Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Loan for Home > Ways to prevent home loan applications from getting rejected

Loan for Home

Ways to prevent home loan applications from getting rejected

Ways to prevent home loan applications from getting rejected

A large number of home loan applicants get the shock of their lives when they discover that their application has been rejected. There are many reasons for which your home loan can be rejected by a lender or a bank. The best way to prepare for such a situation is to prepare in advance so that all holes are covered when it comes to your loan application.

Know More

Never keep unpaid dues

Home loan applications are often cancelled when credit history check reveals unpaid dues. To clear this condition, always be punctual with payments. Never miss a deadline on EMIs and credit card dues.  In this small way, you can ensure your home loan application is one-step closer to approval.

Avoid heavy debt

Home loans are given when the lender is comfortable with your capacity and intention to repay. If you have more debt, your existing repayments may make it look difficult to repay new home loan EMI. Hence, don’t take too much debt even if they are offered at lip-smacking rates.

Stick to jobs longer

Job stability is a big factor for long-term loans. Changing too many jobs reflects poorly on the home loan application. So, stick to jobs longer and apply for a home loan once you are 2-3 years with. current employer. Also, the reputation of your employer is important. So, avoid seeking employment in a company that has a questionable track record.

Avoid being a loan guarantor to others

Being a loan guarantor to someone can sometimes be risky. If the person doesn’t pay the loan back, the onus to repay is on you as a guarantor. You may have gone to a different city to live, not knowing the original borrower has defaulted. This is recorded on your credit history and can lead to home loan application getting rejected. The safest way is to avoid becoming a guarantor altogether. 

File regular Income Tax Returns

Banks and financial institutions are uncomfortable about lending to individuals who font file income tax returns or ITRs. Build a clear track record of filing income tax returns of the last two years, before applying for a home loan. The ITR also serve as a document for demonstrating your income credentials. So, pay taxes and file returns on time.

Pick up verification calls

Many home loan applicants give wrong telephone numbers or don’t pick up calls from lenders when they come during the application process. In case, the financial institution calls you repeatedly and every time you are away at work or busy elsewhere, they simply consider it as ‘no response’. So, be sure to give correct numbers and pick up calls.

Get NOC on all previous loans It is highly important that you get a NOC or No Objection Certificate on any or all previously closed loans. Rejections on your home loan application may occur if one does not provide a NOC. It’s better to get NOCs from every loan provider once you have closed the loan. Keep these documents safely.

Apply for Affordable Housing Loan

Say Hello to Your New Home with Our Easy Home Loans!

Apply now
Popular Searches
anyror modt charges 712 utara online gujarat pre emi calculator earnest money deposit Goa Land Record earnest money khasra number meebhoomi Assam Land Record
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.