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

    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      Bank bazaar provides me a good services from their end and the representatives of bankbazaar are very helpful in giving the information. It is really easy to get regular followup calls from the executives of bankbazaar which was very helpful for me and it was a good experience with them,
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 21, 2017
    • Bank Bazaar Customer Support
      "One stop solution for all financial needs"
      0.5 4.5/5 "Excellent!"
      Initially I got response from Bank Bazaar, they have forwarded my home loan request to PNB housing, but one of bank executive was not responded, again they have shared some contact number of the bank, then my deal got closed. Bank Bazaar website is very informative, even a common man can also understand.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Aug 21, 2017
    • Punjab National Bank Home Loan
      "They should be transparent in their process"
      0.5 3.5/5 "Pretty good"
      I was not happy with PNB Housing because they were not communicated clearly about the term and condition. I want my tenure to be lesser, but they disclosed about the period after the disbursement, Process was also not streamlined properly, I gave lot of calls to check the status. Other than that everything else is good.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Aug 21, 2017
    • Bank Bazaar Customer Support
      "SATISFACTORY"
      0.5 4.0/5 "Great!"
      It was instant response from bank bazaar. When I have connected with bankbazaar they gave fast response. Customer service is really supporting their customers well and they were giving timely response to connect with the bank I am completely satisfied with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 21, 2017
    • Bank Bazaar Customer Support
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      It was instant response from bank bazaar. When I have connected with bank bazaar they gave fast response. Customer service is really supporting their customers well and they were giving timely response to connect with the bank I am completely satisfied with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 21, 2017
    • ICICI Bank Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I got the home loan with the ICICI Bank.They are providing the good rate of interest and its 8.5% and the tenure is for 10 years of time,the processing charges is rupees 2000. The EMI is around 38700 and the loan got disbursed after one month of time because the Builder was not registered with ICICI.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 21, 2017
    • Axis Bank Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      My home loan was taken from the axis bank was very helpful for me and the rate of interest provided by axis bank was low which I am very much comfortable with and even the services rendered by axis bank was helpful . Lastly even their documentation part was very easy.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 21, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      Fair enough! Bank bazaar provides a good service and the representatives of bankbazaar were very helpful in giving the right information. It is really easy to get regular followup calls from the executives of bankbazaar which was very helpful for me and to summarize it was great dealing with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 21, 2017
    • LIC Housing Home Loan
      "Prompt service"
      0.5 4.0/5 "Great!"
      The service was very prompt from LIC housing finance. They have disbursed my housing loan within a week time. The rate of interest is high when compared with others but it is average as per the market rate, as of now there is no advantage with the LIC housing loan. I would say there is no conflict with LIC housing loan , it is so far so good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 21, 2017
    • Bank Bazaar Customer Support
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      It was a nice experience with bankbazaar I got an immediate response from them after applying for a loan.. Whatever information I need I was able to get from bank bazaar.The user interface of the site is good were I was able to get all the required information. I am totally satisfied with the service and response provide by them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 21, 2017
    • Punjab National Bank Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was a good experience with PNB housing finance related to the home loan process.They are good and liberal in the entire activity.They require the documents which is required based on legal activities.They have worked under the customer interactions on the other services related to the loan I have received the full amount and the total tenure is 20 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 21, 2017
    • Bank Bazaar Customer Support
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It is completely good experience for me to apply online for loan..the process was easy . Website is very easy to navigate and I found all the information at one place without any hassles customer service works really good instant response followup calls everything was really good and this was my first experience of applying for the loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 21, 2017
    • SBI Home Loan
      "VERY POOR"
      0.5 2.5/5 "Just OK"
      My home loan is from SBI Bank. After the documents were collected. The process took around two months. The executive was not very knowledgeable about the documentation part. They collected documents so many times And every time I checked with them they said it was under progress. The executive who was assigned to my collection was not aware of anything, he said no need of paying any processing fee, later after everything is done when I went to the bank they are asking me to pay the processing fee of 11000 rupees,
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 21, 2017
    • Aditya Birla Housing Finance Limited Home Loan
      "amazing service"
      0.5 4.0/5 "Great!"
      Its been a while using bankbazaar to do my financial business. It has been a very satisfying and rewarding experience in terms of time, response and the products being offered. The same is acknowledged and well appreciated. Thanks a million
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 21, 2017
    • LIC Housing Home Loan
      "Much Convenient"
      0.5 5.0/5 "Blown Away!"
      I have home loan with LIC. It had been six months when I availed the loan. The interest rate is between 8.5 to 8.6%. LIC used to provide the loan with low interest rate. But the processing time is more. They had taken thirty days in order to complete the entire loan process. I did not find any issues with LIC for my loan process.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 21, 2017
    • Bank Bazaar Customer Support
      "Good service"
      0.5 3.5/5 "Pretty good"
      Bankbazaar.com is good portal to connect with the bankers also I am with Bankbazaar from the last two months of time. I would like to say that the online portal of the Bankbazaar.com is very much easy to use also I am okay with Bankbazaar.com..
      Was this review helpful? 0
      , vadodara
      Reviewed on Aug 21, 2017
    • Punjab National Bank Home Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      Experience was a kind of okay with the PNB housing finance limited. Customer service is really good and the response is really good one with them for the home loan, which I have applied, also they are always there to serve the customers and they are very much helpful in resolving customer queries.
      Was this review helpful? 0
      , vadodara
      Reviewed on Aug 21, 2017
    • HDFC Limited Home Loan
      "Fantastic"
      0.5 4.0/5 "Great!"
      I am having the housing loan with the HDFC Limited and the response is good one. Customer service is also a good one with them. Within fifteen days of time, they have disbursed the loan amount to my account, also am really happy with them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 21, 2017
    • Bank Bazaar Customer Support
      "BB home loan application review"
      0.5 5.0/5 "Blown Away!"
      BB home loan application is very quick and easy! I have used the mobile app, but still it is very much easy the interface has got the perfect options available at each steps. This my second time, which I had applied for the loan through BB.I loved the experience too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 21, 2017
    • Bank Bazaar Customer Support
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I had received an immediate response from bankbazaar on my home loan application Also it has a lot of financial information and useful to apply for the financial requirements.The website is very easy to navigate and there are no issues with bankbazaar till date.I had received regular calls and proper service from them for my loan application too.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 20, 2017
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    Reasons for Home Loan Rejection is Rated as "Great!" by 22942 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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