A "low interest" loan shouldn't mean you have very little interest in paying it back!
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  • Reasons for Home Loan Rejection Reviews

    • Axis Bank Home Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The axis bank had very good communication in regards to my home loan application. They have disbursed my home loan within 3 days of time. The customer service and the response was good with Axis bank. The required loan amount has been approved and disbursed by axis bank. I am happy with the loan amount. The rate of interest of interest is nominal with the axis bank. I am satisfied with Axis bank service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • ICICI Bank Home Loan
      "Very Pathetic experience with ICICI HOME LOAN Department"
      0.5 0.5/5 "Unacceptable"
      I had a very Pathetic experience with ICICI HOME LOAN Department as their employees not aware of process to be followed for home loan. They did not consider House Government Proofs. They have their own list according to which all property documents should be arranged. No Responsible employee in Kaushambi Ghaziabad branch. ICICI should take care of this. Same property has been loaned from SBI bank and PNBHFL was also ready to provide loan on same property. Very Bad Service from Kaushambi Ghaziabad Team. Take care if you approach this branch.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jul 19, 2017
    • Axis Bank Home Loan
      "Worst Customer Service Experience"
      0.5 0.5/5 "Unacceptable"
      The worst possible way to get humiliated is when a Bank of choice for you for the past 6+ years decides that Customer service is for Fools. I was thrown around back and forth and was ignored on around 75+ calls made during a period of the whole of 2 months since my loan got sanctioned and the Bank has no response at all. And after 2 months they come back and say We can't process the loan. Does Axis bank think the customer is taken for granted just because they invested in the eco-system? I am closing the Salary accounts and Credit Cards I hold with the bank as they have lost all goodwill from an ardent customer. So in Axis bank's terms 15 working days = 2 Months in Communication Isolation. Worst Customer Service Experience Ever.
      Was this review helpful? 0
      , cuddalore
      Reviewed on Jul 19, 2017
    • LIC Housing Home Loan
      "HIGH Interest rate and NO service"
      0.5 0.5/5 "Unacceptable"
      After 5 years of fixed rate of interest tenure, without any notification or information LICHFL started charging sky high interest, which nowhere near to market rate. When contacted they asked to pay Rs 1050 and I had to fill and submit manual form, which is added head ache. After that also the rate of interest is quite high than the market rate. Again after one and half year, they are asking to submit manual form to their office and pay Rs 1180, to correct the interest rate. This rate is also quite high than the current market rate. YOU WILL END UP PAYING MORE INTEREST AND CHARGES FOR SURE. I would NOT recommend to take home loan from LICHFL.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Great Service"
      0.5 4.0/5 "Great!"
      It was a great service provided by you, I could compare loans terms of different banks in a single window. I need not to go any where for applying loan in my busy schedule. I will like to give it excellent, but I have uploaded my bank statements 3 times as I got some error . It would be great if I had received calls with in two hours as promised in the site, other wise it was a great service provided by them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 18, 2017
    • Bank Bazaar Customer Support
      "Seemlesss application"
      0.5 3.5/5 "Pretty good"
      I have just managed to fill the application through bankbazaar.com in a span of a few minutes. The address and ID proof works amazing.. Form 16 submission was also pretty quick. Hope for the better service ahead as we move on with the other banking procedures.
      Was this review helpful? 0
      , thane
      Reviewed on Jul 18, 2017
    • Bank Bazaar Customer Support
      "Extraordinary assistance"
      0.5 5.0/5 "Blown Away!"
      I had an impressive conversation with Bank bazaar team and getting instant loan approval. Bankbazaar team is maintaining really a good and consistent workflow for getting the loan approved. I will recommend friends and family to get loans from Bank bazar.com if needed.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 16, 2017
    • IDBI Home Loan
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      IDBI is good, but interest rate is slightly high compared to government sector for the home loan. I had taken the amount of Rs. 15 lakhs for the tenure 20 years, IDBI charged 9.35% for the home loan, and they deducted around 1% as a processing fee.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2017
    • Bank Bazaar Customer Support
      "Userfriendly site"
      0.5 4.0/5 "Great!"
      Bank Bazaar is good in service,which I post the online request for home loan, Bank Bazaar reach me on time and helped on the process. Whatever queries I had earlier it was rectified by Bank Bazaar executives, its a good site to compare and check the various interest rate.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2017
    • HDFC Limited Home Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I have directly reached HDFC Ltd for the home loan, their executive are done a good job. Within three days of time, they have approved my housing loan. HDFC Ltd offered me the interest rate around 8.4 % for the principal of Rs.25 lakhs with the tenure of 20 years. I am very happy with HDFC ltd.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2017
