Has your home loan application been rejected? Don’t feel distressed! You are not alone in this. About 40% of the home loan applications get rejected every year. But there is always a way out from challenges like these.
At Hallmark, we have a solution for everything. Along with being one of the most loved and trusted property developers in all of Hyderabad, we bring to you informative content that will guide you in your journey towards buying your dream home. For more informative content related to real estate related, visit https://www.hallmarkbuilders.in/blog/
Coming back to the question of rejected home loan, one can always re-apply for a home loan. But in order to re-apply, one needs to find out the root cause behind the rejection and rectify it before applying again. Here’s a step-by-step guide that will help you re-apply for the loan and make sure that it doesn’t get rejected again.
- Step 1 is to find out the reason behind the rejection. The reason could be credit score related, repayment capacity related or it could be something else. In order to learn the reason, one needs to ask the lending authority to issue a letter which specifies the cause. This process must be undertaken within 2 months of the rejection.
- Step 2 is to re-verify your credit score. Many times, the home loan gets rejected because the applicant doesn’t assess their credit score properly. The lending authorities get into even the minutest of details while assessing the applicant’s score. So before re-application, make sure that you get an expert’s opinion on your credit score.
- In step 3, reassure yourself that your income status matches with the lender’s minimum requirement. If your monthly income is not 70% more than the monthly installment that you will have to pay on the sanctioning of the loan, your loan will not get approved.
- The last step is to check the status of your down payment. You might have to increase the amount of down payment to get your loan sanctioned.
Follow these points and re-apply for the loan. And if you are somebody, who has still not decided upon any residential project to build your dream home, don’t worry at all! We have a solution to that as well. Our upcoming project in Narsingi, Hallmark Skyrena, is emerging as a popular choice among the people of Hyderabad. It has digitally equipped homes, serene surroundings and world-class amenities. You can even enjoy a relaxing walk at its famous skywalk which is built on the top floor of the 14-floor building. Think no more! Choose Hallmark Skyrena for a comfortable and luxurious living in the best 2BHK and 3BHK flats that Hyderabad has to offer. To enquire more about our projects and offerings, click www.hallmarkbuilders.in