Home Loan Tips: If your home loan is rejected, don't panic, do this immediately..

Buying a house is every person's dream, but applying for the home loan required for this is a big step. However, many times the home loan application gets rejected, leaving the applicants confused about what the next step should be. In such a situation, let us know what things you can keep in mind to get your home loan approved.

At what rate is a home loan available?

Till March 2025, home loan interest rates in India remain competitive. Some public sector banks are offering home loans at an annual interest rate of 8.1% to 8.15%, while private banks like HDFC and ICICI are providing loans at an interest rate of 8.75%. In such a situation, all the necessary criteria must be met before applying for a loan so that rejection can be avoided.

Having a low credit score
If your credit score is low, banks consider you a risky borrower and avoid giving loans. Check your credit score from time to time and correct any kind of mistake in it.

Lack of approved property or builder
All banks keep a list ready in which they include approved builders and properties. If the property you have chosen is not on this list, then the loan may be rejected. In such a situation, either talk to your builder and ask him to include your name in that bank or talk to the builder and go to the concerned bank and apply.

Lack of stable income
Banks give preference to only those applicants who have a stable job history. Frequent job changes or unstable income sources may result in the rejection of the application. Therefore, keep a stable income with you.

Keep complete documents with you.
If you have given the wrong information or the necessary documents are not complete, then the application may be rejected. Therefore, whenever you go to apply, keep complete documents with you. Not only this, if the valuation of the property by the bank is less than the loan sought by you, then the loan amount may be less or the application may also be rejected. Therefore, do not give the details of the wrong valuation to the bank.

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