Improve Andhra bank home loan approval chances with these factors

When it comes to taking milestone decisions in life, the major point of concern that comes to the mind is, ‘How would arrange for the finances?’ Every big decision in life requires a great deal of money and while it’s quite difficult to fund each and every need in this inflation age, Andhra bank loan serves as a great solution to bridge the financial gap.

Well, there’s no surprise that today affording a property or home with the savings alone is something not feasible to all. Thus, Andhra bank home loan is offered at competitive interest rates to fulfil the purpose of buying real estate property without financially burdening yourself. The proposed property fulfils the security or collateral purpose, while the ownership remains with the borrower.

However, there are some applicants whose application gets rejected and they don’t even know why. Basically, the lenders consider certain factors while processing the home loan application and in case of not fulfilling the given criteria, the application is rejected by the lender.

Here are the reasons due to which the home loan application may get rejected :-   

1. Down payment – Even though the bank offers up to 90% of housing finance facility, the size of down payment really matters. Making a sizeable down payment for Andhra bank home loan ultimately improves the application approval chances. As per the industry standards, homebuyers should put at least 20-30% down payment of their loan amount.
2. Credit history – Lenders always prefer applicants with clean and clear credit history. This is because an applicant’s credit report speaks a lot about their financial health. The numerical indication of borrower’s credit score determines the creditworthiness and repayment history. It may be noted that a score above 700 is considered creditworthy while a score below this is said to be financially risky to the lenders.
3. Income flow – In addition to considering size of down payment and credit history, lenders often review the applicant’s income flow, job stability, and profession. Lenders want to ensure of timely repayments and this could only be possible if the borrower has a steady income flow. Also there are certain professions that easily pass the eligibility criteria such as government jobs, banking profession, chartered accountant, lawyers, and engineers. So, if you’re planning to apply for Andhra bank home loan soon, make sure not to switch the employer frequently.
4. Relationship with the bank – The older your relationship with the bank, better the chances of getting loan approval. This is because banks value their existing customers due to their past financial records. However, it is doesn’t mean that the new customers have less chance of loan approval. Be it existing or new customers, applicants need to meet the given criteria for application approval.

For more details, visit https://www.applykaroo.com/loans/andhra-bank-home-loan