax before you process the application. If you have not submitted form 16 from your employer, you have to fill the application own your own. Keep clear track of income tax for past two years.

Do you already have other financial debts?

If you have to pay other financial debts and you are applying for a fresh home loan, it may hinder your home loan application. You can’t get the home loan beyond your credit limit. If already one application is in your head, the bank may decline your application.

How good your credit score?

If you have paid all your dues in a timely manner in the past and you have not missed any bills and EMI’s, then your credit score would have been good to process the loan application.

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