13 October 2011
My Home Loan Application Rejected, Should I Stop Dreaming to Purchase a Home?
Some times your home loan application may be rejected at the first time of application which makes you feel low and demoralises you to move ahead for buying your dream home. Your family may be sad and all of you feel that you are low on income and it is not possible for you to go ahead and apply again for another loan, you feel the same will happen and again of you face rejection there will again be a negative experience for the whole family. Do I stop dreaming of owning a home?
No, it is just possible that you are going to the wrong people. Try to find out lenders who would like to offer you loan and not the other way. Always remember lenders are waiting to offer loans at any terms and conditions. There are many financial housing companies and banks that are willing to offer no document loans, low income home loans and even no verification and no salary slips home loans. You just have to find the right lender.
Every financial housing company has different rules for approval of home loan and if your application has been rejected by one that does not mean you will not get a home loan from any housing finance company. There are many companies who would be happy to lend you with your terms and conditions. Identify such lenders and enquire from them regarding your home loan. You may also first assess your repayment capacity critically and justly. By this I mean only apply for the amount that can be paid back from your income and if you are earning a sum amount every month and you wish to apply for a very large loan there is every possibility that you cannot bluff anyone and your home loan application will be rejected. Apply for a realistic amount as loan. Try also to collect your assets which will be of great help to get your home loan approved be it property, gold, car or any other vehicle, paper gold or investments like fixed deposits, shares and bank accounts. Even heritage antiques and paintings can be used as assets if you can prove their value in terms of financial returns.
Go and start the process of enquiry again and do not lose hope, there is a lender for every borrower out there; you just have to find the right one!