Is It Just The Papers Banks Check Before Granting You A Loan?
Suresh Mehta, 33, knows the importance of planning. This is why he started working towards building a strong creditworthiness to acquire a home loan in future, apart from saving money to make the down-payment. Even if job satisfaction was a distant dream, he did not look for a new employment. He is aware that banks do not take it kindly if you frequently switch jobs. He is also making sure that each of his bills are paid on time and there are no defaults taking place. The software engineer knows that this will help him maintain a good CIBIL score. He is also working towards pre-paying his auto loan and a personal loan before he applies for a loan for buying property. By the look of it, Mehta is on the right track. But, what are the chances of banks still denying Mehta a home loan?
We would say do not be mistaken by the advertisements of banks promising you an easy delivery of home loan. Getting a home loan might not be as easy as it seems. Even in cases such as Mehta's, banks might reject the home loan application.
If you seem like a drifter
On paper, you not switching jobs works as a proof of you being consistent and loyal. However, the same impression has to made when you meet bank employees while they are in process of issuing you a home loan. If you happen to be a drifter by any chances, bank employees are sure to find that out. In such a scenario, they might reject your home loan application.
If you seem aggressive
Nobody would like to deal with an unduly aggressive person. If you get hyper because the loan application is taking too much time to process and start arguing with the bank staff, this is certainly going to work against you. Fine, you will have the option to complain against the bank. However, this will delay your home-buying plans even further.
Also read: 5 Things Prospective Home Buyers Must Do
If you take things too lightly
Things that show your non-serious approach towards things may also not be taken kindly by the bank. If they ask you to be present in bank premises with a certain number of documents on a specified date, it is imperative that you do so. In case there is a problem and you cannot comply with the same, do inform your points person about it. Recurring incidents of such sorts are bound to result in the banks rejecting your home loan application.