Owning a house is a milestone that most aspire to achieve, and the easiest way to get one to your name is to take a home loan. Even though home loans are more accessible than ever, banks still consider many factors before approving a home loan application. If a lender has rejected your home loan, here are some reasons for your mortgage application rejection.

1. Ineligible For Home Loan

If a lender rejected your home loan application, you simply might not have met their eligibility criteria. At IndusInd Bank, you need to fulfil the following eligibility criteria to secure a home loan with us-

• You must be at least 24 years of age
• The applicant must be 60 years of age at the loan’s maturity
• Documentation (address, identity, and income proof)
• Minimum net monthly income (varies for salaried employees, professionals, and self-employed individuals)
• Minimum one year of stay at current residence
• You must have worked for one year at the current organisation

2. Late Payments and Defaults

Your loan and credit card payments make up a chunk of your credit report. As a result, having late payments on your credit report can hurt the chances of banks approving your home loan application.

Similarly, outstanding loans also affect your chances of loan approval as they put an additional burden on your finances. The lender might question your ability to repay the loan. Hence, rejecting your loan applications.

3. Unfavourable Property

Are you sure about the house you have chosen? An applicant’s credit history is not always the reason for rejecting a loan application. Often the property can lead to loan rejection. Banks verify properties with local authorities before approving amortgage application. They do so to identify if a property is disputed or does not follow local building guidelines. If it doesn’t, they reject the application.

Similarly, your bank may not approve of the builder due to their track record. So, before committing to a house, run a thorough background check on the builder and the property.

4. Too Many Loan Applications

Every time you apply for credit, lenders check your credit report. These checks are called hard enquiries and are recorded on your credit report. So, how can it affect your mortgage application? If your credit report has many hard inquiries in a short period, it means you have been applying for loans frequently. Lenders consider it a sign of financial instability and reject the home loanapplication.

These hard inquiries stay on your credit report for 12 months. So, you must wait at least a year before applying for a new home loan.

5. Admin Errors

If your loan application was rejected, there is no need to panic. Chances are there might be an error on your credit report. Lenders use computer applications to check eligibility, and there are chances of typos, incorrect details, and subtle differences in documents. Hence, the computer may show your application as ineligible, and the lender may reject your home loan application.

In such situations, ask the lender to provide details on the grounds they rejected your application. So, you can cross-check the details and rectify the errors.

Back To You

These were some reasons why lenders reject your home mortgage application. So, before applying for a home loan, make sure you have no outstanding payments or loans; also, look for any issues in your credit report.

If you are looking for quick home loans, turn to IndusInd Bank. We offer instant home loans with minimal documentation. Our online home loan applicationand simple eligibility criteria make loan approval easier and faster. With no hidden fees and flexible tenure, we ensure that a home loan is not a burden on your shoulders.

Visit our website and apply for a home loan today.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

Having a commercial vehicle can add a lot of value to businesses. From mining instruments including excavators, and bull dozers among others, to material handling equipments including cranes, and trucks, among others  commercial vehicles are  vital   for businesses to operate with ease. But commercial vehicles whether new or used are expensive, which is why some sort of financial assistance is necessary.  In such situations, a commercial vehicle loan can be of great help. Opting for a commercial vehicle loan enables you to enjoy a number of benefits such as flexible repayment tenures, low down payments, the ability to finance a whole fleet of commercial vehicles, and more.

So, let’s explore how businesses can avail a commercial vehicle loan for their businesses.

How to apply for a commercial vehicle loan?

Applying for a commercial vehicle loan is easy, thanks to the online application process  offered by several banks. One can initiate the application process  digitally and can have the money disbursed to their account in no time at all. IndusInd Bank offers commercial vehicle loans for both new and used vehicles that can be disbursed within 48 hours.

Here’s how you can apply for a commercial vehicle loan online.

