10 reasons why your home loan application may be rejected

No. 1 If your CIBIL score is poor or less than 700 then your home loan application may get rejected.

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No. 2 If your monthly income is low and the bank feels that you are unable to pay the EMI, then in this situation your loan may get rejected.

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No. 3 Incorrect submission of documents as prescribed by the bank, or non-availability of documents may result in the rejection of your home loan application.

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No. 4 If you have additional loan going on like - car loan, personal loan, credit card bill, then the loan will get rejected due to less monthly income.

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No. 5 If you are nearing retirement age, then the bank will not issue you a home loan.

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No. 6 The bank checks your ITR for the last two years and if you do not fill the ITR then your home loan will be rejected.

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No. 7 If you apply for loans repeatedly; So the bank does not consider it good, in such a situation your CIBIL score gets bad and the loan gets rejected.

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No. 8 If you have your own business, and it is not 2 years old then your home loan application will be rejected.

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No. 9 Home loan gives only 80% of the property value, so you should have 20% down payment amount, else the application will be rejected.

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