While giving a home a loan banks and financial companies check clients' gross salary, after getting a home loan take-home salary, EMI, Credit score, CIBIL, and other related documents. If someone's take-home salary has not reached 45-50% in this situation banks reject their application.
If your home loan application has been rejected we will here help you, follow our home loan tips. You will get a home loan easily.
If your home loan application has been rejected due to the reason of a low take-home salary in this situation you can apply for a joint home loan. In this case, will approve your home loan very quickly. But there is a chance of a bad impression on the credit score of one applicant. If the applicant is ladies, you can get the benefit of a low-interest rate. Some states in India also give tax relaxation if the property owner is a lady.
If you want a quick loan approval in this case you can apply for a secured loan. A secured loan means you will mortgage gold, land property, PPF any of these. In this case, the bank approves the loan quickly.
Many times it happens that loan approval is rejected due to bad credit scores. In this situation, you will face problems in getting approval for a home loan. If you have fixed a deposit previously in any bank apply for a loan in this particular bank your loan will approve easily.
While giving a loan bank carefully checks your fixed obligation to income. It means your monthly take-home salary should be more than 50% after the deduction of EMI. So you should be carefully fixed your loan amount on the basis of your monthly salary while filling out a home loan application.
If you are facing trouble in getting a home loan you can apply your loan application in NBFC. NBFC provides loans for those who have also low credit scores, but you have to pay more interest in comparison to the bank.