• Visit IndusInd Banks and get all the information related to the interest rate offered, lender’s reputation, repayment schedules, etc.
• Check your eligibility
• Fill the application form online or offline and provide your personal and business’s details
• Furnish the required documents
• Wait for the lender’s evaluation
• Once the loan is approved, wait for the loan disbursal process to complete

To start your commercial vehicle loan application process with IndusInd Bank, click here.

Eligibility Criteria

The eligibility criterion to apply for a commercial vehicle loan differs among banks. With IndusInd Bank, you will need the following to be eligible to get a commercial vehicle loan:

• Income criteria: Minimum income of Rs. 1.2 lakh per annum for salaried individuals and that of Rs. 1 lakh per annum for self-employed individuals
• Age: 21 years to 60 years
• Employment status: Minimum 1 year in current employment for salaried individuals and minimum 3 years of experience in business for self-employed individuals

Documents Required

• KYC Documents including your Photo ID, Address proof, Date of Birth proof, and Signature proof
• Income proof including your latest tax returns, balance sheet for the previous financial year, and past 3 months’ bank statements
• Owned residence proof
• Commercial driving license

Bottom Line

Now you are all set to go ahead and apply for a commercial loan and expand your business.

With IndusInd Bank, you can apply for a commercial vehicle loan for both new and used comerical vehicles at some of the most attractive interest rates in the market. You also get an array of other features including quick disbursals within 48 hours and funding for up-to 80% of the vehicle’s on-road price. To apply for a commercial vehicle loan today, click here.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

After slogging for a week in the office, are you also spending two Saturdays a month standing in bank queues? Is supervising your finances getting more complex and tedious amidst your busy schedule? It does not have to be his way. By opting for digital banking, you can minimise the time and effort you put into managing your wealth.

Whether you need to apply for a loan or transfer cash to your friend urgently, IndusInd Bank offers digital banking facilities through which you can do it all and that too without stepping out of your home. Read on to know how IndusInd Bank’s digital banking can simplify your life with its numerous benefits.

Benefits of Digital Banking

1. Convenience and efficiency:

Digital banking is time efficient as it allows you to access most banking services from the comfort of your home. You can save time on travel and convenience. Digital banking is a great source for people who reside in remote areas where traditional banks may be difficult to access. They are also great for elderly people and working professionals with busy schedules.

2. Round-the-clock access:

Traditional banks have fixed operational hours that you must abide by if you wish to avail of their services. With digital banking, however, time is never a constraint. When banking is at your fingertips you can make transactions anytime and anywhere.

3. Auto-debit facility:

Whether you need to pay your taxes or clear your bills, with digital banking you can automate your payments and forget about the billing cycle. You can also undo automatic debits anytime you want.

4. Safety and security:

Digital banking is safer than transactions made by cash as there is no risk or threat of burglary. Moreover, online transactions will always have proof that can be reproduced if required.

5. International transfers:

Through digital banking, you can make international transactions on your own. It can make life convenient for those who have friends and family living abroad or those who may have business relations outside India.

How to access IndusInd Bank’s Digital Banking facility?

IndusInd Bank offers internet banking that you can access via your laptop or mobile. To open a digital bank account you must visit the IndusNet website and register with your debit card or credit card. You can then set your login id and password that you will use to access your account and answer a simple security question that would come in handy in case you forget your password. You must then use the login credentials submitted earlier and access IndusInd Bank’s digital banking facility as you please.

What services can you access via IndusNet?

IndusNet comes with a range of services, some of them are:

• Account-related enquiries (bank statements, transaction history, issued cheques, etc).
• Utility bill payments (pay bills, alerts for due payments, billing history, instant payment, etc)
• Financial transactions (fund transfer, RTGS, NEFT, etc)
• Make enquiries and requests (request for cheque book, stolen debit/credit card, demand draft, fixed deposit, rewards redemption, etc)

Final words

Digital banking has numerous advantages that can overall simplify your banking experience. To open a digital bank account visit IndusInd Bank’s website today!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.