    • Bank Bazaar Customer Support
      "Userfriendly"
      0.5 4.0/5 "Great!"
      Bank Bazaar is quite good, executive is also provided sufficient and satisfactory service. Bank Bazaar is quite good to compare offers in the market and also useful to analyze the best. The website is easy and user friendly I am very fine with that.
      Was this review helpful? 0
      , delhi
      Reviewed on Jul 13, 2017
    • HDFC Limited Home Loan
      "Response part should be improved"
      0.5 2.0/5 "Expected more"
      Hdfc Ltd response is not upto the mark, I have applied for the home loan, I submitted all my documents along with the processing fee of Rs.7800. Even I got sanction letter for the home loan. But still I am not sure about the application status, no one contacted me properly, I am the one calling them and getting the status.
      Was this review helpful? 0
      , delhi
      Reviewed on Jul 13, 2017
    • Bank Bazaar Customer Support
      "Good Responsive Site"
      0.5 3.0/5 "Satisfactory"
      Bank Bazaar is good their representatives are very fast, they helped on the loan process. When I file a loan request, I got instant call, I am very much fine with them. But when I checked home interest rate for the plot it showed some interest rate, it would be great if Bank Bazaar provides exact interest rate and it should match with the rate offered by financial institutions/banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 13, 2017
    • HDFC Limited Home Loan
      "Best offer"
      0.5 5.0/5 "Blown Away!"
      Initially I have some offer from HDFC Ltd, I though to process with that rate, it was shown in online channel, finally HDFC Ltd gave me some thing else. Now my loan is under process, I got my sanction letter, I have finalized a plot to construct a house for that HDFC Ltd processing the interest of 8.65% and also they taking some processing fee.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 13, 2017
    • Punjab National Bank Home Loan
      "Looking for better interest rate"
      0.5 4.0/5 "Great!"
      I have taken home loan from PNB Housing before five years, the experience was good. The process was quick and being housing loan they were processing the request pretty well. I felt interest rate was not competitive it would be flexible and it should be as per the market rate, I took the loan of Rs.34 lakhs, PNB housing had taken a processing fee of 1% from the disbursement.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2017
    • HDFC Limited Home Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I had applied for the HDFC Ltd for the home loan and as a customer I am very happy with the way they are process this loan. They had explained every bit of the information in detail before I even submitted my paper work. The interest rate and charges are very much reasonable too the loan amount I have taken is 17 lakhs and the rate of interest they have offered is 10% and 8.6% and the EMI is 16400
      Was this review helpful? 1
      , haridwar
      Reviewed on Jul 12, 2017
    • Sundaram BNP Paribas Home Finance Limited Home Loan
      "Interest rate should be reduced"
      0.5 3.0/5 "Satisfactory"
      I tried to take home loan in HDFC Ltd but they were asking so many documents. Hence I gone with Sundaram Bnp for the home loan process was simple but they offered me 10.5% of interest it was high, still they didn't reverse the interest rate. I have taken the amount of 13 lakhs I would like to switch over to other bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 12, 2017
    • LIC Housing Home Loan
      "Very Good service"
      0.5 4.0/5 "Great!"
      I got a home loan with LIC housing finance last year. They took around 2 months to disburse my home loan. The customer service and the response was good with LIC . The rate of interest is high at present, because it is a floating interest rate, I am expecting it may come down in future. The required loan amount has been disbursed and I am happy about the loan amount .
      Was this review helpful? 0
      , kanchipuram
      Reviewed on Jul 11, 2017
    • Tata capital Home Loan
      "Extremely Poor Customer Care service "
      0.5 0.5/5 "Unacceptable"
      They lag ownership & responsibility for all the request you put. Closing and transferring is very painful .... they create hurdle at every step though their rep assure there will not be any in case you one want to transfer the home loan but in actaul its not correct . Its more than a month they are not returning my original document even though the amount was returned a month back. There system are always slow and down ..and they give excuse of not logging the complain . If you complain they disconnect the call without answering .... hopeless !! all i can say .
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 10, 2017
    • HDFC Limited Home Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      HDFC Ltd service is good but they don't have online payment option to make Loan due. If suppose I miss the EMI amount, I should visit to the bank to make the EMI. It would be great if they provide online payment, instead of visiting to the bank. Other than this everything is good, my home loan experience was good with HDFC Ltd, they giving offers especially for women they reducing the interest rate.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 10, 2017
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    Reasons for Home Loan Rejection is Rated as "Great!" by 22740 Users

