Many of you will surely agree on the fact that availing a home loan is a big commitment. It needs a thorough research and planning in order to get the best deal.
But many people without paying much of an attention, take the decision of availing the SBI home loan in a hurry hence face the loan rejection. But nothing to worry as today in this article, we are going to let you know the options and alternatives that you should do right next after the loan rejection.
Just go through the article below and follow the step-by-step guide.
Find Out the Reason for Rejection
The moment you get to know that your loan application has been rejected, make sure the lender will provide you the justified reason for the same in just 30 days. Ask for a loan rejection letter, which will have all the details regarding the rejection. However, for your better understanding, let’s just tell you some of the prime reasons for rejections below:
- Poor credit score
- Unstable employment
- Less income
- Working in a delisted private company
- Not meeting the age criteria
- Residential address falling in the defaulter list
Moreover, if you won’t be able to understand any of the reason or if you need any further clarification on the same, it would be better that you should get in touch with the lender to clear your confusion.
Attempt to Correct Your Mistakes on Credit Report
Keep an eye on your report and whenever you check the same, go through it thoroughly. If your report has issues that can be corrected easily, work on the same. Yes, suppose, if a lender has stated that your name in the report is misspelled or it has some similar issues, you would be glad to know that these small issues can easily be corrected hence you can re-apply for an online home loan.
However, one thing that needs to be mentioned here is the fact that if an application has been rejected due to low income, in that case, an applicant can apply for home loan online, available for people with lower income group. There are many lenders these days that offer this type of credit facility to those applicants and give instant approval to them.
Do Not Apply for a Fresh Loan Instantly
If experts are to be believed, it would be better that an applicant should avoid applying for a fresh loan instantly. A rejection is definitely one of the biggest roadblocks that can harm your credit score and if you apply instantly for another loan, you are putting yourself under risk as there might be chances that lenders won’t consider your profile. It takes time for your credit score to heal. So, make sure you will maintain a gap of 6 to 9 months til you apply for another loan.
Get a Second Expert Opinion
Once you have followed all the steps and rectified all the issues, it would be great that you should consult an expert for a second opinion. You can discuss with him the best options to apply. In fact,you can also take his opinion to know about your monthly installment and can use the SBI home loan calculator to be fully sure about your EMIs.
So, hope this was worth reading for you and you will keep the above points in mind!