Before your home loan application is approved there are some steps to be followed. Nearly all of the home loan lenders who operate in India follow the same steps, so it is a good idea to educate you about them so that the approval of your home loan can proceed quickly.
Reasons for Rejection of Home Loan application
Reasons for a loan application to be rejected may be: –
- You have a bad credit history.
- The property you want to buy is in blacklisted area.
- Your current income is insufficient to be able to make the loan repayments.
- You already have too many loans and your debt level is too high.
- If you have filed for bankruptcy before, then you may not be approved.
Time taken for Home Loan Approval
You will find that in India approval of a home loan can take a few days. In some rare cases you may even be able to get instant home loan approval. Actually, the time that it takes to get approval will depend on how complete the information that you provide is and whether or not that information places you in a high or low risk category. Generally, the lender will put the money into your loan account within a day or two after your home loan is approved and signed.