Why don’t you own a house yet?

To be able to buy ourselves a house is paramount to a lot of us. However, not being able to afford one is amongst the biggest epidemics of the current world. Varied reasons starting from rising interest rates to elevating property prices contribute to the same. Banks however have always provided a solution and that is home loans. Numerous banks present countless home loan schemes and help individuals secure a shelter of their own. However, are you amid the ones whose home loan hasn’t been approved yet?

Here are top 4 reasons why your home loan is still pending:

  1. You don’t earn enough

Having a decent job that pays you appropriately has never been easy. Banks show particular interest in your income rate and job consistency while approving home loans. If you have been changing jobs quiet frequently and not earning a decent income there might be possibilities of not get a loan from the bank. It’s simple; banks want to know that you can repay them. If you don’t fit in their criteria of a certain income slap they would consider you as someone who would find it difficult to repay the debts on time.

  1. You are too old

You waited, invested years of your life saving some bucks to get that initial boost for when you buy your house. Well, maybe you waited too long. Banks always prefer a certain individual who is younger in age as oppose to someone who has already spent a hefty life span. Why? Again, it comes down to banks seeing repayment potential. While a  person who is in his early 40’s has more or less reached at a peak of his career with little to no progressions ahead, a youngster however, in his late 20’s has just opened his eyes to a new world, a world full of potential and progress.

  1. Documents Not In Place

Do you have all your documents in place? While you may think that you have acquired all the crucial papers for your loan, same might not be the case. Example-m if you are a business owner a minimum of 2 years of tax returns has to be documented in order to apply for a home loan (details might change from bank to bank). Now, did file all your tax returns in time? If not, your chances of a home loan anytime soon look grim. Get all your documentations sorted before you jump on to applying for a loan.

  1. Too Soon

Lastly, there might be chances that you are applying for a loan too soon. Your credit limit has not developed, your income is not at par or it’s only been couple of years since you started your career, anything can be a reason. Don’t rush into applying for a home loan. Give yourself some time and allow your financial situation to mature.

If all the above options checks out and you are ready to apply for a loan, be sure to check offers from varied banks and choose the one with better customer service and prolonged experience in offering individuals with loans.

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