Reasons for Loan Application Rejection

Rejection of loan application may be a result of several factors. You must know why your loan application was rejected to proceed with the rectifications. Once you know and rectify them, it becomes easier to avail high-value loans with easy-to-meet eligibilities.

Bajaj Finserv offers Loan Against Property with a high loan amount of up to Rs.3.5 Crore against minimum mortgage eligibility criteria and documents. Also, you get this loan at competitive rates of interest and charges, which makes it affordable.

If your loan application is already rejected, make sure you know its reason for rejection and rectify the same. It will ensure you apply for Bajaj Finserv’s Mortgage Loan with high chances of approval.

Know the Reasons for Application Rejection

Rejection of loan application may be a result of several reasons.

  • A low credit score.
  • High debt-to-income ratio.
  • Property value not high enough for applied loan amount.
  • Previous defaults.

Eliminating these reasons from your profile increases the chance of loan approval. You can gain access to a Property Loan with attractive features and benefits.

Take the Following Steps to Increase Your Chances of Loan Application Approval

a) Pay Off Any Outstanding Debts

Paying off your outstanding debts reduces your debt-to-income ratio and also increases your repayment capacity. With a high capacity of repayment, you may avail this credit at attractive Property Loan rates.

b) Mortgage A Property Of High-value

If you own several properties, mortgage a property that has high current market value. It not only increases your chances of availing but also fetches you a high amount of Loan Against Property.

c) Build A Strong Credit Score

Building a credit score is a long-term initiative that increases the chances of loan application approval. Utilise credit instruments for your transactions and pay the bills on time to build the score.

Additional Read: Loan Against Property Tenure

Following this, check out how to apply for Loan Against Property with Bajaj Finserv. Proceed and receive quick approval and disbursal.