Madan wrote:
Pallavi wrote:I recently applied for a home loan of 20 lacks from HDFC bank. But still I don't get any feedback from them over the same. Do any of home loan expert here have an idea: the factors bank consider before accepting or refusing a loan application?
I have been working with a MNC for the last three years getting good salary....
I think banks have become strict in accepting new home loan applications. Taking a home loan is not easy today as it was few years back..
Our loan application is processed on the basis of documents we provided when we applied for the loan. bank judge your repaying capability from these documents. And if they feel you holds a good capability of paying the loan back, they will approve your loan application.
Factors such as your age, your monthly income, securities and assets you hold, other debt liabilities, your employment status also taken into consideration when making decision about your loan application.
CIBIL (Credit Information Bureau India Limited) keep track of your accounts and maintain a credit history and assigns you a credit score after analyzing your paying capacity. So if you holds a good credit history, that will be in your favor when banks make decision about your home loan application.
This message was edited 1 time. Last update was at 27/07/2009 12:20:05
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