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    Home Loan BYTES FROM OUR KITCHEN

    Reasons Why Your Home Loan Got Rejected:

    Taking a home loan is one of the most crucial steps in building or buying a new home. Applying for a home loan involves a lot of research, decision making and keeping required documents ready. Being prepared not just saves time but also efforts. There are times when you are unaware of the many formalities and paper work involved during home loan application. Apart from being loan ready, it is also important to know the reasons for rejection of your home loan application.

    Some of the top reasons for which your home loan can be rejected by a lender or a bank are given below.

    Unpaid Dues:

    When a borrower takes a home loan, one of the foremost things that are involved in the approval for the same are credit history and record. The credit history check basically involves determining timely payment of dues and EMIs of other loans, etc. The best way to clear this condition is to be punctual with payments and never miss deadlines on EMIs and credit card dues. You can always keep a check on your credit record by being aware of your bills and repayment dues.

    Other Debts:

    If there is more than one debt in your name, your real income is calculated by subtracting the credit repayments from your income. If according to the lender’s analysis, your repayment capacity seems inadequate, the bank or lender may refuse to offer you a home loan.

    Address on Defaulter List:

    In some cases, if you have moved to an address which previously was rented by someone who hasn’t paid huge credit card bills or paid for a loan. And if the previous tenant or owner has given the same address in the bank records, the address could be listed in the database of defaulters. This decreases the possibility of your home loan being approved.

    Job Stability:

    Changing too many jobs also reflects poorly on the home loan application. Banks consider job stability as one of the main criteria for approving a loan for buying a home. Banks insist that the borrower should be employed in a particular firm or company for three years preferably, in order to be eligible for a home loan. If sometimes, the applicant’s company, although reputed seems unstable, the bank reserves its right to reject the loan.

    Age while Application:

    Home loan applications are rejected if the borrower’s age is close to the retirement age. The lender is hesitant to offer loans to such borrowers as it assesses your repayment capacity to be poor or zero, after a few years. However, some banks may be willing to offer short-term home loans. Short term loans for big amounts would lead to a really high EMI, taking away the comfort of availing a home loan in the first place. Therefore, borrower’s age plays a very important role in terms of home loan rejections.

    Loan Guarantor to a Defaulter:

    Being a loan guarantor to someone can sometimes be risky. Unless you are sure of the borrower’s repayment capacity, do not agree to be a loan guarantor. Without having any strong reasons for believing in that person, do not sign to be a guarantor. If the borrower defaults in his repayment, you will be held responsible to repay the loan on his or her behalf.

    Credit Score:

    Keeping your credit score high plays a significant role in getting your home loan approved. You should ensure you have a good credit score when you apply for a loan. Your credit score is recorded by CIBIL (Credit Reports and Risk Management Solutions).

    Previously Rejected Loan Applications:

    CIBIL records incidents such as rejection of loan applications. Such an incident, becomes a part of your credit record. Therefore, it is best to know the result from one bank before applying to another bank. By ensuring this, you will be able to correct your mistakes and not repeat the same errors while applying for the second time.

    Income Tax Return Filing:

    It is important to file your income tax every financial year, whether or not you receive your Form – 16 from your employer. Lenders and banks check for a clear track record of filing income tax returns of the last two years, before approving a home loan.

    Suitable Property as Security:

    Lenders do not accept all types of residential properties as securities for home loans. Properties that have a good resale value, stable price, are in demand and are easy to sell, are preferred by lenders. Ensure that while choosing your property, do not go for something too old. It is also advisable that the property is constructed by a reputed and trusted builder. Also, all the required documents must be easily available. These are the few points related to the property in question, that must be kept in mind in order to avoid your home loan from being rejected.

    Any issue with the layout or title of the property could also result in rejection of your home loan application.

    Apart from these basic reasons, there are some unexpected reasons for the rejection of your home loan application:

    Mismatched Signature:

    Signing your documents using the same signature as in the attached documents, is very important while applying for a home loan. The signatures on the home loan application form should not only match the document copies, it should also match the documents of the registered bank.

    Non-availability on Landline:

    When you fill in your landline number in the home loan application form, the bank authorities will call you on the same for verification purposes. In case, the bank calls you when you are away at work or busy elsewhere, the bank simply considers it to be a case of ‘no response’. Therefore, it is very important you also provide your mobile number in the application form.

    Property with Minor Rights:

    If the property you are taking a loan for, has minor rights, then you may be in for some rejection. If the seller has not disclosed the information about a minor having a rights on the property, your home loan application has a high probability of getting rejected.

    Being a Fresher:

    Lender or banks prefer applicants with a stable job where they have worked for at least a year in the same company. As the bank determines the borrower’s stability as well as repayment capacity by assessing the number of years of employment. So, freshers are not a preferred option when it comes to approving home loans by banks. Also, applicants who have made frequent job changes could also have their applications rejected for the same reasons.

    Being an Entrepreneur:

    For entrepreneurs with established reputation and stability, home loan approvals are easier to come. However, for those who have just started out, with a low capital and no secure future, home loan applications may not get approved so easily. In these cases, you must ensure the bank of your growth and stability as a business by providing some testimony that can help you bag the loan.

    Not Paying Telephone Bills:

    Sometimes even unpaid telephone bills can lead to the rejection of your home loan application. Banks and lenders do not look highly upon late payments or unpaid bills. This only serves as another reason for rejecting your application.

    No NOC on a Previous Loan:

    It is imperative that you get a NOC (No Objection Certificate) on any previously closed loan. Banks or lenders reject your home loan application, if you do not provide with an NOC of your old loan that has been closed.

    The list is vast and it is no joke to get your home loan sanctioned. Therefore, you must be very sure that your records are clear. Sometimes providing additional security towards your home loan application such as fixed deposits, collateral securities, a guarantor or insurance policies can help you secure the home loan you are looking for.

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