Mortgage Loan to Avoid Financial Crises
If you want to solve your immediate financial crisis you need to take mortgage loan. Because Mortgage Loans are secured loan and you get immediate response from the banker to avail it. Most of the cases mortgage loan get rejected from the bank, may be your credit history.
Getting your application rejected from bank is common now a days. You might disappoint because of your loan rejection. So before logging in your profile you have to consider some facts , those facts will help you to find out when and to whom you should login your profile. The Following Cases teaches you why your profile is getting rejected from banks. Not Having Proper Credit History: Your past speaks about the future
Banks want to know who you are in the past, what mistakes you made in the past history. Banking sector always checks your profile when it’s logged in. They clearly watch your Credit Score, Monthly Income, Cheque Bounces, Problem with EMI Clearance, Property Details so on and so forth.
This is the strength of banks and they pinpoint those negative areas. Finally Banks decide whether you are a good investment or not. More than any cases mortgage loan are rejected because of your cibil score. It’s not our fault for getting rejection on Mortgage Loan. Even banks make mistakes too. Mistakes in Credit Reports
Reason may be a mistake done by Direct CIBIL HQ or Your Previous banks. Most of the Cases your previous banker would have given some wrong report to CIBIL HQ. And Sometimes CIBIL would have done the mistake. People don’t do voluntarily, mistake is doing thing unconscious. That’s the reason its called mistake. We can Assure you that these “MISTAKES CAN BE SOLVED” We will help you to solve these mistakes and apply for mortgage loan
Mortgage loans approval or rejection depends on your DEBT RATIO based on your income.
For example if Banks giving you an EMI of 1300 for a Lakh at a common interest rate, you can find out where you stand on this process. While calculating the EMI’s, bankers don’t take your full monthly or annual income as consideration.
They see your way of living and cut down those incomes, then they charge your EMI. If Your Income is Rs 30,000/- per month, they cut down an income of Rs 12,000 to Rs 15,000 for your Basic or Survival need in the City. Rest of your income is calculated as EMI.
If you satisfy Bankers Benchmark, they sanction the loan you ask or they will reduce the sanctioned loan amount. Sometimes they may even reject your profile. For this you need to furnish all your income supported documents to the bankers Initial Down Payment : People say everything is document. If your paper work is good, your loan gets sanctioned but not in all loans. Home Buyer Loan against property is different; you have to pay around 15 to 20 % as a down payment or initial payment.
This is where the bankers trust increases on you. Pay high and gain high. If you fail to pay your down payment or initial payment chances are you might get rejected your loan proposal. Always remember one fact that you have gain bankers trust as much you can. Because end of the day they are the people who are going to accept your profile
Make sure your property is perfect with papers. The major concern for the bankers have, is this property held up with litigation. Because clearing litigation from the property is a complete headache. For instance, will you invest your hard earned money on a litigation property?
No right, the same with the bankers as well. So Clear the litigation, if you have any. Please don’t log in your litigation property in every bank you walk in. This will create a bad impact on you and even after clearing your litigation; bankers tend to reject your profile. You Must Have Proper Employment History, as an Employee or as an Employer:
You should poses at least 2 Years as a employee or as business owner. Its just not about income or property, it’s about credibility of you. As a Common man we may consider, if I’m not paying the EMI regularly the bankers are going to send my property to DRT. End of the day bankers have my property as security right. In most of the cases people think like this.
But in a real world, you have no clue how much worth of property are held up in DEBT RECOVERY TRIBUNAL. The numbers are beyond our reality. Maintaining Proper Employment or Business History is very important. As a matter of fact, bankers are in giving position and we are in receiving position. Keep your track record clear and furnish you documents with proper guideline from the bankers if you want to get mortgage loan.
Keeping More Debts than the Banker Standard Policy:
We may have several reasons for our Profile rejection, but keeping additional debts will reduce the chance of getting First approval from bankers for your mortgage loan. As I said earlier, while availing mortgage loan bankers see your survival needs. It’s the same way, if you have more debts chances for you is very less. They finish it off with a simple response “Please Close Your Existing Debts “. I personally recommend you to reduce or balance your debt to avail mortgage loan.
Fill Your Application with Care:
Mortgage loan alone reject over 15 % application, because of not having proper information in the application form. Take Time and don’t rush in process of filling up the form. Complete it with patience and check every question while filling it. Even a single mistake will reject your application. Do you know something; one rejection will end up in reducing 30 to 40 points from your CIBIL SCORE
